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Exhibit 10.20  

 
 

SEPARATION AGREEMENT AND GENERAL RELEASE    
  

    1.  Agreement.  This Separation Agreement and General Release ("Agreement") is entered into by and
between Iomega Corporation, a Delaware corporation with its principal headquarters in Roy, Utah, on behalf of itself and each of its subsidiaries ("Iomega" or the "Company"), and  Roxie Craycraft
("Employee") for the purpose of amicably concluding their employment relationship. By entering into this agreement neither party admits
any deficiency, wrongdoing or liability, expressly or by implication. 

    2.  Last Working Day.  Employee's last regular working day at Iomega will be  Monday, February 12, 2001. The effective date of Employee's
termination of employment with Iomega will be Monday,
February 12, 2001. (the "Termination Date"). 

    3.  Consideration.  

    (a) Iomega
shall make a total special severance payment to Employee in the amount of $105,000
(One Hundred Five Thousand Dollars) less necessary federal, state and withholdings to be paid in increments over the next  26 weeks on Iomega's regular
payroll schedule, or until Employee becomes reemployed, whichever event occurs first. Employee will also receive a sum of  $4,104 (Four Thousand One Hundred Four Dollars) to cover COBRA costs (Medical,
Dental and Vision plans.) 

    (b) Iomega
will provide outplacement services to Employee as directed by Iomega. 

    (c) The
amounts and provisions set forth in Section 3 (a) through (b) above will be paid or implemented following receipt of a fully executed copy
of this Agreement and the expiration of the Age Release Period described in this Agreement. These payments shall be in full satisfaction of any and all claims Employee may have arising directly or
indirectly from his/her employment and separation from Iomega. Employee acknowledges and understands that, except as described in Section 3 of this agreement, Employee will not be entitled to
receive from Iomega any other severance or termination allowance or any other compensation or payment. Employee acknowledges that the foregoing is not required to be
provided by Iomega pursuant to any policy or practice and that Employee is not otherwise entitled to payment. 

    4.  Participation in Benefit and Other Programs.  Employee will be entitled to participate through the
Termination Date in all employee benefit programs and policies generally available to Iomega employees, in which Employee is eligible to participate, including stock option vesting, health insurance,
and Iomega's 401(k) plan (if applicable), as allowed by law. 

    Employee
acknowledges and agrees that under the terms of any outstanding stock option agreement(s) between employee and Iomega, the vesting of any options to purchase company stock
granted to employee will cease as of the Termination Date, and employee has a period of three months following the Termination Date within which to exercise any vested options. Any options not
exercised within the three month period shall expire and thereafter not be exercisable. No unearned bonuses or other incentive compensation will be due Employee. 

    5.  Re-Employment.  Employee agrees that if employee becomes re-employed with Iomega or is
assigned to Iomega as a temporary or contract Employee while Employee is receiving payments pursuant to this Agreement, Employee shall waive any remaining payments which shall be discontinued without
affecting any other terms of the Agreement. 

    6.  Release of All Claims.  In consideration of the payments and other valuable consideration under the
terms of this Agreement, Employee hereby knowingly, voluntarily, and irrevocably agrees to fully, unconditionally, completely and forever release Iomega, and all of Iomega'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 Employee holds or has ever held against Iomega resulting from any act,
obligation, or omission occurring on or prior to the date Employee signs this Agreement ("Released Claims"), including, but not limited to, any Released Claims connected with or arising out of
Employee's employment, or separation therefrom, or terms of such employment or employment separation by Iomega; employee benefit plans whether or not arising under the Employee Retirement Income
Security Act of 1974, as amended; any discrimination claims whether or not arising under any local, state or federal law or regulation, public policy or common law (including, without limitation, the
Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, and the Older Workers Benefit Protection Act); or any state, federal or local
statute, regulation, public policy, contract or tort principle in any way governing or regulating Employee's employment, or termination, or terms of employment or termination by Iomega. It is
expressly agreed and understood that this Agreement is a general release. Nothing contained in this Agreement is a waiver of any rights or claims that may arise after the date of execution by Employee
or which, as a matter of law, cannot be released or waived. 

