Separation Agreement and General Release
James Taylor

    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 James Taylor ("Employee") for the purpose of amicably concluding their employment and consulting relationships. By entering into this agreement neither party admits any deficiency, wrongdoing or liability, expressly or by implication.

    2.  Separation Pay.  Employee and Iomega hereby agree as follows:

    (a) Employee's last regular working day at Iomega was January 3, 2000 and effective date of Employee's termination of employment with Iomega was January 3, 2000 (the "Termination Date"). As of the Termination Date, all payments and benefits which Employee is or would be entitled to receive (other than amounts then accrued and owing) shall cease at that time, subject to COBRA conversion rights.

    (b) Employee will receive the sum of $400,000 in a lump sum payment.

    (c) No unearned bonuses or other incentive compensation will be due Employee. All reimbursable travel and business expenses to which Employee is entitled to reimbursement as of the Termination Date have been paid to Employee.

    (d) 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 January 3, 2000, and employee has a period of three months following the Termination Date within which to exercise any vested options. Any options not exercised within said three-month period shall expire and thereafter not be exercisable.

    (e) 

    (f)  All sums paid as part of the Separation Pay are taxable compensation to the Employee and subject to withholding requirements. All amounts paid to Employee hereunder will be net of all required and authorized payroll deductions.

    (g) Employee understands and acknowledges that after the Separation Date, Employee will not be entitled to receive from Iomega any other severance or termination allowance or any other compensation or payment, except as described in this Agreement.

    3.  Cobra Participation  Employee may elect optional health insurance continuation under COBRA following the Termination Date at Employee's expense. Procedures for electing to continue such benefits will be provided to Employee separate from this Agreement by the Human Resources Department.

    4.  Release of All Claims.  Employee acknowledges that the payments and benefits described in this Agreement exceed any amount to which Employee would be entitled under Iomega's standard policies, procedures and benefits program. In consideration for entering into this Agreement and for the payments and other promises by Iomega stated herein, Employee for himself and on behalf of Employee's heirs, agents, successors, assigns and all affiliated persons, both past and present, waives all claims against and releases, waives, acquits and forever discharges Iomega and its officers, directors, shareholders, agents, employees, representatives, and all parent, subsidiary and affiliated companies, together with their employees, officers, directors and shareholders, and all of Iomega's predecessors and successors (hereinafter referred to as "Released Parties"), from any and all liabilities, claims, actions, causes of action, injuries, wages and compensation and/or damages of any kind and character, including, without limitation, all claims by Employee for wages, salary, bonuses, commissions, vacation pay, Separation Pay, reimbursement for expenses, attorneys' fees and costs (except for workers' compensation insurance benefits), and from all claims based upon matters relating in any way to Employee's employment, consulting arrangements, conditions of employment and/or termination of employment and/or consulting arrangements with Iomega, consultation arrangements under the summary of "Jim Taylor Consulting Agreement" dated June 1, 1999, whether known or unknown, suspected or unsuspected, up to and including the date on which Employee signs this Agreement. This waiver and release includes but is not limited to a release of all wrongful termination claims, all claims under state and federal discrimination laws, including, but not limited to, the Age Discrimination in Employment Act, Title VII of the Civil Rights Act, Americans with Disabilities Act, California Fair Employment and Housing Act and any other federal or state discrimination laws. Notwithstanding the foregoing, nothing in this Agreement shall be construed as a waiver or release of rights to enforce the provisions of this Agreement.

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