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<SEC-DOCUMENT>0000930413-09-005089.txt : 20091006
<SEC-HEADER>0000930413-09-005089.hdr.sgml : 20091006
<ACCEPTANCE-DATETIME>20091006100039
ACCESSION NUMBER:		0000930413-09-005089
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090930
ITEM INFORMATION:		Termination of a Material Definitive Agreement
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:		20091006
DATE AS OF CHANGE:		20091006

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:		091107229

	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>c58981_8-k.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</FONT></P>

<P ALIGN=CENTER><FONT SIZE=5>FORM 8-K</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>CURRENT REPORT</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Date of Report (Date of
earliest event reported): September 30, 2009</FONT></P>

<P ALIGN=CENTER><FONT SIZE=6>REX STORES CORPORATION<BR>
<FONT SIZE=2>(Exact name of registrant as specified in its charter)</FONT></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="28%"  VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD   VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>Delaware</FONT></P> </TD>
 <TD   VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>001-09097</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>31-1095548</FONT></P> </TD>
 </TR>
 <TR>
 <TD  VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(State or other
 jurisdiction</FONT></P> </TD>
 <TD   VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Commission File No.)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(IRS Employer
 Identification No.)</FONT></P> </TD>
 </TR>
 <TR>
 <TD   VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>of incorporation)</FONT></P> </TD>
 <TD   VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>2875 Needmore Road,
 Dayton, Ohio</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>45414</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Address of principal
 executive offices)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2>(Zip Code)</FONT></P> </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>Registrant&#146;s
telephone number, including area code: (937) 276-3931</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE=WINGDINGS>o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE=WINGDINGS>o</FONT> Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE=WINGDINGS>o</FONT>
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE=WINGDINGS>o</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="88%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Item 1.02</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Termination of a Material
 Definitive Agreement</FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 30, 2009, Rex Radio and Television, Inc., Kelly &amp; Cohen
Appliances, Inc. and Stereo Town, Inc., wholly owned subsidiaries of REX Stores
Corporation (collectively &#147;Rex&#148;) and Appliance Direct, Inc. (&#147;AD&#148;) entered into
a letter agreement pursuant to which (i) AD agreed to vacate all properties
leased from Rex, remove personal property and inventory and turn over
possession of the leased premises to Rex, (ii) AD agreed to pay weekly rent for
each location until possession is returned to Rex and (iii) Rex and AD agreed to
release and discharge each other from all claims or causes of action
whatsoever, including claims arising out of or relating to the leases. Rex
intends to market the properties for sale or lease through normal real estate
brokerage channels.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description is qualified in its entirety by reference to the full
text of the letter agreement which is filed as an exhibit to this report.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="88%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Item 5.02</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Departure of Directors or
 Certain Officers; Election of Directors; Appointment of Certain Officers;
 Compensatory Arrangements of Certain Officers</FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
employment agreement with David L. Bearden, the former President and Chief
Operating Officer of REX Stores Corporation (&#147;Rex&#148;), was amended as of
September 30, 2009. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
Bearden&#146;s employment with Rex terminated as of June 30, 2009. Notwithstanding
that the Chief Executive Officer of Rex determined that transition of
operational control of retail stores to Appliance Direct, Inc. had not occurred
as of June 30, 2009, Rex agreed to pay Mr. Bearden, in lieu of any other
payment pursuant to the employment agreement, a Severance Payment of $450,000,
payable $225,000 on or before January 31, 2010 (but not before January 1, 2010)
and $225,000 on or before January 31, 2011 (but not before January 1, 2011),
subject to execution of a severance agreement and release of claims.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing description is qualified in its entirety by reference to the full
text of the amendment which is filed as an exhibit to this report.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="88%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Item 9.01</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Financial Statements and
 Exhibits</FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are filed as part of this report:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)
Exhibits</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="91%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10(a)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Letter Agreement dated
 September 30, 2009 between Rex Radio and Television, Inc., Kelly &amp; Cohen
 Appliances, Inc., Stereo Town, Inc. and Appliance Direct, Inc.</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>10(b)</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Amendment No. 4 to
 Employment Agreement dated September 30, 2009 between Rex Radio and
 Television, Inc. and David L. Bearden.</FONT></P> </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>SIGNATURES</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="11%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="14%" VALIGN=TOP>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=4 VALIGN=TOP>
 <P><FONT SIZE=2>REX STORES CORPORATION<BR><BR></FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: October 6, 2009</FONT></P> </TD>
 <TD NOWRAP VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=TOP NOWRAP>
 <P><FONT SIZE=2>/s/ DOUGLAS L. BRUGGEMAN</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD NOWRAP VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=gray ALIGN=CENTER> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD NOWRAP VALIGN=TOP>
 <P><FONT SIZE=2>Name:&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=TOP >
 <P><FONT SIZE=2>Douglas L. Bruggeman</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Vice President-Finance, </FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Chief Financial Officer and<BR>Treasurer</FONT></P> </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.(A)
<SEQUENCE>2
<FILENAME>c58981_ex10-a.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE="2"><B>Exhibit 10(a)</B> </FONT></P>

