EXHIBIT 10.30
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 in
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 benefit provisions of
Executive’s pre-existing written letter of employment with
Iomega and Executive is entitled to receive such benefits;
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 January 2,
2006 (“Transition Period”).
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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 assisting with the following activities:
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Integrate the resources of the
post-restructuring REV product generation organization into a
coherent and effective team.
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Manage the continued development and
delivery of REV development programs.
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Manage key Iomega business
development activities, such as:
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Foster Iomega's critical REV OEM
partner relationship and support of the planned partner product
launches.
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Supervise the newly appointed
business development resource as defined in the proposed Iomega
organizational structure.
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Further define an IP strategy with
goal to generate incremental licensing revenue.
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Continue supporting Board of
Directors-related and corporate governance matters and ensure an
orderly transition of the General Counsel role during fourth
quarter 2005.
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During the
Transition Period, Executive will devote
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