Document:

exv10w1

 

Exhibit 10.1

July 19, 2005

Dear Ed:

          I am pleased to offer you a position with Sipex Corporation (the “Company”) as its Senior Vice
President of Marketing and Business Development reporting to Ralph Schmitt, President and CEO.
This offer is contingent upon the successful completion of a satisfactory background check. Your
total base compensation package would be $5,519.23/wk. ($287,000.00 annualized). In accordance
with our compensation plan, your performance and salary will be reviewed on an annual basis. We
will recommend to the Board of Directors that you be issued 425,000 stock options at the fair
market value at the time of issuance. These options will be issued in accordance with our Stock
Option Policy. In addition, Sipex previously had in place a Management Incentive Plan. These plans
were suspended as a direct result of the recent economic downturn in the semi-conductor market.
However, once the Company returns to profitability, and if those plans are reinstated, your
position will be eligible for inclusion.

          You should be aware that your employment with the Company constitutes “at-will” employment.
This means that your employment relationship with the Company may be terminated at any time with or
without notice, with or without good cause or for any or no cause, at either party’s option. You
understand and agree that neither your job performance nor promotions, commendations, bonuses or
the like from the Company give rise to or in any way serve as the basis for modification,
amendment, or extension, by implication or otherwise, of your employment with the Company.

          While employed hereunder, you will be entitled to participate in the employee benefit plans
currently and hereafter maintained by the Company of general applicability to other senior
executives of the Company, including , without limitation, the Company’s group medical, dental,
disability, life insurance and vacation plans. The Company reserves the right to cancel or change
the benefit plans and programs it offers to its employees at any time.

          The Company will also reimburse you for reasonable and documented travel, entertainment or
other expenses incurred by you in the furtherance of or in connection with the performance of your
duties hereunder, in accordance with the Company’s expense reimbursement policy as in effect from
time to time.

          If your employment with the Company terminates other than voluntarily, by reason of your death
or disability, or for Cause prior to a “Change of Control” (as defined below) or more than twelve
(12) months after a Change of Control, and you sign and do not revoke a standard release of claims
with the Company, then you shall be entitled to receive continuing payments of severance pay (less
applicable withholding taxes) at a rate equal to your Base Salary rate, as then in effect, for a
period of twelve (12) months from the date of such termination, to be paid periodically in
accordance with the Company’s normal payroll policies. In addition, if your employment with the
Company terminates other than voluntary, by reason of your death or disability, or for Cause prior
to the one year anniversary of the Effective Date, 25% of the shares subject to the Option shall
immediately vest and become exercisable for twelve (12) months following your termination. If your
employment with the Company terminates other than voluntarily, by reason of your death or
disability, or for Cause within twelve (12) months after a Change of Control, then you shall be
entitled to (i) receive continuing payments of severance pay (less applicable withholding taxes) at
a rate equal to your Base Salary rate, as then in effect, for a period of twelve (12) months from
the date of such termination, to be paid periodically in accordance with the Company’s normal
payroll policies and (ii) 50% of the shares subject to the Option shall vest and become exercisable
for twelve (12) months following your termination.

          If your employment with the Company terminates voluntarily by you or for Cause by the Company,
then (i) all vesting of the Option will cease immediately and, in the event of a termination for
Cause only, the Option will immediately cease to be exercisable, (ii) all payments of compensation
by the Company to you hereunder will terminate immediately (except as to amounts already earned),
and (iii) you will only be eligible for severance benefits in accordance with the Company’s
established policies as then in effect.

          For purposes of this letter, “Cause” means: (1) your failure to perform the duties of your
position (as they may exist from time to time) to the reasonable satisfaction of the Board; (2) any
act of dishonesty, fraud or misrepresentation taken by you in connection with your responsibilities
as an employee; (3) your conviction or plea of no contest to a crime that negatively reflects on
your fitness to perform your duties or harms the Company’s reputation or business, in each case as
determined by the Board in its sole discretion; (4) your violation of any federal, state or other
law or regulation applicable to the Company’s business, or of any Company policy, including, but
not limited to, the Company’s anti-harassment and discrimination policies; (5) willful misconduct
by you that is injurious to the Company’s reputation or business, in each case as determined by the
Board in its sole discretion; (6) a material breach of your obligations hereunder, or under the

 

 

Confidential Information and Invention Assignment Agreement to be executed by you (as
explained below); and (7) your termination pursuant to the termination of the Company’s normal
business operations. For purposes of this definition, an act or failure to act will be deemed
“willful” if effected not in good faith or without reasonable belief that such action or failure to
act was in the best interests of the Company.

