Document:

<PAGE>
                                                                   EXHIBIT 10.13

                                GUARANTY OF FRICK

         THIS GUARANTY OF FRICK, (the "Guaranty") dated this 27th day of March,
2002 is executed and delivered by undersigned ("Guarantor") in favor of LASALLE
BANK NATIONAL ASSOCIATION, a national banking association, as Administrative
Agent ("Agent") pursuant to the terms of the Loan Agreement (hereinafter
defined).

                              W I T N E S S E T H:

         WHEREAS, TALX Corporation, a Missouri corporation ("Borrower") has
obtained, or is about to obtain, an Aggregate Commitment pursuant to that
certain Loan Agreement (as may be amended, restated or modified from time to
time, the "Loan Agreement") of even date herewith by and among Borrower, Agent,
individually and as Administrative Agent and Southwest Bank of St. Louis
(collectively Agent, individually, and Southwest Bank of St. Louis are referred
to herein as "Lenders") pursuant to which loans made by Lenders to Borrower
thereunder (each a "Loan" and collectively "Loans") are evidenced by certain
Revolving Note(s) and Term Note(s) of the Borrower all of even date herewith
which together aggregate in the principal amount of up to Forty Million Dollars
($40,000,000.00) and which are all due and payable at the times and pursuant to
the terms and conditions of the Loan Agreement (all such Revolving Note(s) and
Term Note(s) are referred to collectively herein as the "Notes"). The term "Loan
Documents" and all other capitalized terms used herein and not defined herein
have the meanings given to them in the Loan Agreement;

         WHEREAS, the Borrower owns, directly or indirectly, all or
substantially all of the equity interest in Guarantor and the Guarantor is
desirous of having Lenders make and/or continue to make Loans to Borrower which
will inure to the direct and indirect financial benefit of Guarantor and
Guarantor further acknowledges that Lenders have refused to make the Loans
unless this Guaranty is executed by Guarantor and delivered to Lender;

         WHEREAS, this Guaranty is to be secured by, inter alia, a Security
Agreement of even date herewith executed by Guarantor, reference to which is
made for the rights of the Agent for the ratable benefit of the Lenders to
accelerate the maturity of the Notes or Obligations (hereinafter defined)
guaranteed hereby, and Guarantor, by execution of this Guaranty, hereby
acknowledges receipt of copies of all Loan Documents and represents it has read
and understands such Loan Documents; and

         WHEREAS, Guarantor executes this Guaranty in the favor of Agent for the
ratable benefit of the Lenders in order to induce Lenders to make Loans and any
other advances, loans, extensions of credit, future advances or additional
loans, directly or indirectly, to Borrower and to grant to Borrower such
renewals, extensions, forbearances, releases of collateral or other
relinquishments of rights as Lender may deem advisable.

         NOW, THEREFORE, in consideration of the execution and delivery by the
Lenders of the Loan Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by the Guarantor,
the Guarantor hereby agrees with the Agent as follows:

<PAGE>

         1. ABSOLUTE GUARANTY. The Guarantor unconditionally, absolutely, and
irrevocably guarantees, for the ratable benefit of Lenders and for the ratable
benefit of each and every present and future holder or holders of the Notes (all
herein called the "Lender"), the full and prompt payment to the Lender at
maturity (whether at the stated maturities thereof, or by acceleration or
otherwise) of the present or future indebtedness of the Borrower evidenced by
the Loan Agreement and the Notes, together with all other present or future
obligations and liabilities of the Borrower under and pursuant to the Loan
Documents as the same or any thereof may from time to time be amended, restated
and modified (all of which indebtedness, obligations and liabilities being
herein called the "Indebtedness Hereby Guaranteed") and the full and prompt
performance and observance by the Borrower of all of the warranties, covenants
and agreements provided by the Loan Documents to be performed and observed by
the Borrower (herein called the "Obligations"); and to this end the Guarantor
covenants and agrees to take all such actions necessary to enable the Borrower
to observe and perform and to refrain from taking any action which would prevent
the Borrower from observing and performing each and every Obligation.

