SECURED PROMISSORY NOTE

                                                                  April 15, 1998
$5,000,000                                                             Roy, Utah

     FOR VALUE RECEIVED, Kim B. Edwards (the "Maker"), promises to pay to Iomega
Corporation or its assigns at the principal offices of Iomega  Corporation or at
such  other  place as Iomega  Corporation  or its  assigns  may  designate,  the
principal sum of Five Million Dollars ($5,000,000.00), together with interest on
the unpaid  principal  balance of this Note from time to time outstanding at the
rate of 5.7% per year until paid in full.  Principal and interest  shall be paid
as follows:

         Principal:        $1,000,000 on April 15, 1999;
                           $1,000,000 on April 15, 2000;
                           $1,000,000 on April 15, 2001;
                           $1,000,000 on April 15, 2002; and
                           $1,000,000 on April 15, 2003.

         Interest:         Annually in arrears on each anniversary date of this 
                           Note, beginning April 15, 1999.

     Interest  on this Note shall be computed on the basis of a year of 365 days
for the actual number of days elapsed. All payments by the Maker under this Note
shall be in immediately available funds.

     Payment of this Note is secured by a security  interest in certain property
of the Maker (the  "Collateral")  pursuant  to a pledge  agreement  of even date
herewith between the Maker and Iomega Corporation (the "Pledge Agreement").

     This Note shall become immediately due and payable without notice or demand
upon  the  occurrence  at any time of any of the  following  events  of  default
(individually, "an Event of Default" and collectively, "Events of Default"):

     (1)  default in the payment when due of any principal,  premium or interest
          under this Note;

     (2)  the occurrence of any event of default under the Pledge Agreement;

     (3)  the  appointment  of a receiver or custodian for the Maker or any part
          of its property if such  appointment  is not  terminated  or dismissed
          within thirty (30) days;



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                                                        -2-

     (4)  the institution by or against the Maker of any  proceedings  under the
          United  States   Bankruptcy   Code  or  any  other  federal  or  state
          bankruptcy, reorganization,  receivership, insolvency or other similar
          law affecting  the rights of creditors  generally or the making by the
          Maker of a  composition  or an  assignment  or trust  mortgage for the
          benefit of creditors;

     (5)  the  commencement  by the Maker of  employment  or any other  activity
          which  is  prohibited  by  Section  1(a)  of the  Non-Competition  and
          Non-Recruitment  Agreement dated April 15, 1998 (the  "Non-Competition
          Agreement"), unless the Maker has given written notice to the Chairman
          of  the  Board,   President  or  General  Counsel  of  Iomega  of  his
          commencement  of such  employment or activity within two business days
          of such commencement;

     (6)  sixty (60) days after any breach by the Maker of his obligations under
          the Severance  Agreement  and General  Release dated April 15, 1998 or
          the Non-Competition Agreement; or

     (7)  the  commencement by or on behalf of the Maker of any legal proceeding
          seeking to invalidate, or limit in any way adverse to the Company, the
          Non-Competition Agreement.

     Upon the occurrence of an Event of Default,  the holder shall have then, or
at any time thereafter,  all of the rights and remedies  afforded by the Uniform
Commercial  Code as from time to time in effect in the State of Utah or afforded
by other applicable law.

     Every amount overdue under this Note shall bear interest from and after the
date on which such amount  first  became  overdue at an annual rate which is two
percentage  points above the rate per year  specified in the first  paragraph of
this Note.  Such interest on overdue amounts under this Note shall be payable on
demand and shall accrue and be compounded  monthly  until the  obligation of the
Maker with respect to the payment of such interest has been discharged  (whether
before or after judgment).

     In no event shall any interest  charged,  collected or reserved  under this
Note exceed the maximum rate then  permitted by  applicable  law and if any such
payment is paid by the Maker,  then such  excess  sum shall be  credited  by the
holder as a payment of principal.



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                                                        -3-

     All payments by the Maker under this Note shall be made without  set-off or
counterclaim  and be free and clear and without any deduction or withholding for
any taxes or fees of any nature  whatever,  unless the  obligation  to make such
deduction  or  withholding  is imposed by law.  The Maker shall pay and save the
holder harmless from all liabilities with respect to or resulting from any delay
or omission to make any such deduction or withholding required by law.

     Whenever any amount is paid under this Note, all or part of the amount paid
may be applied to  principal,  premium or  interest  in such order and manner as
shall be determined by the holder in its discretion.

     No  reference in this Note to the Pledge  Agreement  or any guaranty  shall
impair the obligation of the Maker, which is absolute and unconditional,  to pay
all amounts under this Note strictly in accordance with the terms of this Note.

     The  Maker  agrees  to pay on demand  all  costs of  collection,  including
reasonable  attorneys' fees, incurred by the holder in enforcing the obligations
of the Maker under this Note.

     No delay or  omission  on the part of the  holder in  exercising  any right
under this Note or the Pledge  Agreement shall operate as a waiver of such right
or of any other right of such holder, nor shall any delay, omission or waiver on
any one  occasion be deemed a bar to or waiver of the same or any other right on
any future  occasion.  The Maker and every  indorser or  guarantor  of this Note
regardless of the time,  order or place of signing waives  presentment,  demand,
protest and notices of every kind and assents to any  extension or  postponement
of the time of payment or any other indulgence, to any substitution, exchange or
release of  collateral,  and to the  addition  or release of any other  party or
person primarily or secondarily liable.

     This  Note may be  prepaid  in whole or in part at any time or from time to
time. Any such prepayment shall be without premium or penalty.

     None of the terms or provisions  of this Note may be excluded,  modified or
amended  except by a written  instrument  duly  executed on behalf of the holder
expressly  referring to this Note and setting  forth the  provision so excluded,
modified or amended.

     All rights and  obligations  hereunder shall be governed by the laws of the
State of Utah.


                                                     /s/ Kim B. Edwards
                                                     Kim B. Edwards