Document:

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                                                                   EXHIBIT 10.32

                                VOTING AGREEMENT

         THIS VOTING AGREEMENT (the "Agreement") is dated as of June 20, 2003,
between Alonim Investments Inc., a corporation incorporated under the laws of
Canada ("Alonim"), and Sipex Corporation, a Massachusetts corporation (the
"Company"). Except as otherwise provided herein, capitalized terms that are used
but not otherwise defined herein shall have the meaning assigned to such terms
in the Securities Purchase Agreement (as defined below).

         WHEREAS, contemporaneously with the execution of this Agreement, Alonim
and the Company are entering into a Securities Purchase Agreement and
Registration and Standstill Agreement, each dated May 27, 2003 (respectively,
the "Securities Purchase Agreement" and "Registration and Standstill
Agreement"), providing for the issuance and sale by the Company, and purchase by
Alonim, of a 1.5% Convertible Secured Note Due June 30, 2007 in an aggregate
amount equal to $10,560,000 (the "2003 Note") convertible into shares of the
Company's Common Stock, and setting forth certain representations, warranties,
covenants and agreements of the parties thereto in connection therewith; and

         WHEREAS, in order to induce the Company to enter into the Securities
Purchase Agreement and the Registration and Standstill Agreement, Alonim is
entering into this Agreement.

         NOW, THEREFORE, for good and valuable consideration, the receipt,
sufficiency and adequacy of which is hereby acknowledged, the parties hereto
agree as follows:

         1.       Irrevocable Proxy.

         Concurrently with the execution of this Agreement, Alonim agrees to
deliver to the Company a proxy in the form attached hereto as Exhibit A with
respect to any and all Conversion Shares (the "Proxy"), which shall remain in
effect until the first anniversary of the last exercise by Alonim of the
Conversion Rights (as defined in the 2003 Note).

         2.       Representations of Alonim.

Alonim has full power and authority to enter into, execute and deliver this
Agreement and to perform Alonim's obligations hereunder. Alonim further
represents and warrants to the Company that the execution and delivery of this
Agreement does not and the performance of this Agreement by Alonim will not: (a)
conflict with or violate any law, rule, regulation, order, decree or judgment
applicable to Alonim or by which it or any of its assets is or may be bound or
affected; (b) result in or constitute (with or without notice or lapse of time)
any breach of or default under, or give to any other individual or entity (with
or without notice or lapse of time) any right of termination, amendment,
acceleration or cancellation of, or result in (with or without notice or lapse
of time) the creation of any encumbrance or restriction on any of the Conversion
Shares pursuant to, any contract to which Alonim is a party or by which Alonim
or any of Alonim's "affiliates" or "associates" (as those terms are defined in
Rule 405 promulgated under

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the 1933 Act) or assets is or may be bound or affected; or (c) require any
consent or approval of any other person.

         3.       Transfer and Encumbrance.

         Alonim agrees that, while this Agreement is in effect, Alonim shall not
transfer, sell, offer, exchange, pledge or otherwise dispose of or encumber (or
enter into an agreement to do any of the foregoing) any of the Conversion
Shares, other than as permitted in accordance with the Securities Purchase
Agreement and Registration and Standstill Agreement, or as agreed to in writing
by the Company.

         4.       Changes in Capitalization of the Company.

         In the event of a stock dividend or distribution, or any change in
Company Common Stock by reason of any stock dividend or distribution, or any
change in Company Common Stock by reason of any stock dividend, split-up,
recapitalization, combination, exchange of shares or the like, the term
"Conversion Shares" shall be deemed to refer to and include the Conversion
Shares as well as all such stock dividends and distributions and any securities
into which or for which any or all of the Conversion Shares may be changed or
exchanged or which are received in such transaction.

         5.       Legending of Conversion Shares; Other Actions.

         If so requested by the Company, Alonim agrees that the Conversion
Shares shall bear a legend stating that they are subject to this Agreement. From
time to time and without additional consideration, Alonim shall execute and
deliver, or cause to be executed and delivered, such proxies, consents and other
instruments, and shall take such further actions, as the Company may reasonably
request for the purpose of carrying out and furthering the intent of this
Agreement.

         6.       Specific Performance.

         The parties agree that irreparable damage would occur in the event that
any of the provisions of this Agreement were not performed in accordance with
their specific terms. It is accordingly agreed that the parties shall be
entitled to specific performance of the terms hereof, this being in addition to
any other remedy to which they are entitled at law or in equity.

         7.       Entire Agreement; Amendment; Waiver.

This Agreement, the Securities Purchase Agreement and the Registration and
Standstill Agreement and the documents referenced herein or therein supersede
all prior agreements, written or oral, among the parties hereto with respect to
the subject matter hereof and thereof and contain the entire agreement among the
parties with respect to the subject matter hereof and thereof. This Agreement
may not be amended, supplemented or modified, and no provisions hereof may be
modified or waived, except by an instrument in writing signed by the parties
hereto. No waiver of any provisions hereof by any party shall be deemed a waiver
of any other

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provisions hereof by any such party, nor shall any such waiver be deemed a
continuing waiver of any provision hereof by such party.