          For purposes of this letter, a “Change of Control” of the Company is defined as: (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act),
directly or indirectly, of securities of the Company representing sixty percent (60%) or more of
the total voting power represented by the Company’s then outstanding voting securities; or (ii) a
change in the composition of the Board occurring within a two-year period, as a result of which
fewer than a majority of the directors are Incumbent Directors. “Incumbent Directors” will mean
directors who either (A) are directors of the Company as of the date hereof, or (B) are elected, or
nominated for election, to the Board with the affirmative votes of at least a majority of the
Incumbent Directors at the time of such election or nomination (but will not include an individual
whose election or nomination is in connection with an actual or threatened proxy contest relating
to the election of directors to the Company); or (iii) the date of the consummation of a merger or
consolidation of the Company with any other corporation that has been approved by the stockholders
of the Company, other than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) more than sixty
percent (60%) of the total voting power represented by the voting securities of the Company or such
surviving entity outstanding immediately after such merger or consolidation, or the stockholders of
the Company approve a plan of complete liquidation of the Company; or (iv) the date of the
consummation of the sale or disposition by the Company of all or substantially all the Company’s
assets. Notwithstanding the foregoing, a “Change of Control” shall not include any transaction or
series of transactions involving the Company’s issuance of any equity or debt securities to third
parties for capital raising purposes.

          You agree to enter into the Company’s standard Confidential Information and Invention
Assignment Agreement (the “Confidential Information Agreement”) upon commencing employment
hereunder.

          This letter will be binding upon and inure to the benefit of (a) your heirs, executors and
legal representatives upon your death and (b) any successor of the Company. Any such successor of
the Company will be deemed substituted for the Company under terms of this letter for all purposes.
For this purpose, “successor” means any person, firm, corporation or other business entity which
at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or
substantially all of the assets or business of the Company. None of your rights to receive any
form of compensation payable pursuant to this letter may be assigned or transferred except by will
or the laws of decent and distribution. Any other attempted assignment, transfer, conveyance or
other disposition of your right to compensation or other benefits will be null and void.

          All notices, requests, demands and other communications called for hereunder shall be in
writing and shall be deemed given (i) on the date of delivery if delivered personally, (ii) one (1)
day after being sent by a well established commercial overnight service, or (iii) four (4) days
after being mailed by registered or certified mail, return receipt requested, prepaid and addressed
to the parties or their successors at the following addresses, or at such other addresses as the
parties may later designate in writing:

If to the Company:

Sipex Corporation

233 S. Hillview Drive

Milpitas, CA 95035

Attn: Chairman of the Board

If to Edward Lam:

at the last residential address known by the Company.

          In consideration of your service to the Company, its promise to arbitrate all employment
related disputes and your receipt of the compensation and other benefits paid to you by the
Company, at present and in the future, you agree that any and all controversies, claims, or
disputes with anyone (including the Company and any employee, officer, director, shareholder or
benefit plan of the Company in their capacity as such or otherwise) arising out of, relating from
your service to the Company under this letter or otherwise or the termination of your service with
the Company, including any breach of this letter, shall be subject to binding arbitration under the
Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2,
including Section 1283.05 and pursuant to California law. Disputes which you agree to arbitrate,
and thereby agree to waive any right to a trial by jury, include any statutory claims under state
or federal law,

 

 

including, but not limited to, claims under Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act of 1990, the Age Discrimination in Employment Act of 1967, the
Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, California
Labor Code, claims of harassment, discrimination or wrongful termination and any statutory claims.
You further understand that this letter to arbitrate also applies to any disputes that the Company
may have with you. With respect to any such arbitration, the Company will pay for any
administrative or hearing fees charged by the arbitrator or AAA except that in the event you
initiate such an arbitration proceeding, you shall pay the first $125 of any filing fees associated
with the arbitration.

          You acknowledge and agree that you are executing this letter voluntarily and without any
duress or undue influence by the Company or anyone else. You further acknowledge and agree that
you have carefully read this letter and that you understand the terms, consequences and binding
effect of this letter and fully understand it, including that you are waiving your right to a jury
trial. Finally, you agree that you have been provided an opportunity to seek the advice of an
attorney of your choice before signing this letter.

          This letter, together with the Option Plan (if applicable), Option Agreement and the
Confidential Information Agreement represents the entire agreement and understanding between the
parties as to the subject matter herein and supersedes all prior or contemporaneous agreements
whether written or oral. In the event that any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, this letter will continue in full
force and effect without said provision. No waiver, alteration, or modification of any of the
provisions of this Agreement will be binding unless in writing and signed by duly authorized
representatives of the parties hereto. This letter shall be governed by the internal substantive
laws, but not the choice of law rules, of the State of California.