<P><FONT SIZE=2><img src="c58981001.jpg" ALT="(DINSMORE & SHOHL LLP LOGO)"></font></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="10%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN="CENTER"><FONT SIZE=1>Edward M. Kress<BR>
937-449-2830<BR>
937-463-4947 - Fax<BR>
edward.kress@dinslaw.com</FONT></P>
 </TD>
 </TR>
 </TABLE>



<P ALIGN=CENTER><FONT SIZE=2>September 30, 2009</FONT></P>

<P><FONT SIZE=2><U><B>VIA E-MAIL AND FEDEX <BR>
</B></U>Mr. Sam Pak <BR>
Chief Executive Officer<BR>
Appliance Direct, Inc.<BR>
397 North Babcock Street<BR>
Melbourne, Florida 32935 </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RE:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leases
dated as of January 29, 2009 between Rex Affiliates and Appliance Direct
Affiliates </B></FONT></P>

<P><FONT SIZE=2>Dear Sam: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the parties&#146; discussions, this letter memorializes the terms for the
Appliance Direct affiliates (collectively, &#147;Tenants&#148;) to vacate the Leased
Premises listed on Schedule A attached to this letter, remove Tenants&#146; personal
property and inventory and turn over possession of the Premises to Rex Radio
and Television, Inc., Kelly &amp; Cohen Appliances, Inc. and Stereo Town, Inc.
(collectively, &#147;Landlords&#148;). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
or before October 1, 2009, Tenants shall pay to Landlords, by wire transfer of
good funds, the Minimum Rent and Additional Rent (collectively, the &#147;Rent&#148;) for
each of the locations prorated on a weekly basis. On each Wednesday of the
month of October, by the close of business, Tenants shall pay Landlords, by
wire transfer of good funds, the Rent prorated on a weekly basis for those
locations which Tenants have not returned possession of the Leased Premises to
Landlords. Tenant shall also be responsible for payment of the costs of all
utilities through the date Tenant returns possession of a given location to
Landlords. Tenants shall deliver to Landlords a list of those locations and
return the keys for those locations that have already been vacated and which
Tenants are delivering possession to Landlords as of October 1, 2009. In the
event Tenants fail to pay Rent as required by this letter agreement, Tenants
shall immediately, without notice or opportunity to cure, surrender possession
of the Leased Premises to Landlords and Landlords may take all action necessary
to secure possession of the Leased Premises. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
each Tenant vacate a given Leased Premises, Tenant shall give Landlord written
notice that the location has been vacated and overnight the keys to that
location to Landlord. Possession of that Leased Premises shall be deemed to
have been delivered to Landlord effective </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sam Pak <BR>
 September 30,
 2009 <BR>Page 2</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</font></p>
</td>
</tr>
 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="20%" NOSHADE COLOR=gray ALIGN=LEFT>

