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<SEC-DOCUMENT>0000930413-09-000953.txt : 20090220
<SEC-HEADER>0000930413-09-000953.hdr.sgml : 20090220
<ACCEPTANCE-DATETIME>20090220162929
ACCESSION NUMBER:		0000930413-09-000953
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090219
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090220
DATE AS OF CHANGE:		20090220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REX STORES CORP
		CENTRAL INDEX KEY:			0000744187
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-RADIO TV & CONSUMER ELECTRONICS STORES [5731]
		IRS NUMBER:				311095548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09097
		FILM NUMBER:		09625465

	BUSINESS ADDRESS:	
		STREET 1:		2875 NEEDMORE RD
		CITY:			DAYTON
		STATE:			OH
		ZIP:			45414
		BUSINESS PHONE:		5132763931

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AUDIO VIDEO AFFILIATES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c56721_8k.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>c56721_8k.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="center">
<FONT face="serif">SECURITIES AND EXCHANGE COMMISSION <br>
WASHINGTON, D.C. 20549 </FONT></P>
<P align="center">
<FONT face="serif">FORM 8-K </FONT></P>
<P align="center">
<FONT face="serif">CURRENT REPORT </FONT></P>
<P align="center">
<FONT face="serif">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></P>
<P align="center">
<FONT face="serif">Date of Report (Date of earliest event reported): February 19, 2009 </FONT></P>
<P align="center">
<FONT face="serif">REX STORES CORPORATION <br>
(Exact name of registrant as specified in its charter)</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left nowrap>
      <div align="center"><FONT face="serif">Delaware</FONT>      </div></TD>
	<TD>
	  <div align="center"></div></TD>
	<TD align=center nowrap>
      <div align="center"><FONT face="serif">001-09097</FONT>      </div></TD>
	<TD>
	  <div align="center"></div></TD>
	<TD align=center nowrap>
      <div align="center"><FONT face="serif">31-1095548</FONT>      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
      <div align="center"><FONT face="serif">(State or other jurisdiction</FONT>      </div></TD>
	<TD>
	  <div align="center"></div></TD>
	<TD align=center nowrap>
      <div align="center"><FONT face="serif">(Commission File No.)</FONT>      </div></TD>
	<TD>
	  <div align="center"></div></TD>
	<TD align=center nowrap>
      <div align="center"><FONT face="serif">(IRS Employer Identification No.)</FONT>      </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
 <div align="center"><FONT face="serif">of incorporation)</FONT> </div></TD>
	<TD>
	  <div align="center"></div></TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
	<TD>
	  <div align="center"></div></TD>
	<TD align=left nowrap>

	  <div align="center"></div></TD>
</TR>
<TR>
	<TD colspan=5>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap colspan=3>
<FONT face="serif">2875 Needmore Road, Dayton, Ohio</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap>
<FONT face="serif">45414</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=center nowrap colspan=3>
<FONT face="serif">(Address of principal executive offices)</FONT>	</TD>
	<TD>&nbsp;	</TD>
	<TD align=center nowrap>
<FONT face="serif">(Zip Code)</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT face="serif">Registrant&#8217;s telephone number, including area code: (937) 276-3931</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face=WINGDINGS>o</font><FONT face="serif"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face=WINGDINGS>o</font><FONT face="serif"> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face=WINGDINGS>o</font><FONT face="serif"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face=WINGDINGS>o</font><FONT face="serif"> Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e
- -4(c)) </FONT></P>
<P align="left">&nbsp;</P>
<HR noshade align="center" width="100%" size=4>