         8.       Notices.

         All notices, requests, claims, demands or other communications
hereunder shall be in writing and shall be deemed given when delivered
personally, upon receipt of a transmission confirmation if sent by fax or like
transmission and on the next business day when sent by Federal Express, Express
Mail or other reputable overnight courier service to the parties at the
following addresses (or at such other address for a party as shall be specified
by like notice):

         If to the Company:
                                    Sipex Corporation
                                    233 South Hillview Drive
                                    Milpitas, CA 95035
                                    Telephone:  (408) 935-7608
                                    Facsimile:  (408) 935-7678
                                    Attention:  Phil Kagel, CFO

         with a copy to:
                                    Wilson Sonsini Goodrich & Rosati
                                    650 Page Mill Road
                                    Palo Alto, CA  94304
                                    Telephone:  (650) 493-9300
                                    Facsimile:  (650) 493-6811
                                    Attention:  Robert G. Day

         If to Alonim:

                                    Alonim Investments Inc.
                                    1501 McGill College Avenue, 26th Floor
                                    Montreal, Quebec, Canada
                                    H3A 3N9
                                    Facsimile:  (594) 694-7515
                                    Attention:  Guy Lavergne, Esq.

         with a copy to:
                                    Future Electronics Inc.
                                    237 Hymus Boulevard
                                    Point Claire, Quebec, Canada
                                    H3A 3N9
                                    Facsimile:  (594) 694-7515
                                    Attention:  Guy Lavergne, Esq.

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         9.       Miscellaneous.

                  (a) Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of California, without giving
effect to any choice or conflict of law provision or rule that would cause the
application of the laws of any other jurisdiction.

                  (b) Severability. In the event that any provision of the
Agreement is held to be illegal, invalid or unenforceable in a final,
unappealable order or judgment (each such provision, an "invalid provision"),
then such invalid provision shall be severed from this Agreement and shall be
inoperative and the parties promptly shall negotiate in good faith a lawful,
valid and enforceable provision that is as similar to the invalid provision as
may be possible and that preserves the original intentions and economic
positions of the parties as set forth herein to the maximum extent feasible,
while the remaining provisions of this Agreement shall remain binding on the
parties hereto. Without limiting the generality of the foregoing sentence, in
the event a change in any applicable law, rule or regulation makes it unlawful
for a party to comply with any of its obligations hereunder, the parties shall
negotiate in good faith a modification to such obligation to the extent
necessary to comply with such law, rule or regulation that is as similar in
terms to the original obligation as may be possible while preserving the
original intentions and economic positions of the parties as set forth herein to
the maximum extent feasible.

                  (c) Counterpart. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same instrument.

                  (d) Termination. This Agreement shall terminate upon the
earlier of (i) such time as all Conversion Rights (as defined in the 2003 Note)
are no longer capable of vesting pursuant to the 2003 Note; (ii) the repayment
in full of the principal amount of the 2003 Note by the Company, (iii) the
expiration of the Proxy pursuant to Section 1 hereof; or (iv) upon the mutual
consent of the Company and Alonim.

                  (e) Headings; Recitals. All Section headings and the recitals
herein are for convenience of reference only and are not part of this Agreement,
and no construction or reference shall be derived therefrom.

                  (f) Third Party Beneficiaries. Nothing in this Agreement,
express or implied, is intended to confer upon any third party any rights or
remedies of any nature whatsoever under or by reason of this Agreement.

                         [Signatures on Following Page]

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         IN WITNESS WHEREOF, the parties have caused this Voting Agreement to be
duly executed as of the date first written above.

                                        SIPEX CORPORATION

                                        By:      /s/ Walid Maghribi
                                              -----------------------------
                                        Name:    Walid Maghribi
                                        Title:   President & CEO

                                        ALONIM  INVESTMENTS INC.

                                        By:      /s/ Guy Lavergne
                                              -----------------------------
                                        Name: Guy Lavergne
                                        Title:   Attorney

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                                    EXHIBIT A

                                IRREVOCABLE PROXY

         The undersigned stockholder of Sipex Corporation, a Massachusetts
corporation (the "COMPANY"), hereby irrevocably appoints the directors on the
Board of Directors of the Company, as the sole and exclusive attorneys-in-fact
and proxies of the undersigned, with full power of substitution and
resubstitution, to the full extent of the undersigned's rights with respect to
the voting of the Conversion Shares (as defined in the Voting Agreement of even
date between the Company and the stockholder (the "VOTING AGREEMENT") until such
time as the Voting Agreement shall be terminated in accordance with its terms.
Upon the execution hereof, all prior proxies given by the undersigned with
respect to the Conversion Shares and any and all other shares or securities
issued or issuable in respect thereof on or after the date hereof which would in
any manner be inconsistent with the understandings and obligations under the
Voting Agreement are hereby revoked and no subsequent proxies will be given
during the life of this proxy which would in any manner be inconsistent with the
Voting Agreement and this proxy.