         2. CONTINUING GUARANTY. This Guaranty shall be a continuing guaranty,
shall be binding upon the Guarantor, its successors and assigns, and shall
remain in full force and effect, and shall not be discharged, impaired or
affected by (a) the existence or continuance of any obligation on the part of
the Borrower on or with respect to the Indebtedness Hereby Guaranteed, or any
Obligation under the Loan Documents; (b) the power or authority (or any lack
thereof) of the Borrower to issue the Notes or to execute, acknowledge or
deliver any other Loan Document; (c) the validity or invalidity of the Notes or
any other Loan Document; (d) any defense whatsoever that the Borrower may or
might have to the payment of the Indebtedness Hereby Guaranteed or to the
performance or observance of any of the terms, provisions, covenants and
agreements contained in the Notes or other Loan Documents; (e) any limitation or
exculpation of liability on the part of the Borrower; (f) the dissolution of the
Borrower; (g) the transfer by the Borrower of all or any part of the property
referred to in the Loan Documents to any other corporation, person or entity;
(h) any sale, pledge, surrender, indulgence, alteration, substitution, exchange,
change in, additions to, renewals of, extension, modification or other
disposition of any of the Indebtedness Hereby Guaranteed, or any of the
Obligations, all of which the Lender is hereby expressly authorized to make from
time to time without notice to the Guarantor, or to anyone; (i) the acceptance
by the Lender of any security for, or other guarantors upon, all or any part of
the Indebtedness Hereby Guaranteed or Obligations; (j) any failure, neglect or
omission on the part of the Lender to realize or protect any of the Indebtedness
Hereby Guaranteed or any collateral or security therefor, or to exercise any
lien upon or right or appropriation of any moneys, credits or property of the
Borrower toward the liquidation of the Indebtedness Hereby Guaranteed or any
application of payments or credits thereon; (k) any right, claim or offset which
Guarantor may have against the Borrower; or (l) any defense (other than the
payment of the Indebtedness Hereby Guaranteed and performance of the
Obligations, in accordance with its terms) that the Guarantor may or might have
to its respective undertakings, liabilities and obligations hereunder, each and
every such defense being hereby waived by the Guarantor; it being understood and
agreed that this Guaranty, and the undertakings, liabilities and obligations of
the Guarantor hereunder shall not be affected, discharged, impaired or varied by
any act, omission or circumstance whatsoever (whether or not specifically
enumerated above) except the due and punctual payment of the Indebtedness Hereby
Guaranteed and performance of

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<PAGE>

the Obligations, and then only to the extent thereof; or (m) any understanding
or agreement that any other person, firm or corporation was or is to execute
this Guaranty or the Notes or any of the Loan Documents.

         3. NO OBLIGATION TO PROCEED AGAINST BORROWER. The Lender shall have the
exclusive right to determine how, when and what application of payments and
credits, if any, shall be made on the Indebtedness Hereby Guaranteed or the
Obligations, or any part thereof; and in order to hold the Guarantor liable
hereunder there shall be no obligation on the part of the Lender, or anyone, at
any time, to proceed against the Borrower, its properties or estates, or any one
of them, or to proceed against any other guarantors, or to resort to any
collateral, security, property, liens, or other rights or remedies whatsoever.

         4. BANKRUPTCY OF GUARANTOR. The bankruptcy of Guarantor shall not
terminate this Guaranty, whether or not a claim against the estate of such
bankrupt Guarantor is made, and shall not terminate this Guaranty as to the
estate of the bankrupt Guarantor.

         5. NO OBLIGATION TO PROCEED AGAINST ANY GUARANTOR. The Lender shall
have the right to enforce this Guaranty against Guarantor for and to the full
amount of the Indebtedness Hereby Guaranteed, with or without enforcing or
attempting to enforce the Loan Documents against Borrower or any other guaranty
against any other guarantor, or any security for the obligation of any of them,
and whether or not proceedings or steps are pending or have been taken or have
been concluded to enforce or otherwise realize upon the obligation or security
of the Borrower or any other guarantor, or any of them; and the payment of any
amount or amounts by Guarantor, pursuant to its obligations hereunder, shall not
in any way entitle such Guarantor, either at law, in equity, or otherwise, to
any right, title, or interest (whether by way of subrogation or otherwise) in
and to any of the Indebtedness Hereby Guaranteed, or any principal or interest
payments theretofore, then, or thereafter at any time made by the Borrower or
any other guarantor, or any of them, on the Indebtedness Hereby Guaranteed, or
made by anyone on behalf of the Borrower, or in and to any security therefor,
unless and until the full amount of the Indebtedness Hereby Guaranteed has been
fully paid.

         6. TIME OF ESSENCE. Time is of the essence of this Guaranty and of the
performance of each term, covenant and provision hereof.

         7. WAIVER OF NOTICE. All diligence in collection or protection, and all
presentment, demand, protest and/or notice of dishonor, protest, and of default
and of non-payment and of the creation and existence of any and all of the
Indebtedness Hereby Guaranteed or of performance or non-performance of any
Obligation, and of any security and collateral therefor, and of the acceptance
of this Guaranty, and of any and all extensions of credit and indulgence
hereunder, are expressly waived by the Guarantor.

         8. TRANSFER OF DEBT BY LENDER. The Lender may, without any notice
whatsoever to anyone, sell, assign, or transfer all or any part of the
Indebtedness Hereby Guaranteed, or grant participations in the Indebtedness
Hereby Guaranteed, and in any and every such event, each and every immediate and
successive assignee, transferee, holder of or participant in all or any part of
the Indebtedness Hereby Guaranteed shall have the right to enforce this Guaranty
by suit or otherwise, for the benefit of such assignee, transferee, holder or
participant, as fully as if such assignee, transferee, holder or

                                       3
<PAGE>

participant were herein by name specifically given such rights, powers, and
benefits.

         9. SUCCESSORS AND ASSIGNS. This Guaranty, and each and every part
hereof, shall be binding upon the Guarantor, successors and assigns of
Guarantor, and shall inure to the pro rata benefit of each and every future
holder of the Notes or any interest in the Indebtedness Hereby Guaranteed
pursuant to the terms of the Loan Agreement.

         10. DELIVERY OF NOTE. The delivery of the Notes or any other promissory
note evidencing the Indebtedness Hereby Guaranteed for value to any person
shall, without more, constitute conclusive evidence of the acceptance hereof,
and of the reliance hereon by each and every from time to time holder of the
Note or any interest in the Indebtedness Hereby Guaranteed.

