{"id":40329,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/resignation-letter-iomega-corp-and-bruce-a-albertson.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"resignation-letter-iomega-corp-and-bruce-a-albertson","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/resignation-letter-iomega-corp-and-bruce-a-albertson.html","title":{"rendered":"Resignation Letter &#8211; Iomega Corp. and Bruce A. Albertson"},"content":{"rendered":"<pre>\nMr. Bruce R. Albertson\n2182 E. Shadow Mountain Lane\nSouth Ogden, Utah 84403\n\nDear Bruce:\n\n\nIomega Corporation (the \"Company\") hereby accepts your resignation as \nthe President, Chief Executive Officer and Director the Company and \nyour resignation from all corporate officer positions and board \npositions that you hold in any subsidiaries or affiliates of the \nCompany, effective upon your execution and delivery of a copy of this \nletter to the Company.\n\nIn connection with your resignation, the Company and you agree as \nfollows:\n\n1.       In accordance with your employment agreement dated November \n10, 1999, the Company will continue your salary (at the current annual \nrate of $500,000), target annual incentives ($500,000) and benefits \nfor a period of twelve months ending May 21, 2002, such payments to \nbe made in substantially twenty-four equal bi-weekly installments.\n\n2.       The company will pay you, no later than June 1, 2001, an \naddition sum of $50,000.\n\n3.       In addition, the Company will purchase from you 100,000 \nshares of common stock of the Company at an aggregate purchase price\nof $366,840 being the aggregate amount that you paid for \nthose shares.  The Company will pay for such shares upon your\ndelivery to the Company of properly endorsed certificates \nfor such shares.\n\n4.       You agree not to disparage, orally or in writing, the \nCompany, it's directors, officers, employees, management, operations,\nproducts, designs, or any other aspects of the Company's affairs to \nany third person or entity.  Iomega agrees that it will instruct its \nofficers and directors to refrain from disparaging you.\n\n5.       In consideration of the payments and other valuable \nconsideration under the terms of this Agreement, you hereby knowingly,\nvoluntarily, and irrevocably agree to fully, unconditionally, \ncompletely and forever release the Company, and all of the\nCompany's predecessors and successors, and their officers, directors, \nshareholders, agents, employees and representatives, and all parent, \nsubsidiary and affiliated companies, together with their employees, \nofficers, directors and shareholders (the \"Released Parties\"), from \nany and all rights and claims, including, without limitation, \ndemands, causes of action, charges, complaints, promises, grievances, \nlosses, damages, liabilities, debts, or injuries, whether known or \nunknown, contingent or matured, at law or in equity or in arbitration, \nwhich you hold or have ever held against the Company resulting from \nany act, obligation, or omission occurring on or prior to the date you \nsign this Agreement (\"Released Claims\"), including, but not limited \nto, any Released Claims connected with or arising out of your \nemployment, or separation therefrom.  It is expressly agreed and \nunderstood that this Agreement is a general release. Nothing contained \nin this Agreement, however, is a waiver of any rights or claims that\n may arise with respect of the Company's agreements and obligations \n set forth in this letter of agreement.\n\n6.       The Company hereby generally releases and forever discharges \nyou from any and all claims, demands, obligations, losses, causes of \naction, damages, penalties, costs, expenses, attorney's fees, \nliabilities, and indemnities, including any duties and obligations \nwhich as of the date of this Agreement, the Company has, or claims to \nhave, or may claim to have in the future, arising out of your acts in \nthe course of your employment with the Company.\n\n\nIf you are in agreement with the foregoing, would you please sign a \ncopy of this letter in the space provided below for your\nsignature, whereupon this letter shall constitute a binding \nagreement between you and the Company with respect to the subject\nmatter hereof.\n\n                                                     Very truly yours,\n\n                                                     IOMEGA CORPORATION\n\n\n\n                                                     By:        \/s\/ David J. Dunn                         \n                                      ------------------------------------------------\n                                                                David J. Dunn\n\n     Read and Agreed\n     this 21st day of May 2001\n\n\n        \/s\/ Bruce R. Albertson      \n  -------------------------------\n        Bruce R. Albertson\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7913],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9551],"class_list":["post-40329","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-iomega-corp","corporate_contracts_industries-technology__hardware","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40329","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40329"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40329"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40329"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}