          To indicate your acceptance of the Company’s offer, please sign and date this letter in the
space provided below and return it to the Chairman of the Board. A duplicate original is enclosed
for your records. We look forward to working with you at Sipex Corporation.

	 	 	 	 	 	 	 	 	 
	 
	 	SIPEX CORPORATION
	 	
	 	Edward Lam	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	By:/s/ Ralph Schmitt
	 	 	 	/s/ Edward Lam	 	 
	 
	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	Signature	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	Name: Ralph Schmitt
	 	 	 	8/24/05	 	 
	 
	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	Date	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	Title: CEOexv10w30

 

Exhibit 10.30

Oplink Communications, Inc.

Amendment to

Amended and Restated

Executive Corporate Event Agreement

     This Amendment (the “Amendment”) to that certain Amended and Restated Executive
Corporate Event Agreement dated as of February 20, 2003 (the “Agreement”), by and between Oplink
Communications, Inc., a Delaware corporation (the “Company”), and Bruce Horn (“Executive”), is made
as of August 14, 2003. Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Agreement.

Recital

     Whereas, the Company and Executive previously entered into that certain Executive
Change of Control Agreement dated as of April 5, 2001, as amended and restated as of February 20,
2003;

     Whereas, the Company’s Board of Directors has determined that it would be in the best
interests of the Company and its stockholders to further amend the Agreement in order to extend the
post-termination exercise period with respect to certain Options in the event of termination of
Executive’s employment in connection with a Corporate Event as detailed below; and

     Whereas, the Company and Executive now desire to amend the Agreement in accordance
with the terms and conditions herein.

Agreement

     Now, Therefore, in consideration of the mutual covenants contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree to amend the Agreement as follows:

     1. Section 1(a)(ii) of the Agreement is hereby amended and restated in its entirety as set
forth below:

     (ii) the post-termination exercise period with respect to:

          (A) the Options identified on Exhibit A shall continue to be exercisable until
the earlier of: (1) the date twenty-four (24) months after the Event/Termination
Date, (2) the maximum term for each Option in effect on the date such Option was
granted, or (3) the effective date of the Corporate Event if the Corporate Event is
a Non-Assumption Event (as defined in Section 2); and

          (B) the Options not otherwise identified on Exhibit A shall continue to be
exercisable until the earlier of: (1) the date twelve (12) months after the
Event/Termination Date, (2) the maximum term for each Option in effect on the date
such Option was granted, or (3) the effective date of the Corporate Event if the
Corporate Event is a Non-Assumption Event.

 

 

     2. General Provisions.

          (a) Continuing Effect of Agreement; No Waiver. All other provisions of the Agreement,
including without limitation the last sentence of Section 1(a) of the Agreement, shall remain in
full force and effect and unmodified by this Amendment. The parties hereto hereby acknowledge that,
except to the extent any provisions of the Agreement are expressly amended by this Amendment,
nothing in this Amendment shall be construed as a waiver on behalf of the Company or Executive of
any other right or obligation set forth in the Agreement.

          (b) Counterparts. This Amendment may be executed in several counterparts, each of which shall
constitute an original and all of which, when taken together, shall constitute one agreement.

          (c) Governing Law. This Amendment shall be construed in accordance with, and governed in all
respects by, the internal laws of the State of California (without giving effect to principles of
conflicts of laws).

2

 

     In Witness Whereof, the parties hereto have executed this Amendment as of
the date set forth in the first paragraph hereof.

	 	 	 	 	 
	EXECUTIVE:	 	OPLINK COMMUNICATIONS, INC.:
	 
	 	 	 	 
	  /s/ Bruce Horn

	 	Signature:
	 	/s/ Joseph Liu
	 

	 	 	 	 
	Bruce Horn

	 	Print Name:
	 	Joseph Liu
	 

	 	Title:
	 	President and CEO

[Amendment Signature Page]

 

 

EXHIBIT A

Options with 24 month post-termination exercise period

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant Date	 	Grant ID	 	 	Plan	 	 	Shares	 	 	Exercise Price	 
	5/10/00
	 	 	NQ980492	 	 	 	1998	 	 	 	540,000	 	 	$	2.50	 
	5/10/00
	 	 	19980492	 	 	 	1998	 	 	 	160,000	 	 	$	2.50	 
	4/5/01
	 	 	20000972	 	 	 	2000	 	 	 	175,000	 	 	$	2.232

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