<P STYLE="page-break-before:always"></P><PAGE>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=8% align=left nowrap>
<FONT face="serif">Item 5.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>	</TD>
	<TD width=92% align=left nowrap>
<FONT face="serif">Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</FONT>	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">On February 19, 2009, the employment agreement between Rex Radio and Television, Inc., a wholly-owned subsidiary of REX Stores Corporation (&#8220;Rex&#8221;), and David L. Bearden, President and Chief Operating Officer of Rex,
was amended. The amendment provides that (i) Mr. Bearden will be entitled to a one-time cash bonus of &#36;1 million upon completion of the transition of operational control of retail stores to Appliance Direct, Inc. under the Agreement dated
January 29, 2009 as determined by the Chief Executive Officer of Rex in his sole discretion, (ii) the transition bonus replaces any annual cash bonus for fiscal year ended January 31, 2009 and beyond and the Change of Ownership Award provided for in
Mr. Bearden&#8217;s employment agreement and (iii) upon a termination of employment without cause, Mr. Bearden will no longer be entitled to one year of base salary.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The foregoing description is qualified by reference to the full text of the amendment which is filed as an exhibit to this report. </FONT></P>
<P align="left">
<FONT face="serif">Item 9.01 Financial Statements and Exhibits</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">The following is filed as part of this report:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d) Exhibits</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=right>
      <div align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">10</FONT>          <FONT face="serif">(a)</FONT> </div></TD>
	<TD align=left nowrap>
<FONT face="serif">Amendment No. 3 to Employment Agreement dated February 19, 2009 between</FONT>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;		</TD>
	<TD align=left nowrap>
<FONT face="serif">Rex Radio and Television, Inc. and David L. Bearden.</FONT>	</TD>
</TR>
</TABLE>
<BR><P align="left">&nbsp;</P><br>
<br>
<P align="left">&nbsp;</P><br>
<br>
<P align="left">&nbsp;</P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<P align="center">
<FONT face="serif">SIGNATURES</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">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 hereunto duly authorized. </FONT></P>
<br>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="3"><font face="serif">REX STORES CORPORATION</font></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=right nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=53% align=left nowrap>
<FONT face="serif">Date: February 20, 2009</FONT>	</TD>
	<TD width=3%><font face="serif">By:&nbsp;&nbsp;&nbsp;&nbsp;</font> </TD>
	<TD colspan="2" align=right nowrap>
      <div align="left"><U><FONT face="serif">/s/ DOUGLAS L. BRUGGEMAN</FONT></U> </div></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD width="4%" align=left nowrap><FONT face="serif">Name:&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="40%" align=left nowrap><font face="serif">Douglas L. Bruggeman</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap><FONT face="serif">Title: </FONT>	</TD>
    <TD align=left nowrap><font face="serif">Vice President-Finance,</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><font face="serif">Chief Financial Officer and</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;	</TD>
	<TD>&nbsp;	</TD>
	<TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><font face="serif">Treasurer</font></TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;	</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>&nbsp;</TD>
	<TD>&nbsp;	</TD>
	<TD colspan="2" align=left nowrap>&nbsp;	</TD>
</TR>
</TABLE>
<BR><P align="left">&nbsp;</P><br>
<br>
<br>
<br>
<br>

<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.(A)
<SEQUENCE>2
<FILENAME>c56721_ex10-a.htm
<TEXT>

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   <TITLE>c56721_ex10-a.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="right">
<FONT face="serif">Exhibit 10(a)</FONT></P>

