Mr. Bruce R. Albertson
2182 E. Shadow Mountain Lane
South Ogden, Utah 84403
Dear Bruce:
Iomega Corporation (the "Company") hereby accepts your resignation as
the President, Chief Executive Officer and Director the Company and
your resignation from all corporate officer positions and board
positions that you hold in any subsidiaries or affiliates of the
Company, effective upon your execution and delivery of a copy of this
letter to the Company.
In connection with your resignation, the Company and you agree as
follows:
1. In accordance with your employment agreement dated November
10, 1999, the Company will continue your salary (at the current annual
rate of $500,000), target annual incentives ($500,000) and benefits
for a period of twelve months ending May 21, 2002, such payments to
be made in substantially twenty-four equal bi-weekly installments.
2. The company will pay you, no later than June 1, 2001, an
addition sum of $50,000.
3. In addition, the Company will purchase from you 100,000
shares of common stock of the Company at an aggregate purchase price
of $366,840 being the aggregate amount that you paid for
those shares. The Company will pay for such shares upon your
delivery to the Company of properly endorsed certificates
for such shares.
4. You agree not to disparage, orally or in writing, the
Company, it's directors, officers, employees, management, operations,
products, designs, or any other aspects of the Company's affairs to
any third person or entity. Iomega agrees that it will instruct its
officers and directors to refrain from disparaging you.
5. In consideration of the payments and other valuable
consideration under the terms of this Agreement, you hereby knowingly,
voluntarily, and irrevocably agree to fully, unconditionally,
completely and forever release the Company, and all of the
Company's predecessors and successors, and their officers, directors,
shareholders, agents, employees and representatives, and all parent,
subsidiary and affiliated companies, together with their employees,
officers, directors and shareholders (the "Released Parties"), from
any and all rights and claims, including, without limitation,
demands, causes of action, charges, complaints, promises, grievances,
losses, damages, liabilities, debts, or injuries, whether known or
unknown, contingent or matured, at law or in equity or in arbitration,
which you hold or have ever held against the Company resulting from
any act, obligation, or omission occurring on or prior to the date you
sign this Agreement ("Released Claims"), including, but not limited
to, any Released Claims connected with or arising out of your
employment, or separation therefrom. It is expressly agreed and
understood that this Agreement is a general release. Nothing contained
in this Agreement, however, is a waiver of any rights or claims that
may arise with respect of the Company's agreements and obligations
set forth in this letter of agreement.
6. The Company hereby generally releases and forever discharges
you from any and all claims, demands, obligations, losses, causes of
action, damages, penalties, costs, expenses, attorney's fees,
liabilities, and indemnities, including any duties and obligations
which as of the date of this Agreement, the Company has, or claims to
have, or may claim to have in the future, arising out of your acts in
the course of your employment with the Company.
If you are in agreement with the foregoing, would you please sign a
copy of this letter in the space provided below for your
signature, whereupon this letter shall constitute a binding
agreement between you and the Company with respect to the subject
matter hereof.
Very truly yours,
IOMEGA CORPORATION
By: /s/ David J. Dunn
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David J. Dunn
Read and Agreed
this 21st day of May 2001
/s/ Bruce R. Albertson
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Bruce R. Albertson