         11. MASCULINE, FEMININE, PLURAL. As used herein, the masculine gender
shall include the feminine, and the singular case shall include the plural and
the plural the singular, wherever the same may be applicable.

         12. BANKRUPTCY OF BORROWER. Notwithstanding any modification,
discharge, or extension of the Indebtedness Hereby Guaranteed or any amendment,
modification, stay or cure of the Lender's rights under the Notes, or other Loan
Documents which may occur in any bankruptcy or reorganization case or proceeding
affecting the Borrower, whether permanent or temporary, and whether or not
assented to by the Lender, the Guarantor hereby agrees that it shall be
obligated hereunder to pay the Indebtedness Hereby Guaranteed and discharge the
other Obligations in accordance with the terms of the Notes, and other Loan
Documents and the terms of this Guaranty as in effect on the date hereof.

         Guarantor understands and acknowledges that by virtue of this Guaranty
it has specifically assumed any and all risks of a bankruptcy or reorganization
case or proceeding affecting the Borrower; and, as an example and not by way of
limitation, a subsequent modification of the Notes in any reorganization case
concerning the Borrower shall not affect the obligation of the Guarantor to pay
the indebtedness evidenced by the Note and all other Indebtedness Hereby
Guaranteed in accordance with its original terms.

         13. RETURN OF PAYMENT. Guarantor hereby agrees that if at any time all
or any part of any payment theretofore applied by Lender to any Indebtedness
Hereby Guaranteed is rescinded or returned by Lender for any reason whatsoever
(including, without limitation, the insolvency, bankruptcy, liquidation or
reorganization of any party), the Indebtedness Hereby Guaranteed shall, for the
purposes of this Guaranty, be deemed to have continued in existence to the
extent of such payment, notwithstanding such application by Lender, and this
Guaranty shall continue to be effective or be reinstated, as the case may be, as
to the Indebtedness Hereby Guaranteed, all as though such application by Lender
had not been made.

         14. COSTS AND EXPENSES. In addition to all other amounts payable by
Guarantor hereunder, Guarantor hereby agrees to pay to Lender upon demand any
and all costs and expenses, including court costs and reasonable attorney's fees
which the Lender may incur (a) in enforcing the obligations of the Guarantor
hereunder; or (b) in preparing to collect or

                                       4
<PAGE>

enforce the Indebtedness Hereby Guaranteed and the Obligations or in collecting
or enforcing the same, in each case whether or not suit or action is filed.

         15. PARTIAL INVALIDITY. If any term of this Guaranty, or the
application thereof to a person or circumstance, shall to any extent be declared
invalid or unenforceable, the remainder of this Guaranty, or the application of
such term, to persons or circumstances other than those to which it is invalid
or unenforceable shall not be affected thereby and each term of this Guaranty
shall remain valid and enforceable to the fullest extent permitted by applicable
law. Notwithstanding anything in this Guaranty to the contrary, the right to
recover against the Guarantor under this Guaranty shall not exceed $1 less than
the amount which would render any of the Guarantor's obligations under this
Guaranty void or voidable under applicable law, including fraudulent conveyance
law.

         16. ASSIGNMENT OF GUARANTY. Lender may without prior notice assign this
Guaranty in whole or in part but shall notify Guarantor after such assignment.

         17. SETOFF. In addition to all liens upon, and rights of setoff against
the moneys, securities, or other property of Guarantor given to Lender by law,
Lender shall have a lien upon and a right of setoff against all moneys,
securities, and other property of Guarantor now or hereafter in the possession
of or on deposit with Lender, whether held in a general or special account or
deposit, or for safekeeping or otherwise; and every such lien and right of
setoff may be exercised so long as there is an Existing Default under the Loan
Agreement without demand upon or notice to Guarantor. No lien or right of setoff
shall be deemed to have been waived by any act or conduct on the part of Lender,
or by any neglect to exercise such right of setoff or to enforce such lien, or
by any delay in so doing, and every right of setoff and lien shall continue in
full force and effect until such right of setoff or lien is specifically waived
or released by an instrument in writing executed by Lender.

         18. SUBORDINATION OF DEBT OF BORROWER. Any indebtedness of Borrower now
or hereafter held by Guarantor, whether secured or unsecured, and if secured,
the security for same, is hereby subordinated to the indebtedness of Borrower to
Lender; and, so long as there is an Existing Default under the Loan Agreement,
such indebtedness of Borrower to Guarantor shall be collected, enforced, and
received by Guarantor as trustee for Lenders and be paid over to Lenders on
account of the indebtedness of Borrower to Lenders but without reducing or
affecting in any manner the liability of Guarantor under the other provisions of
this Guaranty.

         19. AUTHORIZATION OF BORROWER'S DEBT. It is not necessary for Lender to
inquire into the authority or powers of Borrower or the officers, directors,
partners, or agents acting or purporting to act on Borrower's behalf, and any
indebtedness made or created in reliance upon the professed exercise of such
powers shall be guaranteed hereunder.