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>the date the keys are placed
in overnight mail to Landlord. Tenant shall discontinue all utilities no
earlier than one day following receipt by Landlord of written notice of
vacating and return of keys to Landlord. The parties agree and acknowledge that
AD-Gainesville, Inc. has returned the keys to Stereo Town, Inc. and delivered
possession of the Leased Premises in Gainesville to Stereo Town, Inc. as
Landlord. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a Tenant vacates a Leased Premises prior to the date through which Rent is
paid, Landlords shall credit against the next week&#146;s Rent (or refund to Tenants
if no Rent is due because all of the Leased Premises have been turned over to
Landlord) for any Rent prepaid for such location. Once Tenant delivers written
notice to Landlord that a location has been vacated, Landlord shall have the
right to change the security system at that location to Landlord&#146;s name and
change the locks if Landlord so desires. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties acknowledge that bona fide disputes and controversies exist between the
parties, and by reason of such disputes and controversies the parties desire to
compromise and settle all claims and causes of action of any kind whatsoever
which the parties have or may have in the future against each other arising out
of the Leases, excluding any claims first occurring after the date of this
letter agreement or any damage to the Leased Premises caused by Tenants. It is
understood and agreed that this is a compromise of disputed claims, and nothing
contained herein shall be construed as an admission of liability by or on
behalf of any party, all such liability being expressly denied. Further, by
executing this letter, the parties release and forever discharge each other and
all of their respective successor or predecessor entities, all of their past
and present directors, officers, employees, members, representatives,
attorneys, agents, successors, and assigns from any and all claims which they
or any of them may have or claim to have from the beginning of time through the
date of this Letter arising from any claims or causes of action whatsoever,
including but not limited to claims or causes of action arising out of or
relating to the Leases, excluding any claims first occurring after the date of
this letter agreement or any damage to the Leased Premises caused by Tenants.
Notwithstanding this paragraph the parties agree to cooperate in the filing of
any reports with law enforcement or insurance companies where applicable for
any inventory determined after inspection to be missing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
capitalized terms not defined herein shall have the meaning ascribed to such
term in the respective Leases between Landlords and Tenants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the interest of time, each party agrees to accept any notice required by this
letter agreement by email, with a copy to their respective counsel by email,
with the original notice to be subsequently sent by either overnight mail or
certified mail. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
at any time any of the parties hereto reasonably determine that any further
documentation or assurances are reasonably necessary or desirable to carry out
the provisions of this letter agreement and the transactions contemplated
herein, the appropriate parties hereto shall execute and deliver, or cause to
be executed and delivered, any and all proper documentation or assurances and
to do, or cause to be done, all things reasonably necessary or proper to carry
out fully the provisions hereof. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Sam Pak<BR>
 September 30, 2009<BR>Page 3</FONT></P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</font></p>
</td>
</tr>

 <TR>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="20%" NOSHADE COLOR=gray ALIGN=LEFT>

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
sign a copy of this letter and return it to my attention to evidence your
agreement to the terms set forth herein. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Sincerely, </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>/s/ Edward M. Kress</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="90%" NOSHADE COLOR="gray" ALIGN=left>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Edward M. Kress, Secretary
 of<BR>
 Rex Radio and Television, Inc, Kelly &amp; Cohen<BR>
 Appliances, Inc. and Stereo Town, Inc.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Agreed to and acknowledged<BR>
this ____ day of September, 2009<BR>
Appliance Direct, Inc., AD-Mobile, Inc.,<BR>
AD-Daphne, Inc., AD-Gadsden, Inc.,<BR>
AD-Auburn, Inc., AD-Florence, Inc.,<BR>
AD-Decatur, Inc., AD-Montgomery, Inc.,<BR>
AD-Brunswick, Inc., AD-Gautier, Inc.,<BR>
AD-Greenville, Inc., AD-Meridian, Inc.,<BR>
AD-Columbus, Inc., AD-Natchez, Inc.,<BR>
AD-Vicksburg, Inc. and AD-Gainesville, Inc. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>By:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Appliance Direct, Inc.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR="gray" ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM nowrap>
 <P><FONT SIZE=2>Name:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Sam Pak</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR="gray" ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM nowrap>
 <P><FONT SIZE=2>Title:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>CEO</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR="gray" ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>EMK-KRA:pas\45915 1</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>cc:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Christopher J. Coleman,
 Esq. (Via E-mail and Fedex)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Douglas L. Bruggeman</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><img src="c58981001.jpg" ALT="(DINSMORE & SHOHL LLP LOGO)"></font></P>

