Document:

First Amendment  to Rights Agreement

 Exhibit 4.1 
 FIRST AMENDMENT TO RIGHTS AGREEMENT 
 This FIRST AMENDMENT
TO RIGHTS AGREEMENT (this “Amendment”), dated as of December 12, 2007, is made and entered into by and between Iomega Corporation, a Delaware corporation (the
“Company”), and American Stock Transfer & Trust Co., as rights agent (the “Rights Agent”). Capitalized terms not otherwise defined in this Amendment shall have the meaning ascribed to such terms in the
Rights Agreement (as defined below).
 WHEREAS, the Company and the Rights Agent previously entered into
that certain Rights Agreement, dated as of July 29, 1999 (the “Rights Agreement”); 
 WHEREAS, the Company proposes to enter into a Share Purchase Agreement (as it may be amended from time to time, the “Purchase Agreement”), with Great Wall Technology Company Limited, a
PRC company (“GWT”), ExcelStor Group Limited, a Cayman Islands company (“ExcelStor Group”), ExcelStor Holdings Limited, a British Virgin Islands company (“ExcelStor Holdings” and together with GWT
and ExcelStor Group, “Selling Shareholders” and each individually, a “Selling Shareholder”), ExcelStor Great Wall Technology Limited, a Cayman Islands company (“ESGWT”), Shenzhen ExcelStor
Technology Limited, a PRC company (“SETL” and together with ESGWT, the “Top Level Operating Companies” and each individually, a “Top Level Operating Company”), providing for the sale (the
“Sale”) of 100% of the issued and outstanding shares of the Top Level Operating Companies by the Selling Shareholders to the Company in exchange for that number shares of the Company’s common stock, par value $0.03-1/3 per
share, as is equal to approximately 60% of the issued and outstanding capital stock of the Company immediately following the consummation of the Sale (utilizing the treasury stock method for the purpose of calculating stock options); 
 WHEREAS, the Board of Directors of the Company has determined that, in connection with the execution of the Purchase
Agreement, it is necessary and desirable to amend the Rights Agreement to exempt, among other things, the Purchase Agreement, the execution thereof and the transactions contemplated thereby, including, without limitation, the Sale, from the
application of the Rights Agreement, in each case as set forth in this Amendment; 
 WHEREAS,
(i) Section 27 of the Rights Agreement provides that the Company may, in its sole and absolute discretion, supplement or amend any provision of the Rights Agreement; (ii) pursuant to the terms of the Rights Agreement and in accordance
with Section 27 thereof, the Company has directed that the Rights Agreement should be amended and supplemented as set forth in this Amendment prior to the execution of the Purchase Agreement; and (iii) pursuant to Section 27 of the
Rights Agreement, an appropriate officer of the Company has delivered a certificate to the Rights Agent stating that this Amendment complies with the terms of Section 27 of the Rights Agreement. 

 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties
hereby agree as follows: 
 1. Amendments to Rights Agreement. 
  

	 	(a)	The definition of “Acquiring Person” in Section 1(a) of the Rights Agreement is amended by inserting the following as a new paragraph at the end of such definition:

 “Notwithstanding anything in this Section 1(a) to the contrary: (A) none of Great Wall Technology Company
Limited, a PRC company (“GWT”), ExcelStor Group Limited, a Cayman Islands company (“ExcelStor Group”), or ExcelStor Holdings Limited, a British Virgin Islands company (“ExcelStor Holdings” and, together with GWT and
ExcelStor Group, the “Selling Shareholders”), or any of their respective Affiliates or Associates, either individually, collectively or in any combinations, shall be deemed to be or become an “Acquiring Person” solely by virtue
of, or as a result of (i) the execution, delivery or performance of the Share Purchase Agreement, dated as of December 12, 2007, by and among the Company, the Selling Shareholders, ExcelStor Great Wall Technology Limited, a Cayman Islands
company, and Shenzhen ExcelStor Technology Limited, a PRC company (the “Purchase Agreement”), or the consummation of the Transactions (as defined in the Purchase Agreement), (ii) the execution, delivery or performance of the Investor
Rights Agreement (as defined in the Purchase Agreement), (iii) any sale, transfer or distribution of any shares of Common Stock, directly or indirectly, by any Selling Shareholder to one or more of the Selling Shareholders’ Affiliates or
Associates, or (iv) any acquisition of shares of Common Stock, directly or indirectly, from the Company (other than as a result of the Purchase Agreement and the consummation of the Transactions (as defined in the Purchase Agreement)) (the
foregoing actions being referred to as the “Selling Shareholder Permitted Events”); and (B) no Person who receives any shares of Common Stock, directly or indirectly, from any of the Selling Shareholders or the Selling
Shareholders’ Affiliates or Associates (whether by sale, transfer, distribution or otherwise), either individually, collectively or in any combinations, shall be deemed to be or become an “Acquiring Person” solely by virtue of, or as
a result of such Person’s receipt of such shares of Common Stock, provided that, in connection with such Person’s receipt of such shares of Common Stock, such Person executes and delivers to the Company an Instrument of Adherence in the
form attached as Exhibit A to the Investor Rights Agreement acknowledging and agreeing that such Person shall be deemed to be a “Stockholder” for all purposes of the Investor Rights Agreement and shall perform all obligations, and be
entitled to all rights, of a “Stockholder” in accordance with the terms of the Investor Rights Agreement (the foregoing action being referred to as the “Transferee Permitted Events” and, collectively with the Selling Shareholder
Permitted Events, the “Permitted Event”).” 
  

	 	(b)	The definition of “Stock Acquisition Date” in Section 1(bb) of the Rights Agreement is amended to add the following sentence at the end thereof:

 “Notwithstanding anything in this Agreement to the contrary, a Stock Acquisition Date shall not be deemed to have
occurred solely by virtue of, or as a result of, any Permitted Event, the public announcement thereof or the actual knowledge of an executive officer of the Company that a Permitted Event has occurred.” 

	 	(c)	Section 3(a) of the Rights Agreement is amended to add the following sentence at the end thereof: 

 “Notwithstanding anything in this Agreement to the contrary, a Distribution Date shall not be deemed to have occurred solely by virtue of, or as the
result of, any Permitted Event.” 
 2. Officer’s Certificate. By executing this Amendment below, the undersigned duly
appointed officer of the Company certifies that this Amendment has been executed and delivered in compliance with the terms of Section 27 of the Rights Agreement. 
 3. Interpretation. The term “Agreement” as used in the Rights Agreement shall be deemed to refer to the Rights Agreement as amended hereby. 
 4. Severability. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment, and of the Rights Agreement, shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 5. Waiver of Notice. The Rights Agent and the Company hereby waive any notice requirement under the Rights Agreement
pertaining to the matters covered by this Amendment. 
 6. Effectiveness. This Amendment shall be deemed effective as of the date
first written above. Except as expressly amended herein, all other terms and conditions of the Rights Agreement shall remain in full force and effect. Without limiting the foregoing, the Rights Agent shall not be subject to, nor required
to interpret or comply with, or determine if any Person has complied with, the Purchase Agreement even though reference thereto may be made in this Amendment and the Rights Agreement. 
 7. Termination. Notwithstanding anything to the contrary set forth herein, this Amendment shall terminate and be of no further force or effect in
the event of the termination of the Purchase Agreement for any reason. 
 8. Governing Law. This Amendment shall be deemed a contract
made under the laws of the State of Delaware, and for all purposes of this Amendment shall be governed by and construed in accordance with the laws of such State applicable to contracts made and to be performed entirely within such State.

 9. Counterparts. This Amendment may be executed in any number of counterparts (including by facsimile), each of which
shall be an original and all of which shall constitute one and the same document. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the parties have
caused this Amendment to be duly executed as of the day and year first above written. 
  