         20. GOVERNING LAW; NO THIRD PARTY RIGHTS. This Guaranty is to be
governed by and construed and interpreted in accordance with the internal Laws
of the State of Illinois applicable to contracts made and to be performed wholly
within such state, without regard to choice or conflicts of law principles. This
Guaranty is solely for the benefit of the Guarantor and Agent and the Lenders
and their respective successors and assigns pursuant to the

                                       5
<PAGE>

terms of the Loan Agreement, and no other person has any right, benefit,
priority or interest under, or because of the existence of, this Guaranty.

         21. WAIVER OF DEFENSES. Guarantor does hereby expressly waive any and
all rights, remedies, benefits, or defenses which might otherwise be available
to a guarantor or surety under the laws of the State of Illinois, and any
defense based upon a claim that Lender's demands or claims against the
undersigned are not compensable because the fair market value of the security
for the Indebtedness Hereby Guaranteed, in its state of completion as of the
date of such demands or claims, was at least equal to the Indebtedness Hereby
Guaranteed.

         22. INCONSISTENCY. To the extent the provisions of this Guaranty
conflict with the provisions of the Loan Agreement, the Loan Agreement shall
govern.

         23. HEADINGS. The headings of this Guaranty are inserted for
convenience of reference only and shall not be applied in construing the
provisions of this Guaranty.

         24. JOINT AND SEVERAL. The agreements, obligations, warranties and
representations or Guarantor hereunder are joint and several if Guarantor is
more than one person or entity, and are independent of the obligations of
Borrower.

         25. CUMULATIVE REMEDIES. The rights and remedies herein provided are
cumulative and may be exercised singly or concurrently, and are not exclusive of
any rights or remedies provided by law.

         26. CHOICE OF FORUM. SUBJECT ONLY TO THE EXCEPTION IN THE NEXT
SENTENCE, GUARANTOR AND AGENT HEREBY AGREE TO THE EXCLUSIVE JURISDICTION OF THE
FEDERAL COURT OF THE NORTHERN DISTRICT OF ILLINOIS AND THE STATE COURTS OF
ILLINOIS LOCATED IN COOK COUNTY AND WAIVES ANY OBJECTION BASED ON VENUE OR FORUM
NON CONVENIENS WITH RESPECT TO ANY ACTION INSTITUTED THEREIN, AND AGREES THAT
ANY DISPUTE CONCERNING THE RELATIONSHIP BETWEEN AGENT AND GUARANTOR OR THE
CONDUCT OF ANY OF THEM IN CONNECTION WITH THIS GUARANTY OR OTHERWISE SHALL BE
HEARD ONLY IN THE COURTS DESCRIBED ABOVE. NOTWITHSTANDING THE FOREGOING: (1)
AGENT SHALL HAVE THE RIGHT TO BRING ANY ACTION OR PROCEEDING AGAINST GUARANTOR
OR ITS PROPERTY IN ANY COURTS OF ANY OTHER JURISDICTION DEEMED NECESSARY OR
APPROPRIATE IN ORDER TO REALIZE ON THE COLLATERAL, OR OTHER SECURITY FOR THE
LOAN OBLIGATIONS, AND (2) GUARANTOR AND AGENT ACKNOWLEDGE THAT ANY APPEALS FROM
THE COURTS DESCRIBED IN THE IMMEDIATELY PRECEDING SENTENCE MAY HAVE TO BE HEARD
BY A COURT LOCATED OUTSIDE THOSE JURISDICTIONS.

         27. WAIVER OF JURY TRIAL. GUARANTOR AND AGENT HEREBY WAIVE ANY RIGHT TO
TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (1) ARISING UNDER
THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, OR (2) IN ANY WAY CONNECTED WITH OR
RELATED OR

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<PAGE>

INCIDENTAL TO THE DEALINGS OF THE GUARANTOR AND AGENT OR EITHER OF THEM IN
RESPECT OF THIS GUARANTY OR ANY OTHER LOAN DOCUMENT, OR THE TRANSACTIONS RELATED
HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. GUARANTOR AND AGENT AGREE AND
CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED
BY COURT TRIAL WITHOUT A JURY AND THAT EITHER MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS GUARANTY WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
THE GUARANTOR OR AGENT TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

         28. SERVICE OF PROCESS. GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY
AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE
MADE BY REGISTERED MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO GUARANTOR AT ITS
ADDRESS SET FORTH ON THE SIGNATURE PAGE HERETO, AND SERVICE SO MADE SHALL BE
DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED
IN THE U.S. MAILS; OR AT AGENT'S OPTION, BY SERVICE UPON CT CORPORATION, WHICH
GUARANTOR IRREVOCABLY APPOINTS AS GUARANTOR'S AGENT FOR THE PURPOSE OF ACCEPTING
SERVICE OF PROCESS WITHIN THE STATE OF ILLINOIS. AGENT SHALL PROMPTLY FORWARD BY
REGISTERED MAIL ANY PROCESS SO SERVED UPON SAID AGENT TO GUARANTOR AT ITS
ADDRESS ON THE SIGNATURE PAGES HERETO. NOTHING IN THIS SECTION SHALL AFFECT THE
RIGHT OF AGENT TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

         IN WITNESS WHEREOF, the Guarantor has signed and sealed this Guaranty
on the day and year first written above.

