Form 8-K for amended employee contracts

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): July 18, 2005

IOMEGA CORPORATION
(Exact Name of Registrant as Specified in its Charter)

Delaware
(State or Other Jurisdiction
of Incorporation)

1-12333
(Commission
File Number)

86-0385884
(IRS Employer
Identification No.)

10955 Vista Sorrento Parkway, San Diego, CA
(Address of Principal Executive Offices)

92130
(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 1 – REGISTRANT’S BUSINESS AND OPERATIONS

Item 1.01 Entry Into a Material Definitive Agreement

On July 18, 2005, the Compensation Committee of the Board of Directors of Iomega Corporation amended the employment agreement with Anna Aguirre, Vice President, Human Resources and Facilities, to provide that Iomega Corporation would pay Ms. Aguirre an additional three months of base salary in severance (for a total of nine months of base salary) if her employment is terminated other than for cause.

On July 18, 2005, the Compensation Committee also authorized the establishment of a severance arrangement for Ulrike Tegtmeier, Vice President, Managing Director for EMEA &Asia Pacific. Under this arrangement, Iomega Corporation would pay Ms. Tegtmeier severance pay equal to nine months of base salary if her employment is terminated other than for cause.

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: July 22, 2005

IOMEGA CORPORATION
               (Registrant)

By:   /s/ Thomas D. Kampfer
               Thomas D. Kampfer
               Executive Vice President, Business Solutions,
               General Counsel and Secretary

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549