    THIS
MEANS THAT BY SIGNING THIS AGREEMENT, EMPLOYEE WILL HAVE WAIVED ANY RIGHT TO BRING A LAWSUIT, FILE A CHARGE OR BRING A CLAIM AGAINST IOMEGA IN ANY COURT OR AGENCY BASED ON ANY
ACTIONS TAKEN UP TO THE DATE AND TIME OF SIGNING THIS AGREEMENT, AND WILL HAVE RELEASED IOMEGA AND THE RELEASED PARTIES FROM ANY AND ALL CLAIMS OF ANY NATURE RELATING TO EMPLOYEE'S EMPLOYMENT, OR
SEPARATION THEREFROM, RISING UP TO THE DATE AND TIME OF SIGNING THIS AGREEMENT. 

    7.  No Admission of Fault.  Iomega and Employee agree that this Agreement in whole or in part shall not
be admissible in any legal or quasi-legal proceeding as evidence of or admission by Company of any violation of its policies or procedures or local, state or federal law or regulation. Further,
Company expressly denies any violation of any of its policies, procedures, local, state or federal laws or regulations. 

    8.  Age Discrimination Release.  In addition to the waivers and releases contained in the preceding
paragraph, Employee further agrees that in consideration of the payments provided above, she/he also specifically releases Iomega from any and all liabilities claims, causes of action, demand for
damages or remedies of any kind, including claims for attorneys' fees and legal costs, arising under the Age Discrimination in Employment Act of 1967, as amended, related to or arising out of his/her
employment or termination from employment with Iomega up to and including the date of this Agreement. Employee understands and acknowledges that by this Agreement she/he does not waive any rights or
claims relating to age discrimination that may arise after the date of this Agreement. She/he is advised to consult with an attorney regarding this Agreement. Employee also acknowledges that prior to
signing this Agreement she/he has 21 days from the date of his receipt of the Agreement within which to consider it and to consult with an attorney of his/her choice regarding it. Should she/he
nevertheless elect to execute this Agreement sooner than 21 days after she/he has received it, she/he specifically and voluntarily waives the right to claim or allege that she/he has not been
allowed by Iomega or by any circumstances beyond his/her control to consider the Agreement for a full 21 days. Employee also acknowledges and agrees that this Agreement will not become
effective or enforceable until after seven days from the date it is signed by him ("Age Release Period"). During the Age Release Period Employee understands and agrees that she/he may revoke the
provisions of this Section by delivering written notice of this revocation to Iomega Corporation, 1821 West Iomega Way, Roy, UT 84067 Attn: Charlotte Miller, Vice President,
Human Resources.

    9.  Return of Documents.  Employee has returned to Iomega all documents, records and materials, relating
to Iomega's business, whether stored electronically or in written or printed form, or otherwise, including but not limited to records, notes, memoranda, computer storage media, drawings, reports,
files, software materials, notebooks, rolodex files, telephone lists, computer or data processing disks and 

tapes, marketing plans, financial plans and studies, customer lists, names of business contacts, policies and procedures, and any materials prepared, compiled or acquired by Employee relating to any
aspect of Iomega or its business, products, plans or proposals and all copies thereof, in Employee's or related
party's possession, custody or control, whether prepared by Employee or others. Employee also agrees to participate in an exit interview upon the termination of Employee's employment with Iomega. 

    10.  Non-Disclosure.  Employee acknowledges his or her obligations under a non-disclosure
agreement previously entered into between Employee and Iomega. Any breach of Employee's non-disclosure obligations to Iomega shall, in addition to all other remedies available to Iomega,
result in the immediate release of Iomega from any obligations it would otherwise have to provide further payments under this Agreement. Employee expressly acknowledges that
Iomega is prepared to vigorously enforce these promises, and that violation of this provision could result in the assessment of damages and other legal remedies against Employee and any of Employee's
subsequent employers. Any breach by Employee of this provision shall result in the immediate release of Iomega from any obligations it may have to provide further payments under this Agreement, except
as may be required by applicable law.