                                        JAMES E. FRICK, INC.
                                        a Missouri corporation

                                        By:  /s/ WILLIAM W. CANFIELD
                                            ------------------------------------
                                        Name:    William W. Canfield
                                              ----------------------------------
                                        Title:   President
                                               ---------------------------------

                                        WITH A NOTICE ADDRESS OF:

                                        1850 Borman Ct.
                                        ----------------------------------------
                                        St. Louis, Missouri 63146
                                        ----------------------------------------
                                        Attn: L. Keith Graves
                                        ----------------------------------------

                                        AND COPY TO:

                                       7
<PAGE>

                                        Karen W. Fries, Esq.
                                        Bryan Cave LLP
                                        One Metropolitan Square, Suite 3600
                                        St. Louis, Missouri 63102-2750

                                       8<PAGE>
                                                                   Exhibit 10.21

                              EMPLOYMENT AGREEMENT

     AGREEMENT made as of this 22nd day of February, 2001, by and between Bruce
Diamond, a person residing at 239 Mountain Road, Basking Ridge, N.J. (the
"Employee") and Sipex Corporation, a Massachusetts corporation with a principal
place of business in Billerica, Massachusetts (the "Company").

     WHEREAS, the Employee's senior managerial position requires that he be
trusted with extensive confidential information and trade secrets of the Company
and that he develop a thorough and comprehensive knowledge of all details of the
Company's business, including, but not limited to, information relating to
research, development, inventions, manufacturing, purchasing, accounting,
engineering, marketing, distribution and licensing of the Company's products and
services;

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and in consideration of the mutual
covenants and obligations herein contained, the parties hereto agree as follows:

     1.   Position and Responsibilities. During the term of this Agreement, the
Employee agrees to serve as President and Chief Operating Officer of the Company
or in such other positions as may be assigned. The Employee shall at all times
report to, and his activities shall at all times be subject to the direction and
control of the Chief Executive Officer of the Company or to his designee, and
the Employee shall exercise such powers and comply with and perform, faithfully
and to the best of his ability, such directions and duties in relation to the
business and affairs of the Company as may from time to time be vested in or
requested of him. If Employee shall be elected to other offices of the Company
or any of its affiliates, he shall serve in such positions without further
compensation than provided for in this Agreement. The Employee agrees to follow
all rules, policies and directives of the Company as may be promulgated or
modified from time to time. The Employee shall perform his services under this
Agreement at such locations as may be required by the Company.

     2.   Compensation: Salary, Bonuses and Other Benefits. During the term of
this Agreement, the Company shall pay the Employee the following compensation:

     (A)  Salary. In consideration of the services to be rendered by the
        Employee to the Company, the Company will pay to the Employee a monthly
        salary of $22,916.67 (the Employee's "Base Rate") during the term of
        this Agreement. Employee's Base Rate may be adjusted by the Company's
        Board of Directors in its sole discretion from time to time; provided,
        however, that under no circumstances shall such Base Rate be reduced.
        Such salary shall be payable in conformity with the Company's customary
        practices for executive compensation, as such practices shall be
        established or modified from time to time.

<PAGE>

                                        -2-

 (B)  Fringe Benefits.

       (1)  The Employee will be entitled to participate on the same general
       basis and subject to the same rules and regulations as other Company
       executive employees in the Company's standard benefit plans as such
       benefits or plans may be modified or amended from time to time.

       (2)  The Company will maintain supplemental life insurance on the life of
       the Employee so that the aggregate total death benefit payable to the
       Employee from all Company life insurance policies will total Five Hundred
       Thousands Dollars ($500,000.00).

       (3)  At the request of the Employee, the Company will maintain
       supplemental disability insurance for the Employee so that the aggregate
       total disability benefits payable to the Employee from all Company
       disability insurance policies will total sixty-six and two-thirds percent
       (66 2/3%) of Employee's salary.

       (4)  The Company shall pay or reimburse the Employee for all reasonable
       business expenses incurred or paid by the Employee in the performance of
       his duties and responsibilities hereunder, provided the Employee provides
       reasonable substantiation and documentation of these expenses. The
       Company agrees to provide reimbursement within a reasonable time after
       receipt of such documentation.

  (C)  Performance Based Bonus. At the sole discretion of the Board of
Directors, the Employee may also be eligible to receive a discretionary annual
bonus after the end of the Company's calendar year, provided that the Employee
continues to be employed by the Company at such year end. The amount of this
bonus, if any, shall be determined by the Board of Directors based on objective
or subjective goals set by the Board of Directors in its sole discretion. In the
event that the Employee's employment with the Company is terminated by the
Company without Cause or is terminated by the Employee for Good Reason other
than at calendar year end, the Employee's bonus shall be prorated for such
partial year. No bonus shall be payable to Employee with respect to any calendar
year of the Company during which Employee's employment is terminated for Cause
or Employee terminates his employment without Good Reason.

  (D)  Taxes. All payments in this Section 2 shall be subject to all applicable
federal, state and local withholding, payroll and other taxes.

