Exhibit 10.1
    

    
      


    

    

    

    
      SEPARATION AGREEMENT
    

    
      This Separation Agreement (this “Agreement”), dated as of August 19,
      2015, is between Imation Corp., a Delaware corporation (the “Company”)
      and Mark E. Lucas, an individual (“Mr. Lucas”).
    

    
      WHEREAS, the parties desire to formalize their mutual understanding
      regarding the termination of Lucas’ employment as Chief Executive
      Officer of the Company.
    

    
      The parties to this Agreement agree as follows:
    

    
      1.  Mr. Lucas hereby resigns his employment with the Company as of the
      date of this Agreement.
    

    
      2.  Mr. Lucas shall be paid the benefits he is entitled to under his
      equity award agreements and the Amended and Restated Severance and
      Change of Control Agreement, dated November 24, 2014, between Mr. Lucas
      and the Company (the “Severance Agreement”) as if he had terminated for
      Good Reason following a Change in Control (as such terms are defined in
      the Severance Agreement), subject to any conditions for receipt of such
      benefits set forth therein.  The severance benefits that shall be paid
      to Mr. Lucas are set forth in Schedule A attached to this
      Agreement.  The severance amounts set forth in Schedule A shall be
      placed in escrow upon Mr. Lucas’ resignation and shall be paid, subject
      to any required withholding, on the date the signed general release
      described in Section 6 becomes irrevocable and effective.
    

    
      3.  In addition to the severance benefits identified on attached
      Schedule A, Mr. Lucas shall be entitled to be paid his current
      annualized base salary (in the amount of $23,225.06, payable upon his
      resignation) and all other employee benefits due and owing to him as of
      the date of this Agreement, subject to any required withholding.
    

    
      4.  Nothing in this Agreement shall affect the limitations imposed by
      the Section 280G limitations as provided in Section 7 of the Severance
      Agreement.
    

    

    

    
      
        

        

      

      
        

        

        
          


        

      

      
        

        

      

    

    

    

    
      5.  Mr. Lucas agrees that he will provide, as an independent contractor,
      consulting services to the Company at the Company’s request.  The amount
      of time and effort required to provide such assistance shall be mutually
      agreed by the parties, with the understanding that Mr. Lucas’
      compensation for such services shall be $5,000 per day.
    

    
      6.  In consideration of the above and to receive the benefits described
      in this Agreement, Mr. Lucas agrees to execute a general release of all
      claims, effective as of the date of his termination.  
    

    
      7.  This Agreement is a compromise and settlement of disputed claims and
      should not be construed as an admission by the Company that Mr. Lucas
      does or does not, in fact, have grounds to resign for Good Reason.
    

    
      8.  All additions or modifications to this Agreement must be made in
      writing and executed by both parties.
    

    
      9.  This Agreement is made under and will be construed according to the
      laws of the State of Minnesota.  
    

    
      AGREED, as of the date first written above:
    

    
      


    


    	
          
            IMATION CORP.
          

        	
           
        	
          
            MR. LUCAS
          

        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	

        	

        	

        	
           
        
	
          
            By:
          

        	
          
            /s/
          

        	

        	
          
            /s/
          

        
	

        	

        	

        	
          
            Mark E. Lucas
          

        


    

    
      


    

    
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      Schedule A
    

    
      to Separation Agreement
    

    
      


    

    
      The following severance will be due and owing to Mr. Lucas as provided
      in the Separation Agreement:
    

    	
        $3,524,495, representing all amounts that would be due and owing under
        the Severance Agreement and outstanding equity awards reduced to the
        applicable 280G cap of $5,451,245, less the $1,926,750 already paid as
        a result of the Change of Control.
      


    
      

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