         This proxy is irrevocable, is granted pursuant to the Voting Agreement
and is granted in consideration of Company entering into the Securities Purchase
Agreement and the Registration and Standstill Agreement (each as defined in the
Voting Agreement). The attorneys-in-fact and proxies named above will be
empowered at any time prior to the termination of the Voting Agreement to
exercise all voting rights (including, without limitation, the power to execute
and deliver written consents with respect to the Conversion Shares) of the
undersigned at every annual, special or adjourned or postponed meeting of the
Company's stockholders, and in every written consent of stockholders in lieu of
such a meeting, or otherwise. Such voting rights shall be exercised by the
directors on the Board of Directors in the following manner: (i) by voting the
Conversion Shares with the majority of votes of the holders of Common Stock of
the Company, or the holders of Preferred and Common Stock of the Company, in all
cases including votes of the undersigned and the undersigned's "affiliates" and
"associates" (as those terms are defined in Rule 405 promulgated under the 1933
Act) or (ii) by abstaining from voting the Conversion Shares, if so instructed
by Alonim at or prior to the meeting or in connection with a written consent of
stockholders in lieu of such a meeting, or otherwise.

         This proxy shall automatically terminate upon the termination of the
Voting Agreement.

         Any obligation of the undersigned hereunder shall be binding upon the
successors and assigns of the undersigned.

Dated:  May   , 2003
            --

      STOCKHOLDER:

      Alonim Investments Inc.

      By:
             --------------------------------

      Name:
             --------------------------------

      Title:
             --------------------------------<PAGE>
                                                                   EXHIBIT 10.33
                               SECURITY AGREEMENT

         THIS SECURITY AGREEMENT ("Agreement") is made as of the 20th day of
June 2003, by and between SIPEX CORPORATION, a Massachusetts corporation
("Borrower"), and ALONIM INVESTMENTS INC., a Canadian corporation ("Lender").
Capitalized terms used but not defined herein shall have the meanings assigned
thereto in the Purchase Agreement (as defined below).

                                    RECITALS:

         WHEREAS, Lender is purchasing a Convertible Secured Note due June 30,
2007 (the "Note") in an aggregate principal amount of $10,560,000 issued and
sold by Borrower to Lender pursuant to that certain Securities Purchase
Agreement of even date herewith by and between Borrower and Lender, as it may be
amended, modified or extended from time to time (the "Purchase Agreement"); and

         WHEREAS, in connection with the purchase of the Note, Lender desires to
obtain from Borrower and Borrower desires to grant to Lender a security interest
in certain collateral more particularly described below.

                                   AGREEMENT:

         NOW, THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

         1. (a) Grant of Security Interest. Borrower hereby grants a security
interest to Lender in all of its right, title and interest, whether now existing
or hereafter acquired, in all of its accounts (including without limitation
health-care receivables), chattel paper (whether tangible or electronic),
deposit accounts, documents, general intangibles (including without limitation
payment intangibles, and software licenses; but not Intellectual Property),
goods (including without limitation inventory, equipment, fixtures and
accessions, and including Borrower's specialized systems (including its "clean
room" facilities), instruments (including without limitation promissory notes),
investment property, letter-of-credit rights, letters of credit, money, and oil,
gas, or other minerals before extraction and all proceeds and products of the
foregoing, in each case as such terms are defined under the Uniform Commercial
Code as in effect in the State of Massachusetts from time to time (the "Uniform
Commercial Code"). All of the foregoing property of the Borrower shall be
referred to as the "Collateral." To the extent that some of the Collateral is
located in jurisdictions outside of the United States of America, the Borrower
does hereby grant to the Lender a "pledge without dispossession", "commercial
pledge", "hypothec", "nantissement", and/or other form of security interest in
and to the Collateral, as may be permitted by applicable law in such other
jurisdictions. The provisions of Section 4(a) shall apply

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to the creation /perfection/registration of such security interests in such
other jurisdictions.

                   (b)  Certain Definitions.

                           (i) "Intellectual Property" means, collectively, the
                  Copyrights, the Patents, the Trade Secrets, the Trademarks and
                  any and all agreements providing for the granting of any right
                  in or to any of the foregoing.

                           (ii) "Copyrights" means all United States, state and
                  foreign copyrights, all mask works fixed in semi-conductor
                  chip products (as defined under 17 U.S.C. 901 of the U.S.
                  Copyright Act), whether registered or unregistered, now or
                  hereafter in force throughout the world, all registrations and
                  applications therefor , all rights corresponding thereto
                  throughout the world, all extensions and renewals of any
                  thereof, the right to sue for past, present and future
                  infringements of any of the foregoing, and all proceeds of the
                  foregoing, including, without limitation, licenses, royalties,
                  income, payments, claims, damages, and proceeds of suit.

                           (iii) "Patents" means all United States, state and
                  foreign patents and applications for letters patent throughout
                  the world, all reissues, divisions, continuations,
                  continuations-in-part, extensions, renewals, and
                  reexaminations of any of the foregoing, all rights
                  corresponding thereto throughout the world, and all proceeds
                  of the foregoing including, without limitation, licenses,
                  royalties, income, payments, claims, damages, and proceeds of
                  suit and the right to sue for past, present and future
                  infringements of any of the foregoing.