  3.   Termination. The Employee's employment under this Agreement may be
terminated as follows:

       (A)  By the Employee Without Good Reason. The Employee may terminate his
       employment without Good Reason (as defined in Section 3(B)(2) below)
       provided that the Employee gives the Company a written notice of intent
       to terminate at least thirty (30) days'

<PAGE>
                                      -3-

prior to the effective date of such termination. In the event of a termination
by the Employee without Good Reason, the Company may accelerate the Employee's
departure date and will have no obligation to pay Employee after his actual
departure date. In the event of termination by the Employee without Good Reason,
the Employee shall be entitled to no severance or other termination benefits.

     (B)  By the Employee with Good Reason or by the Company without Cause.

          (1)  The Company may terminate the Employee's employment without Cause
          (as defined in Section 3(C)) at any time. The Employee may terminate
          his employment for Good Reason (as defined in Subsection (2) of this
          Section 3(B)) after giving the Company a written notice of intent to
          terminate at least thirty (30) days prior to the effective date of
          such termination.

          (2)  For purposes of this Agreement, termination by the Employee for
          "Good Reason" shall mean the termination of employment by the
          Employee: (i) as a result of a material breach of this Agreement by
          the Company; (ii) as a result of a material reduction in the
          Employee's title or reporting responsibilities as they exist on the
          date hereof without the Employee's written consent; (iii) as a result
          of the failure of the Company to pay the Employee's salary or bonus,
          if any, in the time and manner contemplated by this Agreement; or (iv)
          as a result of the Company requiring the Employee to relocate more
          than 50 miles from Milpitas, California (unless such relocation is to
          another facility of the Company); provided, however, that an event
          described in this Section shall not constitute Good Reason unless it
          is communicated by the Employee to the Company in writing and is not
          corrected by the Company to the Employee's reasonable satisfaction
          within 30 days of the date of the Employee's delivery of such written
          notice to the Company. Notwithstanding Section 3(B)(2)(iv), in the
          event a Successor To The Business (as defined in Section 10 hereof)
          assumes this Agreement, Section 3(B)(2)(iv) shall be modified to read
          as follows: "(iv) as a result of the Company requiring the Employee to
          relocate more than 50 miles from Milpitas, CA to any other location
          (including without limitation any facility of the Company or the
          Successor To The Business)."

          (3)  In the event that the Company exercises its right to terminate
          the Employee without Cause or the Employee terminates his employment
          for Good Reason and the Employee signs a comprehensive release in the
          form, and of a scope, acceptable to the Company, the Company agrees
          to:

               (i)  pay the Employee a lump sum payment equal to eighteen (18)
               months' base salary at the Employee's then current Base Rate;

               (ii) pay the Employee an amount equal to the highest annual bonus
               paid or payable by the Company to the Employee with respect to
               any
<PAGE>
                                     - 4 -

calendar year during the three (3) calendar years prior to Employee's
termination of employment;

(iii)  allow the Employee to participate to the same extent as active
executive employees (including dependent coverage) in the life, accident,
disability, health and dental insurance plans of the Company (including the
supplemental insurance set forth in Section 2(B)(2) and 2(B)(3) of this
Agreement) or to provide benefits equivalent to those of active executive
employees, at no cost to the Employee for a period of twenty four (24) months
commencing on the date of termination of employment;

(iv)  allow the Employee the option to buy the Company automobile leased for the
Employee for a price equal to the buyout amount of the automobile at the end of
the lease. The Employee hereby authorizes the Company to deduct any tax
withholdings applicable to such transfer from any payments to be made by the
Company hereinafter. All risk of damage or loss with respect to such automobile
shall rest with the Employee. The automobile will be transferred to the Employee
"as is," with no representations or warranties, express or implied, being made
to the Employee (including warranties of merchantability and fitness for a
particular purpose) and, without limiting the generality of the foregoing in any
way, in no event shall the Company be liable for any consequential, special,
punitive or other damages in connection with the automobile transfer. If this
option is not exercised, the automobile will be returned to the Company;

(v)   In the event of termination hereunder, each outstanding option held by
the Employee pursuant to any stock option plan of the Company shall, without
further action by the Company, accelerate and become immediately exercisable in
full; provided that other than such acceleration(s), such outstanding option(s)
shall continue to be governed by the terms of any such Stock Option Plan and
related Stock Option Agreement(s);

(vi)  In the event that any of the payments to be made to the Employee, or the
compensation received or deemed to be received by the Employee, pursuant to or
by reason of the provisions of Section 3(B)(3) of this Agreement result in the
imposition of an excise tax on the Employee pursuant to Section 4999 of the
Internal Revenue Code of 1986, as amended (the "Code"), or any similar provision
of state, local or foreign tax law (the "Parachute Tax"), the Company shall pay
an additional amount to the Employee (the "Gross-Up Payment"). The Gross-Up
Payment shall be calculated by the Company and shall equal an amount necessary
to yield the Employee, on an after-tax basis, an amount equal to the Parachute
Tax imposed on the Employee (including any Parachute Tax
<PAGE>

                                      -5-

          imposed with respect to the Gross-Up Payment). The Gross-Up Payment
          with respect to any Parachute Tax shall be payable by the Company to
          the Employee no later than the last day of the fiscal year in which
          such Parachute Tax is imposed.

          (vii)  The payments in this Section 3(B)(3) shall be subject to all
                 applicable federal, state and local withholding, payroll and
                 other taxes.

