Exhibit 10.30
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CONFIDENTIAL
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IOMEGA CORPORATION
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10955 Vista Sorrento Parkway,
Suite 300
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San Diego, CA
92130
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February 24, 2006
Jonathan Huberman
Dear Jonathan:
On behalf of the Iomega Board of
Directors, I write to offer you the position of Chief Executive
Officer of Iomega reporting to the Board of Directors. As CEO, you
will be Iomega’s strategic and operational leader. We expect
you to devote your entire business time, attention and energies to
the business and interests of Iomega. We would like you to start
immediately.
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Following are the terms and conditions of your
employment.
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Base Salary
Your Base Salary for the balance of
2006 and for calendar year 2007 will be at the rate of $500,000 per
year, payable in monthly installments, subject to withholding taxes
and other normal deductions and Iomega’s standard payroll
policies.
Bonus for 2006
For 2006, you will receive a bonus
equal to 100 percent of your Base Salary for 2006 and payable 50
percent when you undertake your duties as CEO and 50 percent at
yearend.
Bonus for 2007 and Future Years
For 2007 and future years, your
bonus will be determined by the Board of Directors based on goals
and criteria determined by mutual agreement of you and the Board
and may vary from zero percent to 200 percent of your then annual
Base Salary.
Stock Options
When you undertake your duties as
CEO, you will be granted an option to purchase 400,000 shares of
Iomega common stock at an exercise price equal to the Fair Market
Value per share on the date of grant. Fair Market Value is the
closing price of Iomega stock on the New York Stock Exchange on the
day preceding the date of grant. Each such option shall be
exercisable and shares subject thereto shall vest as follows: 12.5
percent on the date of grant and
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Doc. #1628961 v.1-5/11/06
12:02 PM
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Jonathan Huberman
February 24, 2006
Page 2
an additional 25 percent on each of the first,
second and third anniversaries of the date of grant and an
additional 12.5% on the fourth anniversary of the date of grant.
Each such option shall be subject to a stock option agreement
containing requirements regarding confidentiality, non-solicitation
and non-competition.
Benefits
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Iomega provides a comprehensive program of
employee benefits, including:
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Medical expense protection, including
hospitalization, major medical and dental coverage
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401(k) retirement savings plan
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Participation in the Executive Life Insurance
Program at two times annual Base Salary, subject to medical
underwriting
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Participation in the Executive Long-Term
Disability Program
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Participation in the Executive Tax Planning
Services provided by Price Waterhouse
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Termination Payment
Your employment with the Company is
on an “at will” basis, which means that either you or
Iomega may terminate the employment relationship at any time for
any reason or for no reason and with or without advance notice.
However, if the Company terminates your employment without
“cause,” if you sign a release in favor of the Company
(in a form acceptable to the Company) and provide all reasonably
requested assistance and cooperation during the