                           (iv) "Trade Secrets" means all trade secrets and all
                  other confidential or proprietary information and know-how now
                  or hereafter owned or used in, or contemplated at any time for
                  use in, the business of Borrower (all of the foregoing being
                  collectively called a "Trade Secret"), whether or not such
                  Trade Secret has been reduced to a writing or other tangible
                  form, including all documents and things embodying,
                  incorporating, or referring in any way to such Trade Secret,
                  the right to sue for past, present and future infringement of
                  any Trade Secret, and all proceeds of the foregoing,
                  including, without limitation, licenses, royalties, income,
                  payments, claims, damages, and proceeds of suit.

                           (v) "Trademarks" means all United States, state and
                  foreign trademarks, trade names, corporate names, company
                  names, business names, fictitious business names, internet
                  domain names, trade styles, service marks, certification
                  marks, collective marks, logos, other source or business
                  identifiers, designs and general intangibles of a like nature,
                  all registrations and applications for any of the foregoing ,
                  all extensions or renewals of any of the foregoing, all of the
                  goodwill of the business connected with the use of and
                  symbolized by the foregoing, the right to sue for past,
                  present and future infringement or dilution of any of the
                  foregoing or for any injury to goodwill, and all proceeds of
                  the

<PAGE>

                  foregoing, including, without limitation, licenses, royalties,
                  income, payments, claims, damages, and proceeds of suit.

         2. Secured Indebtedness. The security interest granted hereby shall
secure the prompt payment of all obligations of every nature of Borrower from
time to time owed to Lender under the Note, whether for principal, interest
(including interest which, but for the filing of a petition in bankruptcy with
respect to Borrower, would have accrued on any obligations, whether or not a
claim is allowed against Borrower for such interest in the related bankruptcy
proceeding) (collectively, the "Obligations") and the prompt performance of each
of the covenants and duties under the Transaction Documents (as defined in the
Purchase Agreement).

         3. Representations and Warranties of Borrower. Borrower represents,
warrants and agrees as follows:

                  (a) Borrower is a corporation organized under the laws of the
         State of Massachusetts. Borrower's mailing address is 233 South
         Hillview Drive, Milpitas, California 95035.

                  (b) "Sipex Corporation" is the correct legal name of Borrower
         indicated on the public record of Borrower's jurisdiction of
         organization which shows Borrower to be organized. Schedule 3(b)
         correctly sets forth all names and trade names that the Borrower has
         used in the last five (5) years.

                  (c) Schedule 3(b) also correctly sets forth the chief
         executive offices of Borrower over the last five (5) years, the
         location of all tangible Collateral and the place where records with
         respect to intangible Collateral are maintained and all other locations
         in which tangible assets of the Borrower (including, without
         limitation, inventory, equipment, books and records) have been
         maintained over the past five (5) years.

                  (d) This Agreement creates a valid and perfected first
         priority security interest in the Collateral (except with respect to
         Permitted Encumbrances), securing the payment of the Obligations, and
         all other filings and other actions necessary or desirable to perfect
         and protect such security interest have been duly taken. Except as set
         forth on Schedule 3(d) hereto (the "Permitted Encumbrances"), Borrower
         is the owner of the Collateral free and clear of any liens and security
         interests. Borrower will defend and protect the Collateral against the
         claims and demands of all persons other than the holders of the
         Permitted Encumbrances.

                  (e) Schedule 3(e) sets forth the name of each bank at which
         Borrower maintains deposit accounts, the state of incorporation of each
         such bank, and the account numbers for each deposit account. Schedule
         3(e) sets forth all letters of credit under which Borrower is named as
         beneficiary, including the name of the issuing bank and the
         letter-of-credit number. The Lender has a duly perfected first priority
         security interest in all deposit accounts and letter-of-credit rights
         of Borrower.

<PAGE>
                  (f) Schedule 3(f) sets forth all third parties ("Bailees")
        with possession of any inventory and equipment of Borrower, including
        the name and address of such Bailee, a description of the inventory and
        equipment in such Bailee's possession, and the location of such
        inventory and equipment. Each Bailee has acknowledged that it holds
        possession of the inventory and equipment of Borrower for Lender's
        benefit, and Lender has a first priority perfected security interest in
        such inventory and equipment.

                  (g) Borrower will pay all costs of filing of financing,
         continuation and termination statements with respect to the security
         interests created hereby, and Lender is authorized to do all things
         that it deems necessary to perfect and continue perfection of the
         security interests created hereby and to protect the Collateral.

                  (h) Not Applicable.

                  (i) Borrower has exclusive possession and control of the
         tangible Collateral.

                  (j) No authorization, approval or action by, and no notice to
         or filing with, any governmental authority or regulator body is
         required either (i) for the grant by Borrower of the security interest
         granted hereby or for the execution, delivery or performance of this
         Agreement by Borrower or (ii) for perfection of or the exercise by
         Lender of its rights and remedies hereunder other than the filing of
         financing statements in the office of the Secretary of State of the
         State of Massachusetts.

