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Sipex Corporation (SIPXE) Message Board

  • alanmbro2 alanmbro2 Oct 13, 2005 2:53 AM Flag

    Sipex is now Profitable

    Here is the link to Ed Lams press release.
    http://biz.yahoo.com/e/050923/sipx.pk8-k.html
    There is no mention of the "management incentive plan".
    Here is the link to the letter to Ed Lam.
    http://www.sec.gov/Archives/edgar/data/1007800/000095013405018243/f12874exv10w1.
    htm

    Here it states that Ed's benefits include "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."

    Here is the link to todays 8-k for the hiring of Mr Camarda.

    http://www.sec.gov/Archives/edgar/data/1007800/000095013405019069/f13393e8vk.htm

    Mr Camarda has been hired and according to today's 8-k "In addition, Mr. Camarda is eligible for inclusion in the Sipex Management Incentive Plan which could provide him with up to 80% of his base salary annually in bonus predicated upon his achievement of the pre-agreed upon goals and objectives for his position and the Company�s over-all performance."

    So from these three documents we are led to believe that the company was still not profitable as of Ed Lam's hiring, however
    today they indicate that the management incentive plan is in effect for Mr Camarda's hiring. The plan is only to be reinstated upon the company's return to profitability.

    Great News if the 8-k's are accurate as I read them.

    Any other thoughts?

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    • I agree with you as we are treated like mushrooms by sipx.

    • Well...a slammed phone is hardly a yes (IMHO).

      sotckisme says this stock is oversold.

      Hmmmmm....my only comment is simply this:

      When SIPX stops treating the investors like mushrooms, then I'll start thinking of SIPX as an investment again.

    • I called Ray Wallin's office on Wednesday concerning the "management incentive plan". They refered me to HR to ask if it had been reinstated.
      After leaving a message and getting no reply, I called back today to speak with Kerry Phillips in HR. I no more than asked the question and the phone was slammed down with no response.
      I waited 15 minutes and called back.
      I left another message on the answering machine.
      If I get any further feedback I will post it here.

      I'm not sure if being hung up on is NO or NO COMMENT.

    • Alan,

      Your 'reading of the tea leaves' is not something I would resonate with.

      You overlook one important word in the sentence outlining Mr. Camarda's bonus relative to the Management Incentive Plan: 'could'

      Taken in that context, his situation seems to me no different than Mr. Lam's.

      My uninformed opinion, based on no facts whatsoever...

      ...and I'm still waiting for a SIPX corporate officer to clearly and publicly give the 'state of the union' so to speak...with the supporting financial restatements that WE'VE ALL BEEN PATIENTLY WAITING FOR....

      • 1 Reply to Tesla_X
      • I agree it may be a stretch.

        My focus is on the fact that it reads like the incentive plan is now in effect, which would indicate some level of profitability.

        The "could" is all relative to the amount of profit that Sipex is making in whatever the time period is for the bonus.

        If nothing else it was something to post about. I think we all get tired of seeing nothing new here.

        Thanks for the feed back from tesla and stockisme.

    • It is not much of incentive plan based upon achieving profitability for executives if the company is not profitable. I hope they will be able to execute and obtain profitablity.