<P ALIGN=CENTER><FONT SIZE=2><U><B>Schedule A</B></U></FONT></P>

<TABLE  ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="67%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="13%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE="1"><B>Store<BR>
Number</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE="1"><B>Location</B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE="1"><B>Weekly Rent</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <tr BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>14</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>7163 Airport
 Boulevard</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,467.21</FONT></P>
 </TD>
 </TR>
 <TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Mobile,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>23</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Daphne,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,484.54</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>27</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dothan,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,423.41</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>24</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Gadsden,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,492.01</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>29</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Auburn,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,494.50</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>102</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Florence,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,416.57</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>103</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Decatur, Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,427.51</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>181</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Montgomery,
 Alabama</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,459.47</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>154</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Brunswick,
 Georgia</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,467.04</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>17</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Gautier,
 Mississippi</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,510.44</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>25</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Greenville,
 Mississippi</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,608.06</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>137</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Meridian,
 Mississippi</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,575.23</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>138</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Columbus,
 Mississippi</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,597.48</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>296</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Natchez,
 Mississippi</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,571.03</FONT></P>
 </TD>
 </TR>
<TR BGCOLOR="#E6E6E6">
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>127</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vicksburg,
 Mississippi</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>$1,582.54</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.(B)
<SEQUENCE>4
<FILENAME>c58981_ex10-b.htm
<TEXT>

<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=RIGHT><FONT SIZE=2><B>Exhibit 10(b)</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><U><B>AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT</B></U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS AMENDMENT NO. 4 TO EMPLOYMENT AGREEMENT</B>
(this &#147;Amendment&#148;) is entered into as of the 30th day of September, 2009
between Rex Radio and Television, Inc., an Ohio corporation (the &#147;Corporation&#148;),
and David L. Bearden (&#147;Employee&#148;).</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>Recitals</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.
The Corporation and Employee entered into an Employment Agreement dated
October&nbsp;11, 2005, as amended by Amendment No. 1 to Employment Agreement
dated December 10, 2007, Amendment No. 2 to Employment Agreement dated March 6,
2008 and Amendment No. 3 to Employment Agreement dated February 19, 2009
(collectively, the &#147;Agreement&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.
Amendment No. 3 to Employment Agreement provided for payment of a &#147;Transition
Bonus&#148; and the Corporation and Employee desire to amend the Agreement with
respect to the termination of Employee&#146;s employment and payment of the
Severance Payment as described herein.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, the Corporation and Employee hereby amend the Agreement as follows:</FONT></P>

<P><FONT SIZE=2>1. <U>Definitions</U>.
All capitalized terms used herein and not otherwise defined shall have the same
meaning herein as in the Agreement.</FONT></P>

<P><FONT SIZE=2>2. <U>Payment
Effective as of Termination of Employment</U>. Employee&#146;s employment with the
Corporation was terminated effective as of June 30, 2009. As of June 30, 2009,
the Chief Executive Officer of the Corporation determined that the transition
of operational control of retail stores to Appliance Direct, Inc. (&#147;AD&#148;) had
not occurred. Notwithstanding the fact that the Corporation maintains that the
transition has not occurred and in lieu of any other payment from Corporation
to Employee pursuant to the Employment Agreement, the Corporation agrees to pay
to Employee a non-refundable Severance Payment in the amount of $450,000.00
payable as follows: (i) $225,000.00 on or before January 31, 2010 (but not
before January 1, 2010); and (ii) $225,000.00 on or before January 31, 2011
(but not before January 1, 2011), subject to the execution of, and expiration
of any applicable waiting period pursuant to, the Employment Severance
Agreement and Release of Claims in the form attached hereto as Exhibit &#147;A&#148;.</FONT></P>