<P align="center">
<B><U><FONT face="serif">AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT</FONT></U></B></P>
<P align="left">
<FONT face="serif"> </FONT><B><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT</FONT></B><FONT face="serif"> (the &#8220;Amendment&#8221;) is entered into as of the 19th day of February, 2009 between Rex Radio and Television, Inc., an
Ohio corporation (the &#8220;Corporation&#8221;), and David L. Bearden (&#8220;Employee&#8221;). </FONT></P>
<P align="center">
<B><FONT face="serif">Recitals</FONT></B></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A. The Corporation and Employee entered into an Employment Agreement dated October 11, 2005, as amended by Amendment No. 1 to Employment Agreement dated December 10, 2007 and Amendment No. 2 to Employment Agreement dated March 6,
2008 (the &#8220;Agreement&#8221;). </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. The Corporation and Employee desire to amend the terms and conditions of the Agreement as described herein. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, the Corporation and Employee hereby amend the Agreement as follows: </FONT></P>
<P align="left">
<FONT face="serif">1. </FONT><U><FONT face="serif">Definitions</FONT></U><FONT face="serif">. All capitalized terms used herein and not otherwise defined shall have the same meaning herein as in the Agreement. </FONT></P>
<P align="left">
<FONT face="serif">2. </FONT><U><FONT face="serif">Amendment of Section 4.3</FONT></U><FONT face="serif">. Section 4.3 of the Agreement is hereby amended by deleting existing Section 4.3 in its entirety and replacing it with the following:
</FONT></P>
<blockquote>
<FONT face="serif">&#8220;4.3 </FONT><U><FONT face="serif">Transition Bonus</FONT></U><FONT face="serif">.
In consideration of Employee assisting the Corporation in transitioning operational
control of retail stores to Appliance Direct, Inc.  pursuant to the Agreement
dated January 29, 2009, Employee shall be entitled to a one-time cash bonus of
One Million Dollars (&#36;1,000,000) upon completion of such transition as determined
by the Chief Executive Officer of the Corporation in his  sole discretion. The
Chief Executive Officer shall determine whether such transition has been completed
on or before June 30, 2009. The bonus shall be paid seven (7) days following
the CEO&#8217;s determination.  As a condition to payment of the
bonus, Employee shall have executed and delivered to the Corporation the Employment
Severance Agreement and Release of Claims in the form attached hereto as Exhibit
A.&#8221; </FONT></blockquote>
<P align="left">
<FONT face="serif">3. </FONT><U><FONT face="serif">Effect of Amended Section 4.3</FONT></U><FONT face="serif">. The transition bonus in Section 4.3 as amended hereby replaces any annual cash bonus for fiscal year ended January 31, 2009 and beyond
and the Change of Ownership Award provided for in prior Section 4.3. </FONT></P>
<P align="left">
<FONT face="serif">4. </FONT><U><FONT face="serif">Deletion of Section 6.2</FONT></U><FONT face="serif">. Section 6.2 of the Agreement is deleted in its entirety. </FONT></P>
<P align="left">
<FONT face="serif">5. </FONT><U><FONT face="serif">Amendment of Section 6.3</FONT></U><FONT face="serif">. Section 6.3 of the Agreement is amended by deleting the phrase &#8220;other than without cause as provided in Section 6.2&#8221; in the first sentence. </FONT></P>
<P align="left">
<FONT face="serif">6. </FONT><U><FONT face="serif">Deletion of Section 6.4</FONT></U><FONT face="serif">. Section 6.4 of the Agreement is deleted in its entirety.</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_2"></A>

<P align="left">
<FONT face="serif">7. <U>Effectiveness</U>.  This Amendment shall be effective as of the date first written above. Except as specifically amended by this Amendment, all other terms and conditions of the Agreement shall remain in full force and effect and are hereby ratified and confirmed. </FONT></P>
<P align="left">
<FONT face="serif">8. </FONT><U><FONT face="serif">Miscellaneous</FONT></U><FONT face="serif">. This Amendment shall be deemed to be a contract made under the laws of the State of Ohio and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts made and to be performed entirely within such State. If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to
be invalid, void or unenforceable, the remainder of the terms, provisions, covenants, and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.</FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and attested, all as of the day and year first above written. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=59% align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap>
<FONT face="serif">REX RADIO AND TELEVISION, INC.</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD width="3%" align=left nowrap>
<FONT face="serif">By:</FONT>&nbsp;&nbsp;</TD>
    <TD width="38%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><font face="serif">Stuart A. Rose</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap>&nbsp;</TD>
    <TD align=left nowrap><font face="serif">Chief Executive Officer</font></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowraP>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowraP>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowraP>&nbsp;</TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap>
<FONT face="serif">EMPLOYEE</FONT>	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD colspan="2" align=left nowrap>
<FONT face="serif">David L. Bearden</FONT>	</TD>
</TR>
</TABLE>
<BR><br>
<br>
<br>
<br>
<br>
<br>

<P align="center">
<FONT face="serif">2</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_3"></A>

