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Exhibit 10.21

IOMEGA CORPORATION

Nonstatutory Stock Option Agreement

    1.  Grant of Option.  

    This agreement evidences the grant by Iomega Corporation, a Delaware
corporation (the "Company"), on November 10, 1999 (the "Grant Date") to Bruce R.
Albertson, an employee of the Company (the "Participant"), of an option to
purchase, in whole or in part, on the terms provided herein, a total of two
hundred fifty thousand shares of common stock, $0.031/3 par value per share (the
"Common Stock"), of the Company (the "Shares") at $3.375 per Share. Unless
earlier terminated, this option shall expire on the tenth anniversary of the
Grant Date (the "Final Exercise Date").

    It is intended that the option evidenced by this agreement shall not be an
incentive stock option as defined in Section 422 of the Internal Revenue Code of
1986, as amended and any regulations promulgated thereunder (the "Code"). Except
as otherwise indicated by the context, the term "Participant", as used in this
option, shall be deemed to include any person who acquires the right to exercise
this option validly under its terms.

    This option is not being granted under the Company's 1997 Stock Inventive
Plan (the "Plan"). For convenience of the parties, however, the terms herein
shall be the same as if governed by the Plan.

    2.  Vesting Schedule.  

    (a) Scheduled Vesting.  Except as otherwise provided in this Agreement, this
option will become exercisable ("vest") in accordance with the following
schedule:

Date

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  Amount Which First Becomes Vested

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  Amount Vested on a Cumulative Basis

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  First anniversary of the Grant Date   25 % 25 % Second anniversary of the
Grant Date   25 % 50 % Third anniversary of the Grant Date   25 % 75 % Fourth
anniversary of the Grant Date   25 % 100 %

    This option shall expire upon, and will not be exercisable after, the Final
Exercise Date. The right of exercise shall be cumulative so that to the extent
the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all
shares for which it is vested until the earlier of the Final Exercise Date or
the termination of this option under Sections 3, 4 or 5 hereof or the Plan.

    (b) Automatic Acceleration Upon Certain Events.

(i)Effective immediately prior to the occurrence of an Acquisition Event (as
defined in the Plan), the vesting schedule of this option shall be accelerated
in part so that one-half of the number of shares which would otherwise have
first become exercisable on any date on or after the date of such Acquisition
Event shall become vested. The remaining one-half of such number of shares shall
continue to vest in accordance with Section 2(a) (i.e., on each subsequent
anniversary of the Vesting Date, one-half of the number of shares that would
otherwise have first become exercisable shall become vested), except as
otherwise provided in subparagraph (ii) or (iii) below or as otherwise
determined by the Board of Directors in accordance with the Plan.

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(ii)To the extent this option remains outstanding after an Acquisition Event,
then, as of the date which is the second anniversary of the date of the
Acquisition Event, the vesting schedule of this option shall be accelerated so
that all shares which remain unvested shall automatically become vested in full.

(iii)To the extent this option remains outstanding after an Acquisition Event,
then, if (x) the Participant's employment is terminated by the Company or its
successor without Cause (as defined in Section 5(e)) or (y) the Participant
resigns from employment by the Company or its successor for Good Cause (as
defined below), in either case prior to the time that this option is vested in
full, then the vesting schedule of this option shall be accelerated so that all
shares which remain unvested shall automatically become vested in full.

(iv)For purposes of this Section, "Good Cause" shall mean a significant
reduction in the Participant's compensation, position or responsibilities.

    3.  Non-solicitation; Non-disclosure.  

    (a) Non-Solicitation of Employees.  Participant agrees that during
Participant's employment with the Company and for one year following
Participant's termination of employment with the Company, Participant shall not,
directly or indirectly, in any capacity (including but not limited to, as an
individual, a sole proprietor, a partner, a stockholder, investor, officer or
director of a corporation, an employee, agent, associate, or consultant of any
person, firm or corporation, or other entity) hire any person from, attempt to
hire any person from, or solicit, induce, persuade, or otherwise cause any
person to leave his or her employment with the Company. Any breach of
Participant's obligations under this paragraph shall, in addition to all other
remedies available to the Company, result in the immediate releases of the
Company from any obligations it would otherwise have to provide further payments
or benefits under this Agreement.

