UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of Earliest Event Reported): December 17,
2007
IOMEGA
CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
|
Delaware
|
1-12333
|
86-0385884
|
|
(State
or Other Jurisdiction
|
(Commission
|
(IRS
Employer
|
|
of
Incorporation)
|
File
Number)
|
Identification
No.)
|
|
10955
Vista Sorrento Parkway, San Diego, CA
|
92130
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
(858)
314-7000
(Registrant’s
Telephone Number, Including Area Code)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the following
provisions.
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17
CFR 240.14d-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17
CFR 240.13e-4(c))
SECTION
5 – CORPORATE GOVERNANCE AND MANAGEMENT
|
Item
5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers
|
(c)(3) On
December 17, 2007, the Board of Directors of Iomega Corporation (“Iomega”)
approved the 2008 Corporate Bonus Plan (the “Bonus Plan”) and established bonus
awards that may be earned by Iomega personnel, including Iomega’s named
executive officers whose annual bonus targets are as
follows: Jonathan Huberman, Chief Executive Officer - 100%; Thomas
Kampfer, President and Chief Operating Officer - 75%; Preston Romm, Vice
President, Finance and Chief Financial Officer - 55% (each executive’s target is
as a percentage of their base salary). The annual bonus target
percentages are as stated in each executive’s employment
agreement. The 2008 bonuses may be paid based on the achievement of
certain company-wide operating income goals. The Bonus Plan operating
income goals are more than 50% higher than the operating income goals set
forth
in the 2007 bonus plan.
Depending
upon Iomega’s 2008 operating income, bonus payouts to the three executives, as
well as other Iomega personnel, may be zero (for failure to achieve the
threshold level of operating income), or 75% to 150% of each of the annual
bonus
targets based upon achieving operating income levels at or above the threshold
level. The Board of Directors established an operating
income range, and should 2008 operating income levels be within or greater
than
that range, each executive would receive 75% to 150% of their annual bonus
target.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
Date:
December 20, 2007
IOMEGA
CORPORATION
(Registrant)
By: /s/
Thomas D. Kampfer
Thomas
D.
Kampfer
President
and Chief Operating Officer
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