         4. Further Assurances; Covenants. Borrower covenants and agrees with
Lender as follows:

                  (a) Borrower agrees that from time to time, at the expense of
         Borrower, that it shall promptly authenticate, execute and deliver all
         further instruments and documents, and take all further action, that
         may be necessary or desirable, or that Lender may reasonably request,
         in order to create and/or maintain the validity, perfection or priority
         of and protect any security interest granted or purported to be granted
         hereby or to enable Lender to exercise and enforce its rights and
         remedies hereunder with respect to any Collateral. Without limiting the
         generality of the foregoing, Borrower shall: (i) file such financing or
         continuation statements, or amendments thereto, and execute and deliver
         such other agreements, instruments, endorsements, powers of attorney or
         notices, as may be necessary or desirable, or as Lender may reasonably
         request, in order to perfect and preserve the security interests
         granted or purported to be granted hereby; (ii) at any reasonable time,
         upon request by Lender, annex the Collateral to and allow inspection of
         the Collateral by Lender, or persons designated by Lender; and (iv) at
         Lender's request, appear in and defend any action or proceeding that
         may affect Borrower's title to or Lender's security interest in all or
         any part of the Collateral.

                  (b) Borrower hereby authorizes the filing of any financing
         statements or continuation statements, and amendments to financing
         statements, or any similar document in any jurisdictions and with any
         filing offices as Lender may determine, in its

<PAGE>

         sole discretion, are necessary or advisable to perfect the security
         interest granted to Lender herein. Such financing statements may
         describe the Collateral in the same manner as described herein or may
         contain an indication or description of collateral that describes such
         property in any other manner as Lender may determine, in its sole
         discretion, is necessary, advisable or prudent to ensure the perfection
         of the security interest in the Collateral granted to Lender herein,
         including, without limitation, describing such property as "all assets"
         or "all personal property, whether now owned or hereafter acquired."
         Borrower shall furnish to Lender from time to time statements and
         schedules further identifying and describing the Collateral and such
         other reports in connection with the Collateral as Lender may
         reasonably request, all in reasonable detail.

                  (c)  Not Applicable.

                  (d) Borrower shall, at any time and from time to time, whether
         or not the Official Text of Revised Article 9, 2000 Revision, of the
         Uniform Commercial Code promulgated by the American Law Institute and
         the National Conference of Commissioners on Uniform State Laws or a
         version thereof ("Uniform Revised Article 9") has been adopted in any
         particular jurisdiction, take such steps as Lender may reasonably
         request for Lender (i) to obtain an acknowledgment, in form and
         substance reasonably satisfactory to Lender, of any bailee having
         possession of any of the Collateral, stating that the bailee holds
         possession of such Collateral on behalf of Lender, (ii) to obtain
         "control" of any investment property, deposit accounts,
         letter-of-credit rights, or electronic chattel paper (as such terms are
         defined by Revised Article 9 with corresponding provisions thereof
         defining what constitutes "control" for such items of Collateral), with
         any agreements establishing control to be in form and substance
         reasonably satisfactory to Lender, and (iii) otherwise to insure the
         continued perfection and priority of Lender's security interest in any
         of the Collateral and of the preservation of its rights therein,
         whether in anticipation of or following the effectiveness of Revised
         Article 9 in any jurisdiction. Borrower shall not, at any time, acquire
         a "commercial tort claim" (as such term is defined in Revised Article
         9) with a claim for damages in excess of $250,000, without the prior
         written consent of the Lender, and Borrower shall promptly notify
         Lender of its intent to acquire such claim in writing, providing a
         reasonable description and summary thereof, and shall execute, upon
         request from the Lender, a supplement to this Security Agreement in
         form and substance reasonably satisfactory to Lender granting a
         security interest in such commercial tort claim to Lender.

                  (e) Not Applicable.

                  (f) Except in connection with the contemplated change of state
         of incorporation from Massachusetts to Delaware, Borrower shall not
         change its name, identity or corporate structure or the jurisdiction
         where it is incorporated unless it shall have given Lender at least
         thirty (30) days' prior written notice thereof and executed or
         authorized, at the request of Lender, such additional financing
         statements to be filed in such jurisdictions as Lender may deem
         necessary or desirable in its sole discretion, and any amendments to
         this Agreement as may be necessary to reflect such change in form

<PAGE>

         and substance reasonably acceptable to Lender. Borrower hereby
         authorizes any additional financing statements that may be filed with
         the State of Delaware.

                  (g) Borrower will not permit any of the Collateral to be
         removed from the location specified herein, except for temporary
         periods in the normal and customary use thereof, without the prior
         written consent of Lender.

                  (h) Borrower shall notify Lender in writing of any change in
         the location of Borrower's principal place of business or the location
         of any tangible Collateral or the place(s) where the records concerning
         all intangible Collateral are kept or maintained within ten (10) days
         of any such change.

                  (i) Borrower will keep the Collateral in good condition and
         repair, will otherwise maintain and keep the Collateral and will pay
         and discharge all taxes, levies and other impositions levied thereon as
         well as the cost of repairs to or maintenance of same, and will not
         permit anything to be done that may impair the value of any of the
         Collateral. If Borrower fails to pay such sums, Lender may do so for
         Borrower's account and add the amount thereof to the Obligations.