          If Employee breaches his obligations under the Noncompetition,
          Nondisclosure and Developments Agreement executed herewith between
          Employee and the Company, the Company may immediately cease payment of
          all severance and/or benefits described in this Agreement. This
          cessation of severance and/or benefits shall be in addition to, and
          not as an alternative to, any other remedies in law or in equity
          available to the Company, including the right to seek specific
          performance or an injunction. Except as expressly set forth in this
          Section 3(B), Employee acknowledges that the Company shall not have
          any further obligations to the Employee in the event of Employee's
          termination under this Section 3(B), except such further obligations
          as may be imposed by law.

     (C)  At the election of the Company for Cause. The Company may,
immediately and unilaterally, terminate the Employee's employment hereunder for
"Cause" at any time during the term of this Agreement by giving to the
Employee written notice of such termination ten (10) days prior to the
effective date of termination. The Company may pay Employee for this ten (10)
day period in lieu of such notice. Termination of the Employee's employment by
the Company shall constitute a termination for "Cause" if such termination is
for one or more of the following causes:

          (1)  the substantial and continuing failure of the Employee to render
          services to the Company substantially in accordance with his assigned
          duties or obligations under this Agreement, which materially and
          adversely affects or could materially and adversely affect the
          business, prospects, financial condition, operations, property or
          affairs of the Company, which is not cured by the Employee to the
          satisfaction of the Company within thirty (30) days notice to the
          Employee by the Company of the failure;

          (2)  dishonesty, deliberate disregard of the rules or policies of the
          Company, material breach of the terms of this Agreement, which is not
          cured by the Employee to the satisfaction of the Company within thirty
          (30) days notice to the Employee by the Company;

          (3)  the commission by the Employee of an act of fraud, embezzlement
          or breach of fiduciary duty;
<PAGE>
                                      -6-

          (4) acts of moral turpitude by the Employee which materially adversely
          affect the Employee's ability to perform his duties hereunder and
          represent the Company;

          (5) the conviction by the Employee of a felony; or

          (6) the commission of an act which constitutes unfair competition with
          the Company or which induces any customer of the Company to breach a
          contract with the Company.

          In the event of a termination for "Cause" pursuant to the provisions
          of clauses (1) through (6) above, inclusive, the Employee shall be
          entitled to no severance or other termination benefits.

          (D)  Benefits if Agreement Terminated Due to Death or Disability. The
     Company shall have the right to terminate Employee's employment if Employee
     dies or suffers physical incapacity or mental incompetence. In the event
     Employee's employment shall terminate due to the physical incapacity or
     mental incompetence of the Employee, the Company shall pay the Employee an
     amount equal to: (i) twenty-four (24) months salary at the then current
     Base Rate, less (ii) any amounts recovered by the Employee under any health
     and disability insurance programs available through the Company. For the
     purposes of this Agreement, the Employee shall be deemed to have suffered
     physical incapacity or mental incompetence if the Employee is unable to
     perform the essential functions of his job with reasonable accommodation.
     Any accommodation will not be deemed reasonable if it imposes an undue
     hardship on the Company. If this Agreement terminates due to the death of
     Employee, Employee will not be entitled to any payments after the date of
     his death.

     4. Survival of Certain Provisions. Provisions of this Agreement shall
survive any termination of employment or of this Agreement if so provided herein
or if necessary or desirable to fully accomplish the purposes of such provision.
Without limiting the foregoing, the obligations of the Employee under Sections
3, 4, 5, 8 and 10 hereof and the Employee Noncompetition, Nondisclosure and
Developments Agreement of even date herewith by and between Employee and the
Company expressly survive any termination of employment or termination of this
Agreement. The obligation of the Company to make payments to or on behalf of the
Employee under Section 3(B) hereof is expressly conditioned upon Employee's
continued full performance of the obligations under the terms of Section 5 and
the Noncompetition, Nondisclosure and Developments Agreement executed herewith
between Employee and the Company.

     5. Noncompetition, Nondisclosure and Developments Agreement. In connection
with his employment by the Company pursuant to the terms of this Agreement, the
Employee shall execute, prior to the execution hereof by the Company, the
Noncompetition, Nondisclosure and Developments Agreement attached hereto as
Exhibit A.

<PAGE>

     6. CONSENT AND WAIVER BY THIRD PARTIES. The Employee hereby represents and
warrants that he has obtained all waivers and/or consents from third parties
which are necessary to enable him to enjoy employment with the Company on the
terms and conditions set forth herein and to execute and perform this Agreement
without being in conflict with any other agreement, obligation or understanding
with any such third party. The Employee represents that he is not bound by any
agreement or any other existing or previous business relationship which
conflicts with, or may conflict with, the performance of his obligations
hereunder or prevent the full performance of his duties and obligations
hereunder.

     7. GOVERNING LAW. This Agreement, the employment relationship contemplated
herein and any claim arising from such relationship, whether or not arising
under this Agreement, shall be governed by and construed in accordance with the
internal laws of the Commonwealth of Massachusetts, without giving effect to the
principles of choice of law or conflicts of laws of such Commonwealth and this
Agreement shall be deemed to be performable in Massachusetts. Any claims or
legal actions by one party against the other arising out of the relationship
between the parties contemplated herein (whether or not arising under this
Agreement) shall be commenced or maintained in any state or federal court
located in Massachusetts, and Employee hereby submits to the jurisdiction and
venue of any such court.