									
	Attest:	 		 	IOMEGA CORPORATION
					
	By:	 	/s/ Ron S. Zollman	 		 	By:	 	/s/ Jonathan S. Huberman
	Name:	 	Ron S. Zollman	 		 	Name:	 	Jonathan S. Huberman
	Title:	 	General Counsel and Secretary	 		 	Title:	 	Chief Executive Officer
			
	Attest:	 		 	AMERICAN STOCK TRANSFER & TRUST CO., as Rights Agent
					
	By:	 	/s/ Carlos Pinto	 		 	By:	 	/s/ Herbert J. Lemmer
	Name:	 	Carlos Pinto	 		 	Name:	 	Herbert J. Lemmer
	Title:	 	Vice President	 		 	Title:	 	Vice PresidentRetention  Bonus and Amendment of Executive Retention Agreement with J. Huberman

 Exhibit 10.1 
 RETENTION BONUS AND AMENDMENT OF EXECUTIVE RETENTION AGREEMENT 
 This is an agreement (the “Agreement”) between
Iomega Corporation (“Iomega”) and its executive, Jonathan S. Huberman (“Executive”), dated as of December 12, 2007. Except as otherwise defined herein, capitalized terms used in this Agreement shall have the same definition
as provided in the Share Purchase Agreement or the Executive Retention Agreement referred to below, as applicable. 
 WHEREAS, Executive holds a key
leadership position at Iomega and Iomega seeks to ensure that Executive will remain engaged in his current role and perform any additional responsibilities requested by Iomega’s Board of Directors in connection with and following a planned
strategic transaction reflected in the Share Purchase Agreement dated December 12, 2007 (the “SPA”) between Iomega, ExcelStor Great Wall Technology Limited, a Cayman Islands company, and Shenzhen ExcelStor Technology Limited, a PRC
company (the “Transaction”); 
 WHEREAS, Iomega and Executive are parties to an Executive Retention Agreement dated as of February 24, 2006
(the “ERA”) that remains in effect, but the benefits of which are contingent upon a Change in Control (as defined in the ERA); 
 WHEREAS, the
Transaction would be a Change in Control under the ERA and would qualify as a change in control for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), allowing triggering of certain benefits;

 WHEREAS, to provide incentives for Executive to stay employed in good standing, full time at Iomega for at least three years following the Closing, and to
narrow the definition of “Good Reason” for Executive to resign with severance paid under the ERA, Iomega and Executive hereby agree that Executive will be entitled to receive as a retention bonus amounts set forth below; 
 WHEREAS, nothing herein shall constitute a guarantee of employment and Executive shall continue to serve Iomega “at will” and may be terminated or resign at
any time; 
 THEREFORE, effective upon the Closing Date (as defined in the SPA) of the Transaction, Iomega and Executive agree as follows: 
 A. Effective upon the Closing (as defined in the SPA), in return for the promises and amendments stated below, Iomega agrees as follows: 
 (1) Iomega will pay Executive $1,000,000 (payable in twelve installments of $83,333.33 with first payment payable in the next pay period
after Closing and the remaining eleven payments in the last pay period of each month thereafter, if, but only if, Executive is employed by Iomega as of such payment dates. 

 (2) Iomega will pay Executive $1,000,000 on the first pay date following the third
anniversary of the Closing, if, but only if, Executive is employed by Iomega as of such third anniversary 
 (3) In the event that
Executive’s employment ends before the third anniversary of the Closing: 
  

	 	(a)	If such cessation of employment is as a result of death, Disability, a resignation by Executive for Good Reason (as Good Reason is amended herein), or
termination of employment by Iomega without Cause, or termination by Iomega within the first three years from Closing as a result of a second Change of Control, then the balance of the payments in A(1)-(2) shall accelerate and shall be
payable within 30 days, and Executive shall also be entitled to any benefits applicable following a Change of Control under 4.2(a)(ii) and (a)(iii) of the ERA. 

  

	 	(b)	If such cessation of employment is for termination of employment with Cause, or resignation by Executive without Good Reason, no further payments shall be made and no
further sums shall be due to Executive pursuant to A(1)-(2) above, and no further sums shall be due to Executive pursuant to the ERA (other than the Accrued Obligations and the Other Benefits (each as defined in the ERA)).

 B. Amendments to ERA. Effective upon the Closing: 
 (a) Section 2 (Term) of the ERA shall be deleted in its entirety and replaced with the following: 
 “This Agreement, and all rights and obligations of the parties hereunder, shall expire upon the Executive’s cessation of employment at Company and Company’s completion of promised performance of promises hereunder to
Executive.” 
 (b) The definition of Good Reason is amended and superseded such that the next to last paragraph of Section 1.4 of
the ERA (which provision would permit a resignation during a 30 day period following the first anniversary of a Change in Control (a “Walk Right”) to be treated as Good Reason (as defined in the ERA)); hence, the following is deleted for
this Transaction (effective upon Closing): “In addition, the termination of employment by the Executive for any reason or no reason during the 30-day period beginning on the first anniversary of the Change in Control Date shall be deemed to be
termination for Good Reason for all purposes under this Agreement.” 
  

