UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

SIPEX CORPORATION

 

Delaware		000-27892		04-6135748
(State of incorporation)		(Commission file number)		(IRS. Employer Identification No.)

233 South Hillview Drive
Milpitas, CA 95053

(408) 934-7500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 1.01 Entry into Material Definitive Agreement

          As previously announced, Sipex Corporation (“Sipex”) repriced certain of its outstanding options on Tuesday, September 6, 2005. In connection with the repricing, 200,000 options granted to Clyde R. Wallin, Sipex’s Chief Financial Officer and Senior VP of Finance, under the 2002 Stock Option Plan were amended to provide for an exercise price of $1.90, the fair market value of Sipex’s common stock on the date of repricing. Similarly, 50,000 options granted to Rick Hawron, Sipex’s Senior VP of World Wide Sales, under the 2000 Stock Option Plan were also amended to provide for an exercise price of $1.90.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.