                  (i) Until the occurrence of an Event of Default, Borrower
         shall be entitled to possession of the Collateral and to use the same
         in any lawful manner, provided that such use does not cause excessive
         wear and tear to the Collateral, cause it to decline in value at an
         excessive rate, or violate the terms of any policy of insurance
         thereon.

                  (j) Borrower will not sell, exchange, lease or otherwise
         dispose of any of the Collateral or any interest therein without the
         prior written consent of Lender. Notwithstanding the foregoing, so long
         as an Event of Default has not occurred, Borrower shall have the right
         to process and sell Borrower's inventory, equipment and fixtures in the
         regular course of business. Lender's security interest hereunder shall
         attach to all proceeds of all sales or other dispositions of the
         Collateral. If at any time any such proceeds shall be represented by
         any instruments, chattel paper or documents of title, then, upon
         request, such instruments, chattel paper or documents of title shall be
         promptly delivered to Lender and subject to the security interest
         granted hereby. If at any time any of Borrower's inventory is
         represented by any document of title, such document of title will be
         delivered promptly to Lender and subject to the security interest
         granted hereby.

                  (k) Not Applicable.

                  (l) Borrower will at all times keep the Collateral insured
         against all insurable hazards in amounts equal to the full cash value
         of the Collateral. Such insurance shall be in such companies as may be
         acceptable to Lender, with provisions satisfactory to Lender for
         payment of all losses thereunder to Lender as its interests may appear.
         If required by Lender, Borrower shall deposit the policies with Lender.
         Any money received by Lender under said policies may be applied to the
         payment of the Obligations, whether or not due and payable, or at
         Lender's option may be delivered by Lender to Borrower for the

<PAGE>

         purpose of repairing or restoring the Collateral. Borrower assigns to
         Lender all right to receive proceeds of insurance not exceeding the
         amounts secured hereby, directs any insurer to pay all proceeds
         directly to Lender, and appoints Lender Borrower's attorney-in-fact to
         endorse any draft or check made payable to Borrower in order to collect
         the benefits of such insurance. If Borrower fails to keep the
         Collateral insured as required by Lender, Lender shall have the right
         to obtain such insurance at Borrower's expense and add the cost thereof
         to the Obligations.

                  (m) Borrower will not permit any liens or security interests
         other than those created by this Agreement and the Permitted
         Encumbrances or those created in conjunction with purchase money
         financing to attach to any of the Collateral, nor permit any of the
         Collateral to be levied upon under any legal process, nor permit
         anything to be done that may impair the security intended to be
         afforded by this Agreement, nor permit any tangible Collateral to
         become attached to or commingled with other goods without the prior
         written consent of Lender.

                  (n) Borrower shall keep full and accurate records relating to
         the Collateral, and stamp or otherwise mark such books and records in
         such manner as the Borrower may request in order to reflect the
         security interest granted hereby. Borrower shall, promptly upon written
         request, provide to Lender all information and evidence it may request
         concerning the Collateral in order to enforce the provisions of this
         Agreement.

         5. Remedies Upon Default. Upon an Event of Default under and as defined
in the Note, Lender may pursue any or all of the following remedies, without any
notice to Borrower except as required below:

                  (a) Lender may give written notice of default to Borrower,
         following which Borrower shall not dispose of, conceal, transfer, sell
         or encumber any of the Collateral (including, but not limited to, cash
         proceeds) without Lender's prior written consent, even if such
         disposition is otherwise permitted hereunder in the ordinary course of
         business. Any such disposition, concealment, transfer or sale after the
         giving of such notice shall constitute a wrongful conversion of the
         Collateral. Lender may obtain a temporary restraining order or other
         equitable relief to enforce Borrower's obligation to refrain from so
         impairing Lender's Collateral.

                  (b) Lender may give written notice of default to Borrower,
         following which Lender may take possession of any or all of the
         Collateral. Borrower hereby consents to Lender's entry into any of
         Borrower's premises to repossess Collateral, and specifically consents
         to Lender's forcible entry thereto as long as Lender causes no
         significant damage to the premises in the process of entry (frilling of
         locks, cutting of chains and the like do not in themselves cause
         "significant" damage for the purposes hereof) and provided that Lender
         accomplishes such entry without a breach of the peace.

                  (c) Lender may dispose of the Collateral at private or public
         sale in accordance with the Uniform Commercial Code. Any required
         notice of sale shall be

<PAGE>

         deemed commercially reasonable if given at least five (5) days prior to
         sale. Lender may adjourn any public or private sale to a different time
         or place without notice or publication of such adjournment, and may
         adjourn any sale either before or after offers are received. The
         Collateral may be sold in such lots as Lender may elect, in its sole
         discretion. Lender may take such action as it may deem necessary to
         repair, protect, or maintain the Collateral pending its disposition.