<P><FONT SIZE=2>3. <U>Effectiveness</U>.
This Amendment shall be effective as of the date first written above. Except as
specifically amended by this Amendment, all other applicable terms and
conditions of the Agreement shall remain in full force and effect and are
hereby ratified and confirmed.</FONT></P>

<P><FONT SIZE=2>4. <U>Miscellaneous</U>.
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>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed, all as of the day and year first above written.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT SIZE=2>REX RADIO
 AND TELEVISION, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>/s/ Douglas
 Bruggeman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Douglas
 Bruggeman</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Vice
 President-Finance</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2>EMPLOYEE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2>/s/ David L.
 Bearden</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2>David L.
 Bearden</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=RIGHT><FONT SIZE="2">EXHIBIT &#147;A&#148; </FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><U><B>EMPLOYMENT
SEVERANCE AGREEMENT AND<BR>
RELEASE OF CLAIMS</B></U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Employment Severance Agreement and Release of Claims (hereinafter referred to
as the &#147;Agreement&#148;) 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 &#147;Employee&#148;) 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 &#147;Employer&#148;).</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
consideration of the mutual promises herein contained, the parties agree as
follows:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
<U>Termination Date.</U> 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, that certain Amendment No. 3 to
Employment Agreement dated February 19, 2009 and that certain Amendment No. 4
to Employment Agreement dated concurrently herewith (collectively, the
&#147;Employment Agreement&#148;). Employee and Employer have agreed that Employee was
terminated from his employment with Employer effective June 30, 2009 (&#147;Employee&#146;s
Termination Date&#148;). As of Employee&#146;s Termination Date, Employee was no longer
required to perform any services or report to work at Employer and was not
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>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
<U>Payment.</U> In accordance with the terms of this Agreement, Employer shall
pay to Employee the sum of $450,000.00 (the &#147;Severance Payment&#148;) as provided in
the Employment Agreement, as follows: (i) $225,000.00 on or before January 31,
2010 (but not before January 1, 2010); and (ii) $225,000.0 on or before January
31, 2011 (but not before January 1, 2011, except as such payment may be
accelerated in the event of a Change in Control). All applicable federal, state
and local taxes will be deducted from the Severance Payment at the regular
rate. In the event of a Change in Control (as hereinafter defined), the
Employer&#146;s obligation to make payment of the Severance Payment (or the balance
thereof then due hereunder) shall be accelerated so that such amount is
immediately payable by Employer to Employee in full. Employee is not obligated
to seek other employment or take any other action as a condition for receiving
the amount payable to Employee hereunder, nor shall the amount of any payment
hereunder be reduced by any setoff or compensation earned as a result of
Employee&#146;s employment by another employer because the Severance Payment is
non-refundable and not subject to reduction or forfeiture.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.
<U>Additional Consideration.</U> 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.
<U>Insurance.</U> Employer agrees to extend all rights pursuant to the
Comprehensive Omnibus Budget Reconciliation Act of 1986, as amended, 29 U.S.C.
&sect;&sect; 1161-1168 (&#147;COBRA&#148;) for a period of eighteen (18) months from Employee&#146;s
Termination Date. Payment of all premiums during that period shall be at
Employee&#146;s sole cost and expense.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.
<U>Release.</U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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,</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s right
to terminate employment, including, without limitation:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title VII of
 the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991, 42
 U.S.C. &sect; 2000e, <U>et</U>. <U>seq</U>., and 42 U.S.C. &sect; 1981A;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Age
 Discrimination in Employment Act of 1967 (&#147;ADEA&#148;), as amended, 29 U.S.C. &sect;
 621, <U>et</U> <U>seq</U>., including The Older Workers Benefit Protection
 Act, 29 U.S.C. &sect; 626;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 Employment Retirement Income Security Act of 1974, as amended, 29 U.S.C. &sect;
 1001, <U>et</U> <U>seq</U>.;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(d)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The Family
 and Medical Leave Act of 1993, 29 U.S.C. &sect; 2601, <U>et</U> <U>seq</U>.;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(e)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>The
 Americans with Disabilities Act of 1990, 42 U.S.C. &sect; 12201, <U>et</U> <U>seq</U>.;
 and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(f)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE="2">All
applicable local and state statutes, including but not limited to Missouri
Revised Statutes &sect; 213.055, <U>et</U> <U>seq</U>. </FONT> </P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (&#147;EEOC&#148;) and any state or local agency with the same or
comparable jurisdiction. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(b)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Employer
