Chief Financial Officer Employment Agreement

Exhibit 10.31


March 1, 2006


Preston Romm


Dear Preston:


Iomega is very pleased to offer you the position of Chief Financial Officer and Vice President Finance. In this role, the finance, accounting, tax, treasury, investor relations, and information technology functions will report to you. Your work location will be based in San Diego, California and you will be reporting directly to me. We are excited about our future and your contributions to Iomega' s success. We would like your employment to begin no later than March 20, 2006.


Your total compensation package includes:


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A base salary that equates to $270,000 annually, paid on a bi-weekly basis.


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Participation in the Iomega Incentive Bonus Program, with an annual incentive target payment equal to 55% of your annual base salary, subject to the terms of the Incentive Bonus Program. This program has a potential payout of up to two times target level for exceeding goals and you will be guaranteed a minimum $75,000 (gross) payout for the 2006 plan year.


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A $20,000 sign on bonus (gross). If you voluntarily terminate your employment at Iomega Corporation within one year of your hire date, you agree to reimburse Iomega Corporation 100% of this sign on bonus including applicable withholding taxes.


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An option to purchase175,000 shares of Iomega stock with an exercise price equal to the Fair Market Value on your start date; the Fair Market Value of the stock is determined by the average of the high and low price on the day you begin employment. These option shares will vest in four increments, 25% on your first anniversary, 25% on your second anniversary, 25% on your third anniversary and 25% on your fourth anniversary. All options are subject to the terms of a stock option agreement, which contains non-competition and non-solicitation provisions.


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