                  (d) Lender may recover any or all proceeds of accounts from
         any bank or other custodian who may have possession thereof. Borrower
         hereby authorizes and directs all custodians of Borrower's assets to
         comply with any demand for payment made by Lender pursuant to this
         Agreement, without the need of confirmation from Borrower and without
         making any inquiry as to the existence of an Event of Default or any
         other matter. Lender may engage a collection agent to collect accounts
         for a reasonable percentage commission or for any other reasonable
         compensation arrangement.

                  (e) Lender may notify any or all account debtors that
         subsequent payments must be made directly to Lender or its designated
         agent. Such notice may be made over Lender's signature or over
         Borrower's name with no signature or both, in Lender's discretion to
         the extent consistent with the Uniform Commercial Code. Borrower hereby
         authorizes and directs all existing or future account debtors to comply
         with any such notice given by Lender, without the need of confirmation
         from Borrower and without making any inquiry as to the existence of an
         Event of Default or as to any other matter.

                  (f) Lender may, but shall not be obligated to, take such
         measures as Lender may deem necessary in order to collect any or all of
         the accounts. Without limiting the foregoing, Lender may institute any
         administrative or judicial action that it may deem necessary in the
         course of collecting and enforcing any or all of the accounts. Any
         administrative or judicial action or other action taken by Lender in
         the course of collecting the accounts may be taken by Lender in its own
         name or in Borrower's name. Lender may reasonably compromise any
         disputed claims and may otherwise enter into reasonable settlements
         with account debtors or obligors under the accounts, which compromises
         or settlements shall be binding upon Borrower. Lender shall have no
         duty to pursue collection of any account, and may abandon efforts to
         collect any account after such efforts are initiated.

                  (g) Lender may, with respect to any account involving
         uncompleted performance by Borrower, and with respect to any general
         intangible or other Collateral whose value may be preserved by
         additional performance on Borrower's part, take such action as Lender
         may deem appropriate including, but not limited to, performing or
         causing the performance of any obligation of Borrower thereunder, the
         making of payments to prevent defaults thereunder, and the granting of
         adequate assurances to other parties thereto with respect to future
         performance. Lender's action with respect to any such accounts or
         general intangibles shall not render Lender liable for further
         performance thereunder unless Lender so agrees in writing.

<PAGE>

                  (h) Lender may exercise its lien upon and right of setoff
         against any monies, items, credits, deposits or instruments that Lender
         may have in its possession and that belong to Borrower or to any other
         person or entity liable for the payment of any or all of the
         Obligations.

                  (i) Lender may exercise any right that it may have under any
         other document evidencing or securing the Obligations or otherwise
         available to Lender at law or equity, including, without limitation,
         under the Uniform Commercial Code.

         6. Audits and Examinations. Lender shall have the right, at any time,
by its own auditors, accountants or other agents, to examine or audit any of the
books and records of Borrower, or the Collateral, all of which will be made
available upon request, provided, however, that no such examination or audit
shall unreasonably interfere with the operation of Borrower's business. Such
accountants or other representatives of Lender will be permitted to make any
verification of the existence of the Collateral or accuracy of the records that
Lender deems necessary or proper. Any reasonable expenses incurred by Lender in
making such examination, inspection, verification or audit shall be paid by
Borrower promptly on demand and shall constitute part of the Obligations.

         7. Termination Statement. Upon receipt of proper written demand
following the payment in full of the Obligations, Lender shall forthwith send a
termination statement with respect to any financing statement filed to perfect
Lender's security interests in any of the Collateral to Borrower or cause such
termination statement to be filed with the appropriate filing officer(s).

         8. Power of Attorney. Borrower hereby constitutes Lender or its
designee, as Borrower's attorney-in-fact with power, upon the occurrence and
during the continuance of an Event of Default, to endorse Borrower's name upon
any notes, acceptances, checks, drafts, money orders, or other evidences of
payment or Collateral that may come into either its or Lender's possession; to
sign the name of Borrower on any invoice or bill of lading relating to any of
the accounts receivable, drafts against customers, assignments and verifications
of accounts receivable and notices to customers; to send verifications of
accounts receivable; to notify the Post Office authorities to change the address
for delivery of mail addressed to Borrower to such address as Lender may
designate; to execute any document Lender deems necessary or reasonable in order
to perfect and/or maintain the security interests and liens granted herein by
Borrower to Lender; to do all other acts and things necessary to carry out the
purposes of and remedies provided under this Agreement. All acts of said
attorney or designee are hereby ratified and approved, and said attorney or
designee shall not be liable for any acts of commission or omission (other than
acts of gross negligence or willful misconduct), nor for any error of judgment
or mistake of fact or law. This power being coupled with an interest is
irrevocable until all of the Obligations are paid in full and any and all
promissory notes executed in connection therewith are terminated and satisfied.

         9. No Waiver; Remedies Cumulative. No failure or delay on the part of
Lender in the exercise of any power, right or privilege hereunder or under any
other Transaction Document

<PAGE>

shall impair such power, right or privilege or be construed to be a waiver of
any default or acquiescence therein, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other power, right or privilege. All rights, powers and remedies existing
under this Agreement and the other Transaction Documents are cumulative, and not
exclusive of, any rights or remedies otherwise available. Any forbearance or
failure to exercise, and any delay in exercising, any right, power or remedy
hereunder shall not impair any such right, power or remedy or be construed to be
a waiver thereof, nor shall it preclude the further exercise of any such right,
power or remedy.

