ContractSeparation Agreement • November 13th, 2001 • Iomega Corp • Computer storage devices • Utah
SEPARATION AGREEMENT AND GENERAL RELEASE 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 Herbert K. Scales (“Employee”) for the purpose of amicably concluding their employment relationship. By entering into this agreement neither party admits any deficiency, wrongdoing or liability, expressly or by implication. 2. Last Working Day. Employee's last regular working day at Iomega will be July 10, 2001. The effective date of Employee's termination of employment with Iomega will be July 10, 2001 (the "Termination Date"). 3. Consideration. (a) Iomega shall make a total special severance payment to Employee in the amount of $130,000, less necessary federal, state and other withholdings, to be paid in equal bi-weekly increments over the next approximately six months (“