    11.  Employee Inventions.  Employee acknowledges that certain innovations, products and processes
invented or discovered by Employee during Employee's employment with Iomega are the property of Iomega and have been assigned to Iomega under an agreement previously entered into between Employee and
Iomega which is still in effect. Any breach of Employee's obligations to Iomega with respect to the assignment of inventions shall, in addition to all other remedies available to Iomega, result in the
immediate release of Iomega from any obligations it would otherwise have to provide further payments under this Agreement. 

    12.  Non-Disparagement.  Employee agrees not to disparage, orally or in writing, Iomega, its officers,
employees, management, operations, products, designs, or any other aspects of Iomega's affairs to any third person or entity. 

    13.  Non-Solicitation of Employees.  Employee agrees that for one year following Employee's separation
from employment with Iomega, Employee shall not, directly or indirectly, in any capacity (including but not limited to, as an individual, a sole proprietor, a member of a partnership, 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 Iomega. Any breach of Employee's obligations under this paragraph shall, in addition to all other
remedies available to Iomega, result in the immediate release of Iomega from any obligations it would otherwise have to provide further payments under this Agreement. 

    14.  Non-Solicitation of Customers.  Employee agrees that for one year following Employee's separation
from employment with Iomega, Employee shall not, directly or indirectly, in any capacity, solicit the business of any customer of Iomega except on behalf of Iomega, or attempt to induce any customer
of Iomega to cease or reduce its business with Iomega; provided that following Employee's separation from employment with Company he or she may solicit a customer of Iomega to purchase goods or
services that do not compete directly or indirectly with those then offered by Iomega. Any breach of Employee's obligations under this paragraph shall, in addition to all other remedies available to
Iomega, result in the immediate release of Iomega from any obligations it has to provide further payments under this Agreement. 

    15.  Remedies.  The parties shall attempt in good faith to resolve any dispute arising out of or relating
to this Agreement by negotiation. The parties recognize that irreparable injury to Iomega will result from a material breach of this Agreement, and that monetary damages will be inadequate to rectify
such injury. Accordingly, notwithstanding anything to the contrary, Iomega shall be entitled to one or more preliminary or permanent orders: (i) restraining or enjoining any act which would
constitute a material breach of this Agreement, and (ii) compelling the performance of any obligation which, if not performed, would constitute a material breach of this Agreement, and to
attorney's fees in connection with any such action. 

    16.  Party's Bear Own Costs.  Each party shall bear the cost of, and shall be responsible for, its own
attorneys' and accountants' fees and costs, if any, in connection with the negotiation and execution of this Agreement. 

    17.  Agreement is Confidential.  Employee further agrees that the terms and conditions of this Agreement
are strictly confidential and shall not be discussed with, disclosed or revealed to any other persons, whether within or outside Iomega, except professional advisors with whom Employee may consult
regarding this Agreement and Employee's immediate family members, unless disclosure is compelled by subpoena or other legal process. Any breach by Employee of this provision
shall immediately release Iomega from any obligations it may have to provide further payments under this Agreement, except as may be required by applicable law.

    18.  Entire Agreement.  This Agreement and any exhibits hereto constitute the entire understanding of the
parties with respect to the subject hereof. Employee warrants that he or she: (a) has read and fully understands this Agreement and any exhibits hereto; (b) has had the opportunity to
consult with legal counsel of his or her own choosing and have the terms of this Agreement fully explained; (c) is not executing this Agreement in reliance on any promises, representations or
inducements other than those contained herein; and (d) is executing this Agreement voluntarily, free of any duress or coercion. 

    19.  Severability.  The invalidity or unenforceability of any provision or provisions of this Agreement
shall not affect the validity or enforceability of any other provision hereof, which shall remain in full force and effect. 

    20.  Governing Law.  This Agreement shall be interpreted, construed and governed in accordance with the
laws of the State of Utah, without giving effect to the choice of law rules thereof. 