 hereby irrevocably releases, acquits and forever discharges Employee and
 Employee&#146;s heirs, successors and assigns from any and all charges,
 complaints, claims, liabilities, obligations, powers, agreements,
 controversies, damages, actions, causes of action, suits, rights, demands,
 defenses, costs, losses, debts, setoffs and expenses of any nature which
 arise from or are related in any way to the October 11, 2005 Employment
 Agreement between Employer and Employee, as amended, Employee&#146;s employment by
 the Employer, and/or the termination of his employment with Employer. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(c)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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; provided, however, the foregoing provisions of this Section
 5 shall not apply to any claims that may arise after the date hereof,
 including but not limited to any claim relating to the Employer&#146;s performance
 of this Agreement. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.
<U>Older Workers Benefit Protection Act.</U> 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (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=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
AGREEMENT WILL NOT BECOME EFFECTIVE UNTIL THE SEVEN (7) DAY PERIOD AFTER YOU
HAVE SIGNED THIS AGREEMENT HAS EXPIRED (&#147;THE EFFECTIVE DATE&#148;). UPON THE
EFFECTIVE DATE, YOU SHALL RECEIVE PAYMENT AS DESCRIBED IN SECTION 2. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Change
      in Control</u>. Change in Control for purposes of this Agreement means the
Employer&#146;s written agreement to enter into a transaction the consummation of
which would constitute a change in ownership or effective control as defined by
Treasury Regulations issued pursuant to Section 409A of the Internal Revenue
Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.
<U>Non-Disparagement</U>. Each party agrees that he or it will not make or
induce others to make any public or private disparaging statements, oral or
written regarding the other party or his or its business or work performance.
Employer agrees that it will respond to any request for employment references
for Employee by providing a neutral reference containing Employee&#146;s dates of
employment and position(s) held. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.
<U>No Reliance.</U> 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&#146;s agents, representatives or attorneys with regard to the subject matter,
basis or effect of this Agreement or otherwise. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.
<U>Choice of Law, Venue &amp; Jurisdiction.</U> 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. Amounts payable hereunder shall bear interest at the rate of six
percent (6%) per annum from the date due hereunder until payment, and in the event
of any litigation to enforce the terms of this Agreement, the prevailing party
shall be awarded reasonable attorneys&#146; fees and costs.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.
<U>Severability.</U> 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.
<U>Integration.</U> 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.
<U>Assignment.</U> 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.
<U>Counterparts</U>. 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.
<U>No Admission.</U> 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&#146;s employment with Employer. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties have executed this Agreement as of the dates
written below. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Employee</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>David L.
 Bearden</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Execution
 Date: ______________, 2009</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Sworn to and
subscribed to in my presence on this _____ day of _____________, 2009.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="75%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>NOTARY
 PUBLIC </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="46%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM NOWRAP>
 <P><FONT SIZE=2>Employer:&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT SIZE=2>Rex Radio
 and Television, Inc.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>By: </FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="75%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM NOWRAP>
 <P><FONT SIZE=2>Name:&nbsp;&nbsp;Douglas Bruggeman</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="60%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT SIZE=2>Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President-Finance</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="75%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Sworn to and
subscribed in my presence on this ____ day of ______________, 2009.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="75%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>NOTARY
 PUBLIC</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2>EXHIBIT 1</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>NOTICE OF
ACCEPTANCE OF EMPLOYMENT SEVERANCE AGREEMENT</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="69%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="30%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=LEFT>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>David L.
 Bearden</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Date:
 _____________________, 2009</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%"  style="margin-left:5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="32%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="67%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT SIZE=2>Please send
 payment to the following address:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
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</HTML>
</TEXT>
</DOCUMENT>
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