         10. Expenses. Without duplication of the obligations of Borrower set
forth in the Purchase Agreement, Borrower agrees to reimburse Lender for all
reasonable costs and expenses of Lender (including the reasonable fees and
expenses of legal counsel) in connection with (a) any Event of Default and any
enforcement or collection proceeding resulting therefrom, including all manner
of participation or other involvement with (i) performance by Lender of any
obligations of Borrower that Borrower has refused or failed to perform; (ii)
bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation
proceedings, or any actual or attempted sale, or any exchange, enforcement,
collection, compromise or settlement in respect of any of the Collateral, and
for taking care of the Collateral and defending or asserting rights and claims
of Lender in respect thereof, by litigation or otherwise; (iii) judicial or
regulatory proceedings; and (iv) workout, restructuring or other negotiations or
proceedings (whether or not the workout, restructuring or transaction
contemplated thereby is consummated) and (b) the enforcement of this Section,
and all such costs and expenses shall be Obligations entitled to the benefit of
the security interest provided hereunder.

         11. Indemnity. (a) Borrower agrees: (i) to defend (subject to
Indemnitees' (as defined below) selection of counsel), indemnify, pay and hold
harmless each of Lender and each of its affiliates and the officers, directors,
trustees, partners, employees, members, representatives and agents of Lender and
each of its affiliates (collectively, "Indemnitees"), from and against any and
all claims, losses and liabilities in any way relating to, growing out of or
resulting from this Agreement and the transactions contemplated hereby
(including without limitation enforcement of this Agreement), except to the
extent such claims, losses or liabilities result from such Indemnitee's gross
negligence or willful misconduct; and (ii) to pay to Lender promptly following
written demand the amount of any and all reasonable costs and reasonable
expenses, including the reasonable fees and expenses of its counsel and of any
experts and agents.

                  (b) The obligations of Borrower in this Section shall survive
         the termination of this Agreement and the discharge of Borrower's other
         obligations under this Agreement, the Purchase Agreement and any other
         Transaction Documents.

         12. Notices. All notices, requests, consents and demands hereunder
shall be made in writing and telecopied or delivered to the intended recipient
at its address and in the manner set forth in the Purchase Agreement and shall
be deemed to have been given at the times specified therein. Each such notice,
request, consent and demand shall be addressed: if to Borrower, to its address
set forth in the Purchase Agreement; and, if to Lender, to its address set forth
in the Purchase Agreement.

<PAGE>

         13. Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the respective successors and assigns of Borrower and
Lender including all persons who become bound as debtor to this Agreement.
Borrower shall not, without the prior written consent of Borrower, assign any
right, duty or obligation hereunder.

         14. Severability. If any provision of this Agreement is held invalid,
such invalidity shall not affect the validity or enforceability of the remaining
provisions of this Agreement.

         15. Amendments. No amendment or modification hereof shall be effective
except in a writing executed by each of the parties hereto.

         16. Survival of Representations and Warranties. All representations and
warranties contained herein or made by or furnished on behalf of Borrower in
connection herewith shall survive the execution and delivery of this Agreement.

         17. Counterparts. This Agreement may be executed by facsimile, in any
number of counterparts and by different parties to this Agreement in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same Agreement.

         18. Construction and Interpretation. Should any provision of this
Agreement require judicial interpretation, the parties hereto agree that the
court interpreting or construing the same shall not apply a presumption that the
terms hereof shall be more strictly construed against one party by reason of the
rule of construction that a document is to be more strictly construed against
the party that itself or through its agent prepared the same, it being agreed
that Borrower, Lender and their respective agents have participated in the
preparation hereof.

         19. Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement
shall be deemed to be a contract made under the laws of the State of California,
and for all purposes shall be, governed by, and considered in accordance with,
the law of the State of California. Each party hereby irrevocably submits to the
non-exclusive jurisdiction of the state and federal courts sitting in Santa
Clara County, California, for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed
herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the
jurisdiction of any such court, that such suit, action or proceeding is brought
in an inconvenient forum or that the venue of such suit, action or proceeding is
improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by
mailing a copy thereof to such party at the address for such notices to it under
this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed
to limit in any way any right to serve process in any manner permitted by law.
If any provision of this Agreement shall be invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement

<PAGE>

in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY
DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR
ANY TRANSACTION CONTEMPLATED HEREBY.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

         IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement,
or have caused this Agreement to be executed as of the date first above written.

                                BORROWER:

                                SIPEX CORPORATION
                                a Massachusetts corporation

                                  /s/ Walid Maghribi
                                -----------------------
                                By:
                                Title: President & CEO

                                LENDER:

                                ALONIM INVESTMENTS INC.
                                a Canadian corporation

                                /s/ Guy Lavergne
                                -----------------------
                                By: Guy Lavergne
                                 Title: Attorney

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