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                                                                   EXHIBIT 10.48


                              READ-RITE CORPORATION
                                SUPER BONUS PLAN
                            SUMMARY PLAN DESCRIPTION

1.    OBJECTIVE.

      The Read-Rite Super Bonus Plan ("Plan") is a compensation plan which
compensates participating executives for the Company's achievement of
extraordinary corporate financial objectives.

2.    PARTICIPATION.

      Participants are designated by the Compensation Committee of the Board
(the "Committee"), and must be regular, actively employed, full-time executives
of the Company both during the applicable fiscal year and at the time the award
is made. The Committee reserves the discretion, however, to add new participants
to the Plan during a fiscal year, and to make such adjustments to such new
participants' eligibility as it deems fit to reflect participation for less than
the full year.

3.    DETERMINATION OF THE SUPER BONUS POOL.

      At the beginning of the fiscal year, the Board will set minimum and
maximum Company profit after tax ("PAT") objectives for the fiscal year. The
minimum PAT objective will be the sum of the quarterly PAT targets used for the
Quarterly Variable Compensation Plan. The Board will also set the percentage of
the aggregate PAT between such minimum and maximum targets which the Company
will accrue as the pool available for awards under the Plan.

4.    PLAN STRUCTURE.

      A. This Plan will not constitute a qualified plan under the provisions of
the Internal Revenue Code of 1986, as amended ("the Code"), or any applicable
state laws.

      B. Each participating executive's target bonus eligibility will be the
same percentage of the executive's base salary used for the quarterly variable
compensation program ("1x") when Company performance for the fiscal year exceeds
the PAT objective by 25%, up to a maximum of twice such percentage ("2x") when
the Company's performance for the fiscal year exceeds the PAT objective by 50%.

      C. Awards begin to accrue if the Company's financial performance exceeds
the PAT target for the year, and increases on a straight-line basis to 1x at 25%
over the PAT target for the year, up to a maximum of 2x at 50% over the PAT
target for the year.

      D. Awards under this Plan will be paid in cash, in full, at the time of
the award.

      E. Distributions under the Plan will be provided to participants as soon
as practical following the end of the fiscal year. The Company will withhold
statutory federal, state and local taxes from any distribution as applicable.


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5.    GENERAL.

      A. This Plan applies to the Company's 1997 fiscal year, and shall be
reviewed, and in the Committee's sole discretion, revised for subsequent fiscal
years.

      B. The Company's Compensation Department shall provide the Committee and
the Chairman/CEO and President/COO administrative guidance to operate the Plan
and secure appropriate approvals.

      C. The Company reserves the right to amend or terminate this Plan at any
time, with or without notice.

      D. Neither this Plan nor any provision within this Plan constitutes a
contract of employment between the Company and any Plan participant. All
employment with the Company is "at will," and thus may be terminated at any
time, with or without cause.

      E. None of the benefits, payments, proceeds, or claims of a participating
executive shall be subject to any claim of any creditor of such executive, and
in particular, the same shall not be subject to attachment or garnishment or
other legal process by any creditor of the executive, nor shall the executive
have any right to alienate, anticipate, commute, pledge, encumber or assign any
of the benefits or payments or proceeds that he or she may expect to receive
under this Plan.

      F. In the event of any dispute regarding the application of this Plan, the
Committee shall make a determination and that decision will be final and
binding.