<P align="center">
<B><U><FONT face="serif">EXHIBIT A</FONT></U></B></P>
<P align="center">
<B><U><FONT size=4 face="serif">EMPLOYMENT SEVERANCE AGREEMENT AND<br>
RELEASE OF CLAIMS</FONT></U></B><B><FONT size=4 face="serif"> </FONT></B></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Employment Severance Agreement and Release of Claims (hereinafter referred to as the &#8220;Agreement&#8221;) is made and entered into by and between David L. Bearden, on behalf of himself individually, and on behalf of his
heirs, executors, administrators, representatives, agents, attorneys and assigns (hereinafter collectively referred to as &#8220;Employee&#8221;) and Rex Radio and Television, Inc., on behalf of its past and present officers, directors, partners,
associates, employees, agents, shareholders, representatives, attorneys and assigns (hereinafter collectively referred to as &#8220;Employer&#8221;). </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">In consideration of the mutual
promises herein contained, the parties agree as follows: </FONT></P>
<P align="left"><FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.</FONT>&nbsp;<U><FONT face="serif">Resignation.</FONT></U><FONT face="serif">
Employee has been employed by Employer since October 11, 2005 pursuant to the terms and conditions of an Employment Agreement between Employee and Employer, as amended by that certain Amendment No. 1 to Employment Agreement dated December 10, 2007,
that certain Amendment No. 2 to Employment Agreement dated March 6, 2008 and that certain Amendment No. 3 to Employment Agreement dated February 19, 2009 (collectively, the &#8220;Employment Agreement&#8221;).  Employee and Employer have agreed that
Employee shall resign from his employment with Employer effective ______________, 2009 (&#8220;Employee&#8217;s Termination Date&#8221;).  As of Employee&#8217;s Termination Date, Employee will no longer be required to perform any services
or report to work at Employer and will not be considered an employee of Employer for any purpose or under any circumstance, including in the event Employee exercises his right to rescind this Agreement under Section 6 below. </FONT></P>
<P align="left">
<FONT face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Payment.</FONT></U><FONT face="serif"> Upon the Effective Date (as defined in Section 6 below) of this Agreement, Employer shall pay to Employee the sum of &#36;1,000,000 (the &#8220;Transition Bonus&#8221;) as</FONT></P>
&nbsp;&nbsp;&nbsp;<P align="center">
<FONT face="serif">3</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_4"></A>

<P align="left">
<FONT face="serif">provided in the Employment Agreement.  All applicable federal, state and local taxes will be deducted from the Transition Bonus at the regular rate. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">3.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Additional Consideration. </FONT></U><FONT face="serif">Employee acknowledges that, in exchange for a waiver of any potential claims
under the Age Discrimination in Employment Act as specified in Section 5(b) below, he is receiving consideration in addition to anything of value to which he is entitled. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">4.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Insurance. </FONT></U><FONT face="serif">Employer agrees to extend all rights pursuant to the Comprehensive Omnibus Budget Reconciliation
Act of 1986, as amended, 29 U.S.C. &#167;&#167; 1161-1168 (&#8220;COBRA&#8221;) for a period of eighteen (18) months from Employee&#8217;s Termination Date.  Payment of all premiums during that period shall be at Employee&#8217;s sole cost and
expense. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">5.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Release.</FONT></U><FONT face="serif">  As a material inducement to enter into this Agreement, Employee knowingly and voluntarily
releases, acquits and forever discharges Employer and its past and present officers, directors, partners, associates, employees, agents, shareholders, representatives, attorneys and assigns from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature which arise from or are related to his employment with Employer and/or the termination of
his employment with Employer that existed on or before the date this Agreement was signed.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">By executing this Agreement, Employee is waiving all claims against Employer and its present officers, directors, partners, associates, employees, agents, shareholders, representatives, attorneys and
assigns arising under federal, state and local labor and antidiscrimination laws and any other restriction on Employer&#8217;s right to terminate employment, including, without limitation:</FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="6%" valign=top nowrap>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width=94%>
<P align="left"><FONT face="serif">Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42 U.S.C. &#167; 2000e, </FONT><U><FONT face="serif">et</FONT></U><FONT face="serif">. </FONT><U><FONT face="serif">seq</FONT></U><FONT face="serif">., and 42 U.S.C. &#167; 1981A;</FONT></P>
	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE><br>
<br>
<br>
<br>