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 (c) ERA Section 4.2(a)(i)(2) is amended such that amounts due to Executive thereunder are subject to
the following reduction, in the event of an additional Change in Control after the Transaction but within three years of the Closing, involving a company connected with China Electronics Corporation or Great Wall Technology Company Ltd.: The total
payments due to Executive in the event of an additional Change of Control within three years of the Closing shall be minus payments made already to or on behalf of Executive under Section A, above. If such additional Change of Control occurs more
than three years after the Closing, there shall be no reduction to the payments to Executive under the ERA despite the payments made to Executive under Section A, above. Notwithstanding any of the foregoing, this amendment to
Section 4.2(a)(i)(2) shall apply only to any subsequent Change of Control that is the result of an event or occurrence solely caused by an entity in which either China Electronics Corporation or Great Wall Technology Company Ltd. holds,
directly or indirectly, at least a 20% equity interest, and shall not apply to any other Change of Control. 
 C. This Agreement shall be null and void if a)
the Transaction is terminated without Closing, b) the Executive and Iomega fail to mutually agree upon and fully execute a revised employment agreement including, among other provisions, title, responsibilities, compensation, reporting structure,
and job location, and other customary terms and conditions prior to Closing, or c) the Transaction does not Close by December 31, 2008. In event this Agreement becomes null and void, the ERA will remain in full force and effect and in the
identical form as the signed February 24, 2006 ERA. 
 D. All payments and benefits under A(1)-(2) of this Agreement and the ERA are subject to
Executive’s executing and not revoking a mutually agreed upon release in favor of Iomega and persons and entities related to it (not to include a release of claims or potential claims against Executive), of claims associated with the ERA,
changes of control that have occurred as of the date of any such payments, or any past employment issues. 
 E. Executive’s payments and benefits shall
be subject to mandatory tax and other required withholding. If and to the extent any portion of any payment, compensation or other benefit provided to Executive in connection with his separation from service (as defined in Section 409A of the
Code is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A and Executive is a specified employee as defined in Section 409A(a)(2)(B)(i), as determined by Iomega in accordance with its
procedures, by which determination Executive hereby agrees that he is bound, such portion of the payment, compensation or other benefit shall not be paid before the day that is six months plus one day after the date of separation from service (as
determined under Section 409A (the “New Payment Date”), except as Section 409A may then permit. The aggregate of any payments that otherwise would have been paid to Executive during the period between the date of separation from
service and the New Payment Date shall be paid to Executive in a lump sum on such New Payment Date, and any remaining payments will be paid on their original schedule. For purposes of this Agreement, the ERA, and Executive’s Employment
Agreement, each amount to be paid 

  

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or benefit to be provided shall be construed as a separate identified payment for purposes of Section 409A, and any payments described in those
agreements that are due within the “short term deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Neither Iomega nor Executive shall have the right to
accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A. This Agreement is intended to comply with the provisions of Section 409A and the Agreement shall, to
the extent practicable, be construed in accordance therewith. Notwithstanding the foregoing, to the extent that the any payment or benefit to Executive shall be deemed not to comply with Section 409A, then neither Iomega, the Board nor its or
their designees or agents shall be liable to Executive or any other person for any actions, decisions or determinations made in good faith. 
 This Agreement
may be amended or modified only by a written instrument executed by both Iomega (with approval of the Board or applicable Board committee, as applicable) and the Executive. Facsimile signatures shall be sufficient to bind either party hereto.

 This Agreement is hereby made part of, and incorporated into, the ERA. Except as expressly amended above, the ERA remains unchanged and in full force and
effect. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first set forth above. 
  

			
	IOMEGA CORPORATION
		
	By:	 	/s/ Ron S. Zollman
	Ron S. Zollman, General Counsel & Secretary

  

	
	/s/ Jonathan S. Huberman
	Jonathan S. Huberman, individually

 cc: Stephen David, Board Chair 
  

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