Exhibit 10.29
IOMEGA CORPORATION
EXECUTIVE TRANSITION AGREEMENT
(“Agreement”)
WHEREAS,
with the intention to align costs with expected revenues, Iomega
Corporation (“Iomega”) has adopted a restructuring plan
to be implemented on or around July 26, 2005;
WHEREAS,
in such effort to reduce costs, Iomega determined that it was its
business interest to evaluate and reorganize certain executive
functions and responsibilities;
WHEREAS,
the parties acknowledge that such restructuring and associated
organizational changes trigger the severance provisions of
Executive’s pre-existing written letter of employment with
Iomega; and
WHEREAS,
Iomega and Executive desire to ensure a reasonable and adequate
transition of duties until such time that Executive’s
employment with Iomega concludes.
NOW,
THEREFORE, the parties agree as follows:
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1.
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Transition
Date. The parties agree
that Executive will remain employed by Iomega until August 30, 2005
(“Transition Period”). This date may be extended based
on mutual agreement between the Executive and Iomega.
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2.
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Duties. During the Transition Period, Executive will
continue to report directly to Iomega's chief executive officer
(“CEO”). Executive's duties will consist of the
following activities:
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Coach Lee Williams, our newly hired
VP of consumer product generation and planning to build an
integrated storage solution product engineering and generation
organization between our team in Toronto and the IPO organization
in Taiwan
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Work with Lee to ensure a smooth
integration of the NAS engineering responsibilities
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Ensure the on-time delivery of the
following new products during Q3'05:
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G2 Network HDD
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Dual & Quad Drives (direct
attached and networked)
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ScreenPlay MultiMedia Drives and
DMA
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Work with CEO to recruit director of
product marketing as defined in the proposed Iomega organizational
structure and manage the product marketing organization in the
interim
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Ensure smooth transition of IT
organization to Tom Liguori
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Ensure smooth transition of
operations organization to Mike Nikzad and assist Mike's ramp-up in
the new position
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Maintain development of digital home
vision and delivered planned upon product solutions
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Be an active participant
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