Resignation Letter - Iomega Co

Resignation Letter - Iomega Corp. and Bruce A. Albertson(May 21, 2001)

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                         
                                      ------------------------------------------------
                                                                David J. Dunn
     Read and Agreed
     this 21st day of May 2001
        /s/ Bruce R. Albertson      
  -------------------------------
        Bruce R. Albertson