<P align="center">
<FONT face="serif">4</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_5"></A>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR>
	<TD width="6%" valign=top nowrap>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<P align="left"><FONT face="serif">The Age Discrimination in Employment Act of
    1967 (&#8220;ADEA&#8221;),
    as amended, 29 U.S.C. &#167; 621, </FONT><u><font face="serif">et seq</font></u><font face="serif">.,
    including The Older Workers Benefit Protection Act, 29 U.S.C. &#167; 626;</font></P>	</TD>
</TR><TR>
<TD>&nbsp;</TD>	<TD>
<P align="left">&nbsp;</P>	</TD>
</TR>
<TR>
	<TD nowrap valign=top>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<P align="left"><FONT face="serif">The Employment Retirement Income Security Act of 1974, as amended, 29 U.S.C. &#167; 1001, </font><u><font face="serif">et
    seq</font></u><font face="serif">.;</font></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<P align="left"><FONT face="serif">The Family and Medical Leave Act of 1993, 29 U.S.C. &#167; 2601, </FONT><U><FONT face="serif">et seq</FONT></U><FONT face="serif">.;</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(e)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<P align="left"><FONT face="serif">The Americans with Disabilities Act of 1990, 42 U.S.C. &#167; 12201, </FONT><U><FONT face="serif">et seq</FONT></U><FONT face="serif">.; and</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">(f)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD>
<P align="left"><FONT face="serif">All applicable local and state statutes, including but not limited to Missouri Revised Statutes &#167; 213.055, </FONT><U><FONT face="serif">et seq</FONT></U><FONT face="serif">.</FONT></P>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">For purposes of implementing a full and complete release and discharge, Employee expressly acknowledges that he has not filed and will not file a claim(s) with an administrative agency, including but
not limited to, the Equal Employment Opportunity Commission (&#8220;EEOC&#8221;) and any state or local agency with the same or comparable jurisdiction, with the exception of ADEA claims.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">This Agreement is intended to include within its effect all claims, which exist at the time of execution, respecting events occurring through the date of execution, and this Agreement contemplates the
extinguishment of any such claim or claims. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">6.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Older Workers Benefit Protection Act.</FONT></U><FONT face="serif"> YOU WILL WANT TO DISCUSS THIS AGREEMENT WITH A LAWYER.  PLEASE REVIEW
THIS AGREEMENT AND THE NOTICE ATTACHED AS EXHIBIT 1 AND CONSIDER THEM FOR UP TO TWENTY-ONE (21) DAYS.  YOU SHOULD THOROUGHLY REVIEW AND UNDERSTAND THE EFFECT OF THIS AGREEMENT BEFORE ACTING UPON IT.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> IF YOU SIGN THIS AGREEMENT, YOU WILL HAVE SEVEN (7) DAYS AFTER YOU HAVE SIGNED TO CHANGE YOUR MIND. IF YOU DECIDE WITHIN THIS SEVEN</FONT></P>
<br>
<br>
<br>
<br>
<P align="center">
<FONT face="serif">5</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_6"></A>