    (b) Non-Solicitation of Customers.  Participant agrees that during
Participant's employment with the Company and for one year following
Participant's voluntary or involuntary termination of employment with the
Company, Participant shall not, directly or indirectly, in any capacity, solicit
the business of any customer of the Company except on behalf of the Company, or
attempt to induce any customer of the Company to cease or reduce its business
with the Company; provided that following the termination of Participant's
employment with Company he or she may solicit a customer of the Company to
purchase goods or services that do not compete directly or indirectly with those
then offered by the Company. Any breach of Participant's obligations under this
paragraph shall, in addition to all other remedies available to the Company,
result in the immediate release of the Company from any obligations its would
otherwise have to provide further payments or benefits under this Agreement.

    (c) Non-Disclosure.  In consideration for the option granted pursuant to
this Agreement, Participant agrees that, except in the ordinary and proper
course of performing his or her duties for the Company, Participant shall not
disclose to others any proprietary, confidential or secret information,
including but not limited to inventions, intellectual property, information
relating to the Company's products, research, technology, development, services,
clients, customers, suppliers, business, operation, activities, procedures,
plans, or proposals.

    (d) Participant agrees and acknowledges that if Participant violates the
non-solicitation or non-disclosure provisions of this Section 3 of this
Agreement, (i) Participant's right to exercise this option and any other options
granted by the Company shall terminate immediately, (ii) the Company may pursue
any and all remedies available at law or in equity, including but not limited to
specific performance, injunctive relief, damages, and in addition to any
remedies described in (ii), the Participant shall pay to the Company an amount
equal to Participant's gain resulting from

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any exercise of the option computed as the difference between the option price
and the market price on the date of exercise multiplied by the number of shares
exercised.

    4.  Non-competition.  

    (a) Confidential/Proprietary Information.  Participant acknowledges and
agrees that in Participant's position at the Company, Participant will have
access to, knowledge of and use of the Company's trade secrets, proprietary
information, business operations, business know-how, employee information, and
customer information. Participant acknowledges that such information is critical
to the successful operation of Company's business, that it would be impossible
for Participant to discard all knowledge of such information upon separation of
employment from the Company, and that it would be unfair to the Company for such
information to be used by an Participant in a business that competes or attempts
to compete with the Company. Participant recognizes and agrees that the Company
operates and competes on a worldwide basis and that it is appropriate that this
covenant not to compete extends worldwide.

    (b) Participant acknowledges and agrees that Participant's employment with
the Company and any stock option grants made to Participant from the Company are
consideration for this agreement not to compete.

    (c) Participant agrees that during Participant's employment with the Company
and for one year following the termination of Participant's employment with the
Company for whatever reason, Participant will not directly or indirectly
anywhere in the world, engage in any business or enterprise or perform services
for any entity, whether as owner, partner, officer, director, employee,
consultant, investor, lender or otherwise, except as the holder of not more than
1% of the outstanding stock of a publicly-held company, that actually or
potentially competes with the Company. For the purposes of this section only and
not for purposes of any antitrust related market definition or analysis, an
entity (which includes but is not limited to a person, partnership, joint
venture, or corporation) will be considered to compete with the Company if such
entity (or in the case of a multi-billion dollar, multi-division corporation,
the division thereof for which services are proposed to be performed by
Participant) or any of its affiliates engages directly or indirectly in the
removable media storage device market segment as all or part of its business.
Examples of such entities include: Syquest, Castlewood, Imation, Sony, HP
Storage Division, Seagate Removable Storage Division, and their affiliates.
These examples are provided for illustration purposes and are not intended to be
an all-inclusive list or to limit the preceding terms in any way. Any breach of
Participant's obligations under this paragraph shall, in addition to all other
remedies available to the Company, result in the immediate release of the
Company from any obligations it would otherwise have to provide further payments
or benefits under this Agreement.

    (d) Participant agrees and acknowledges that if Participant violates the
non-competition provisions of this Section 4 of this Agreement,
(i) Participant's right to exercise this option and any other options granted by
the Company shall terminate immediately, and (ii) the Company may pursue any and
all remedies available at law or in equity, including but not limited to
specific performance, injunctive relief, damages, and in addition to any
remedies described in (ii), the Participant shall pay to the Company an amount
equal to Participant's gain resulting from any exercise of the option computed
as the difference between the option price and the market price on the date of
exercise multiplied by the number of shares exercised.