    21.  Nonassignment.  Employee warrants that no person other than Employee is entitled to assert any claim
based on or arising out of any alleged wrong suffered by Employee in or as a consequence with
or severance of employment from Company and that employee has not assigned or transferred or purported to assign or transfer to any person or entity any claim Employee now has or may have against
Company or any portion thereof or interest therein. 

    I
understand that the terms of this Agreement shall become effective on my Termination Date and that although I may not sign this agreement until after my Termination Date, I was made
fully aware that this Agreement would become void, and any offers presented in this Agreement revoked if I violate any provision of this Agreement, specifically sections 10, 12, 13, 14, and 17 during
the time between my Termination Date and execution of the Agreement. I acknowledge and agree that I was made aware of this term on my Termination Date and upon receipt of this Agreement and that my
acknowledgement of this term is evidenced by an Acknowledgement of Terms document executed by me on my Termination Date. 

    I
(Employee) understand the terms and conditions of this document and have been given ample opportunity to consult with counsel and/or someone whose opinion I trust before signing it.
By my signature, I (Employee) agree to the terms set forth above.

    Employee has up to twenty-one (21) days to accept terms and conditions by signing below. If Employee does not accept such terms and conditions by such date, this
offer shall expire at that time. 

	

 	
 	

EMPLOYEE
	

Dated:  February 16, 2001	
 	

/s/ ROXIE CRAYCRAFT   
 Roxie Craycraft
	

 	
 	

IOMEGA CORPORATION
	

Dated:  February 23, 2001	
 	

/s/ CHARLOTTE MILLER   
 Charlotte Miller, VP,
 Global Human Resources

AGREEMENT ("NDA") executed on January 8, 1996 by Roxie Craycraft 

 
 

ACKNOWLEDGEMENT OF TERMS    
  

    On Monday, February 12, 2001, my Termination Date, I received a Separation Agreement ("Agreement") from
Iomega which includes an offer of severance. One condition of that offer of severance is that I agree to be bound by certain terms of that Agreement effective immediately. Despite the fact that I may
not sign the Agreement immediately, or that I may not sign it at all, the offers made in that Agreement are only valid if I comply with all terms of the Agreement from my Termination Date. The
specific terms of which I have been made aware are: 

	•
	Non-Disclosure

	•
	Non-Disparagement

	•
	Non-Solicitation
of Employees

	•
	Non-Solicitation
of Customers

	•
	Confidentiality
(Terms of Agreement) 

    I
acknowledge and agree that I have been informed that the Separation Agreement which I have been offered shall become void and all offers revoked in the event that I violate any of
the terms above during the period from my Termination Date through execution of the Agreement (if I decide to sign the Agreement). I acknowledge that the terms above have been explained to me and that
if I decide to sign the Separation Agreement, I must not have violated any of those terms or all offers will be revoked and any money paid to me by Iomega pursuant to the Separation Agreement must be
returned to Iomega. 

    I
also acknowledge that this Acknowledgement of Terms represents only a portion of the terms in the Separation Agreement and that if I do sign the Agreement, I will do so only after
having reviewed and agreed to all of the terms of that Agreement. 

    Accepted
and Agreed to this 16th day of February, 2001. 

	

/s/ ROXIE CRAYCRAFT   
 Roxie Craycraft

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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
 
	 	Amount Which First Becomes Vested
	 	Amount Vested on a Cumulative Basis
	 
	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 

2

 

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 

4

 

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
	
 	

By:	
 	

/s/ DAVID J. DUNN

	

 	
 	

 	
 	

Name:	
 	

David J. Dunn

	

 	
 	

 	
 	

Title:	
 	

Chairman

5

 
 
 

PARTICIPANT'S ACCEPTANCE    
  

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

	

 	
 	

PARTICIPANT:
	

 	
 	

/s/ Bruce R. Albertson
 Bruce R. Albertson
	

 	
 	

Address:	
 	

	

 	
 	

 	
 	

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IOMEGA CORPORATION Nonstatutory Stock Option Agreement

PARTICIPANT'S ACCEPTANCE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00022-of-00352.parquet"}]]