     8. SEVERABILITY. In case any one or more of the provisions contained in
this Agreement or the other agreements executed in connection with the
transactions contemplated hereby for any reason shall be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision of this Agreement or such
other agreements, but this Agreement or such other agreements, as the case may
be, shall be construed and reformed to the maximum extent permitted by law.

     9. WAIVERS AND MODIFICATIONS. This Agreement may be modified, and the
rights, remedies and obligations contained in any provision hereof may be
waived, only in accordance with this Section 9. No waiver by either party of any
breach by the other or any provision hereof shall be deemed to be a waiver of
any later or other breach thereof or as a waiver of any other provision of this
Agreement. This Agreement sets forth all of the terms of the understandings
between the parties with reference to the subject matter set forth herein and
may not be waived, changed, discharged or terminated orally or by any course of
dealing between the parties, but only by an instrument in writing signed by the
party against whom any waiver, change, discharge or termination is sought. No
modification or waiver by the Company shall be effective without the consent of
at least a majority of the members of the Board of Directors excluding the
Employee to the extent the Employee is a member of the Board of Directors at the
time of such modification or waiver.

     10. ASSIGNMENT. The Employee acknowledges that the services to be rendered
by him hereunder are unique and personal in nature. Accordingly, the Employee
may not assign any of his rights or delegate any of his duties or obligations
under this Agreement. The rights and obligations of the Company under this
Agreement shall inure to the benefit of, and shall be binding upon, the
successors and assigns of the Company. To that end, the Company will require any
successor (a "Successor To The Business") to all or substantially all of the
business and/or
<PAGE>
                                      -8-

assets of the Company (whether direct or indirect, by purchase, merger,
consolidation or otherwise), expressly to assume and agree, by agreement in form
and substance satisfactory to the Employee, to perform this Agreement in the
same manner and to the same extent that Company would be required to perform it
if no such transaction had taken place. Failure of the Company to obtain such
agreement prior to the effective date of such transaction shall be a breach of
this Agreement and shall entitle the Employee to compensation and benefits from
the Company in the same amount and on the same terms as the Employee would be
entitled hereunder if he were to terminate his employment pursuant to Section
3(b) of this Agreement. In the event the Company fails to obtain a successor's
agreement to assume this Agreement under this Section 10, the date upon which
any such transaction becomes effective shall be deemed the termination date and
Employee's employment with the Company will end on that date.

     11.  Acknowledgments. The Employee hereby acknowledges and recognizes that
the enforcement of any of the provisions in this Agreement and the
Noncompetition, Nondisclosure and Developments Agreement executed herewith may
potentially interfere with the Employee's ability to pursue a proper livelihood.
The Employee represents that he is knowledgeable about the business of the
Company and further represents that he is capable of pursuing a career in other
industries to earn a proper livelihood. The Employee recognizes and agrees that
the enforcement of the Noncompetition, Nondisclosure and Developments Agreement
is necessary to ensure the preservation, protection and continuity of the
business, trade secrets and goodwill of the Company. The Employee agrees that,
due to the proprietary nature of the Company's business, the restrictions set
forth in the Noncompetition, Nondisclosure and Developments Agreement are
reasonable as to time and scope.

     12.  Entire Agreement. This Agreement and the Noncompetition, Nondisclosure
and Developments Agreement executed herewith constitutes the entire
understanding of the parties relating to the subject matter hereof and
supersedes and cancels all agreements, written or oral, made prior to the date
hereof between the Employee and the Company relating to employment, salary,
bonus, or other compensation of any description, equity participation, pension,
post-retirement benefits, severance or other remuneration, except for the
Company stock option plan(s) and the stock option agreement(s) between the
Company and the Employee which shall remain in full force and effect in
accordance with their respective terms (except as modified by this Agreement).

     13.  Notices. All notices hereunder shall be in writing and shall be
delivered in person or mailed by certified or registered mail, return receipt
requested, addressed as follows:

          If to the Company, to:  Sipex Corporation
                                  22 Linnell Circle
                                  Billerica, Massachusetts 01821
                                  Attention: Chief Executive Officer

     If to the Employee, at the Employee's address set forth on the signature
page hereto.

<PAGE>
                                      -9-

     14.  Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument.

     15.  Section Headings. The descriptive section headings herein have been
inserted for convenience only and shall not be deemed to define, limit, or
otherwise affect the construction of any provision hereof.
<PAGE>
                                     - 10 -

IN WITNESS WHEREOF, the parties hereto have executed this Employment Agreement
as of the date first above written as instrument under seal.

SIPEX CORPORATION:                      EMPLOYEE:

/s/ James E. Donegan
---------------------------------       ---------------------------------
                                        Bruce Diamond

By: /s/ James E. Donegan                /s/ Bruce Diamond
   ------------------------------       ---------------------------------
                                        Signature

Title: C.E.O.                           239 MOUNTAIN RD
      ---------------------------       ---------------------------------
                                        Street Address

                                        BASKING RIDGE, NJ            07970
                                        ---------------------------------
                                        City          State      Zip Code

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