    (e) If any restriction set forth in this Section 4 is found by any court of
competent jurisdiction to be unenforceable because it extends for too long a
period of time or over too great a range of activities or in too broad of a
geographic area, it shall be interpreted to extend only over the maximum period
of time, range of activities or geographic area as to which it may be
enforceable.

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    5.  Exercise of Option.  

    (a) Form of Exercise.  Each election to exercise this option shall be in
writing, signed by the Participant, and received by the Company at its principal
office, accompanied by this agreement, and payment in full in the manner
provided in the Plan. The Participant may purchase less than the number of
shares covered hereby, provided that no partial exercise of this option may be
for any fractional share or for fewer than ten whole shares.

    (b) Continuous Relationship with the Company Required.  Except as otherwise
provided in this Section 5, this option may not be exercised unless the
Participant, at the time he or she exercises this option, is, and has been at
all times since the date of grant of this option, an employee, officer or
director of, or consultant or advisor to, the Company or any parent or
subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an
"Eligible Participant").

    (c) Termination of Relationship with the Company.  If the Participant ceases
to be an Eligible Participant for any reason, then, except as provided in
Sections 3 or 4 or paragraphs (d) and (e) below, the right to exercise this
option shall terminate three months after such cessation (but in no event after
the Final Exercise Date), provided that this option shall be exercisable only to
the extent that the Participant was entitled to exercise this option on the date
of such cessation.

    (d) Exercise Period Upon Death or Disability.  If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to
the Final Exercise Date while he or she is an Eligible Participant and the
Company has not terminated such relationship for "cause" as specified in
paragraph (e) below, this option shall be exercisable, within the period of one
year following the date of death or disability of the Participant by the
Participant, provided that this option shall be exercisable only to the extent
that this option was exercisable by the Participant on the date of his or her
death or disability plus any Pro Rata Shares (as below), and further provided
that this option shall not be exercisable after the Final Exercise Date. "Pro
Rata Shares" means the number of shares that would have first become exercisable
on the next anniversary of the Grant Date times a fraction, the numerator of
which is the number of days elapsed from the most recent anniversary of the
Grant Date until the date of death or disability and the denominator of which is
365.

    (e) Discharge for Cause.  If the Participant, prior to the Final Exercise
Date, is discharged by the Company for "cause" (as defined below), the right to
exercise this option shall terminate immediately upon the effective date of such
discharge. "Cause" shall mean willful misconduct by the Participant or willful
failure by the Participant to perform his or her responsibilities to the Company
(including, without limitation, breach by the Participant of any provision of
any employment, consulting, advisory, nondisclosure, non-competition or other
similar agreement between the Participant and the Company), as determined by the
Company, which determination shall be conclusive. The Participant shall be
considered to have been discharged for "Cause" if the Company determines, within
30 days after the Participant's resignation, that discharge for cause was
warranted.

    6.  Withholding.  

    No Shares will be issued pursuant to the exercise of this option unless and
until the Participant pays to the Company, or makes provision satisfactory to
the Company for payment of, any federal, state or local withholding taxes
required by law to be withheld in respect of this option.

    7.  Nontransferability of Option.  

    This option may not be sold, assigned, transferred, pledged or otherwise
encumbered by the Participant, either voluntarily or by operation of law, except
by will or the laws of descent and

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distribution, and, during the lifetime of the Participant, this option shall be
exercisable only by the Participant.

    8.  Applicable Provisions of the Plan.  

    This option is subject to the provisions contained in Section 4(c), 7(e),
7(h), 8(a) and 8(b) of the Plan, a copy of which has been furnished to the
Participant. Notwithstanding the foregoing, the Company and the Participant
acknowledge that this option is not granted under the Plan.

    IN WITNESS WHEREOF, the Company has caused this option to be executed under
its corporate seal by its duly authorized officer. This option shall take effect
as a sealed instrument.

        IOMEGA CORPORATION
Dated:
 
11-10-99

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By:
 
/s/ DAVID J. DUNN

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Name:
 
David J. Dunn

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Title:
 
Chairman

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PARTICIPANT'S ACCEPTANCE

    The undersigned hereby accepts the foregoing option and agrees to the terms
and conditions thereof.

 
 
PARTICIPANT:
 
 
/s/ Bruce R. Albertson

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Bruce R. Albertson
 
 
Address:
 

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IOMEGA CORPORATION Nonstatutory Stock Option Agreement
PARTICIPANT'S ACCEPTANCE