<P align="left">
<FONT face="serif">(7) DAY PERIOD THAT YOU WILL ACCEPT THE AGREEMENT, YOU MUST SIGN EXHIBIT 1 ATTACHED TO THIS AGREEMENT AND RETURN IT TO EMPLOYER BY CERTIFIED MAIL.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">THIS AGREEMENT WILL NOT BECOME EFFECTIVE UNTIL THE SEVEN (7) DAY PERIOD AFTER YOU HAVE SIGNED THIS AGREEMENT HAS EXPIRED (&#8220;THE EFFECTIVE DATE&#8221;). UPON THE EFFECTIVE DATE, YOU SHALL RECEIVE
PAYMENT AS DESCRIBED IN SECTION 2. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">7.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">No Reliance. </FONT></U><FONT face="serif">The parties represent to each other that in executing this Agreement they do not rely and have
not relied upon any representation or statement not set forth herein made by the other party or by any of the other party&#8217;s agents, representatives or attorneys with regard to the subject matter, basis or effect of this Agreement or otherwise.
</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">8.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Choice of Law, Venue &amp; Jurisdiction. </FONT></U><FONT face="serif">This Agreement will be governed by and construed and enforced
under the laws of the State of Ohio. The parties further consent to the jurisdiction and venue of a court of competent jurisdiction in Montgomery County, Ohio with respect to any dispute or claim arising under this Agreement or relating to the
subject matter of this Agreement.</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">9.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Severability.</FONT></U><FONT face="serif">  In the event that any one or more of the provisions of this Agreement is held to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">10.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Integration. </FONT></U><FONT face="serif">This Agreement sets forth the entire agreement between the parties hereto concerning the
subject matter hereof and may not be changed without the written consent of the parties. This Agreement supersedes all prior agreements and understandings concerning the subject matter hereof.</FONT></P>
<P align="center">
<FONT face="serif">6</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_7"></A>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">11.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Assignment. </FONT></U><FONT face="serif">This Agreement is intended to be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">12.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">Counterparts</FONT></U><FONT face="serif">.  This Agreement may be executed in one or more identical counterparts, each of which shall
be deemed an original but all of which together shall constitute but one and the same instrument. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">13.</FONT><FONT face="sans-serif"> </FONT><U><FONT face="serif">No Admission. </FONT></U><FONT face="serif">Nothing in this Agreement shall be construed as an admission by Employee or Employer of any
intentional or unintentional wrongdoing or any violation of any local, state or federal law.  Rather, it is understood by the parties that the execution of this Agreement is a voluntary act to provide an amicable conclusion to Employee&#8217;s
employment with Employer. </FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates written below. </FONT></P>
<P align="left">
<FONT face="serif">Employee </FONT></P>
<TABLE width="40%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width="69%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  <TD width="19%">&nbsp;</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT face="serif">David L. Bearden</FONT>	</TD>
	<TD>&nbsp;	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT face="serif">Execution Date:</FONT>	___________________________</TD>
	<TD><font face="serif">, 2009</font> </TD>
  </TR>
</TABLE>
<BR>
<P align="left">
<FONT face="serif">Sworn to and subscribed to in my presence on this _____ day of _____________, 2009.</FONT></P>
<P align="left">&nbsp;</P>
<TABLE width="30%" border=0 align="center" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><div align="center"><font face="serif">NOTARY PUBLIC</font></div></TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<P align="center">
<FONT face="serif">7</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_8"></A>

<P align="left">
<FONT face="serif">Employer: </FONT></P>
<P align="left">
<FONT face="serif">Rex Radio and Television, Inc. </FONT></P>
<P align="left">&nbsp;</P>
<TABLE width="35%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="8%" align=left><font face="serif">By: </font></TD>
    <TD width="83%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left><font face="serif">Name: </font></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width="8%" align=left><font face="serif">Title: </font></TD>
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<P align="left">
<FONT face="serif">Sworn to and subscribed in my presence on this ____ day of
______________, 2009.</FONT></P>
<TABLE width="30%" border=0 align="center" cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><div align="center"><font face="serif">NOTARY PUBLIC</font></div></TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<P align="center">
<FONT face="serif">8</FONT></P>

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<P STYLE="page-break-before:always"></P><PAGE>
<A name="page_9"></A>

<P align="center">
<FONT size=5 face="serif">EXHIBIT 1</FONT></P>
<P align="center">
<FONT size=4 face="serif">NOTICE OF ACCEPTANCE OF EMPLOYMENT SEVERANCE AGREEMENT</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">I, David L. Bearden, signed
the Employment Severance Agreement and Release of Claims between myself and Employer
on __________________, 2009. Seven (7) days have now passed since my signing
of the Employment Severance Agreement and Release of Claims. I have carefully
read the Agreement, fully understand the Agreement, and completely accept the
Agreement. Upon further reflection during the past seven (7) days, I have decided
not to revoke the Employment Severance Agreement and Release of Claims. </FONT></P>
<P align="left">&nbsp;</P>
<TABLE width="70%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="41%" align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="50%"><font face="serif">Date: _______________________, 2009</font></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left nowrap><FONT face="serif">David L. Bearden</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Please send payment to the following address:</FONT></P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________________________<br>
<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________________________<br>
<br>
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_______________________________________<br>
<P align="left">&nbsp;</P>
<P align="center">
<FONT face="serif">9</FONT></P>

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