Document:

Exhibit
      10.4:

    

    Oil-Dri
      Corporation of America

    Annual
      Incentive Plan

    (As
      Amended and Restated Effective January 1, 2008)

     

    I. Purpose.
      To
      provide eligible Salaried Employees with an annual incentive opportunity based
      on the potential contribution level of each position and to reward individuals
      for outstanding Company and individual performance, thereby allowing the Company
      to attract and retain the high quality of human resources needed to successfully
      operate its business.

     

    II. Definitions.

     

    A. Base
      Salary
      means
      the regular base salary actually paid by the Company to a participant during
      the
      Fiscal Year while the participant was an active employee or on authorized leave
      of absence, subject to the following:

     

    (i) The
      base
      salary for a participant on a military leave of absence granted under the
      Company’s military leave policy shall be adjusted to include the base salary
      which the participant would have received during the Fiscal Year had he or
      she
      not been on military leave;

     

    (ii) The
      base
      salary for a participant on an authorized leave of absence, other than a
      military leave, who is receiving compensation from a third party on account
      of
      such authorized leave of absence (for example, payment from the Company’s
      workers’ compensation insurance carrier or a state disability insurance program)
      shall be adjusted to include up to three months, but no more than three months,
      of the base salary which the participant would have received during the Fiscal
      Year had he or she not been on authorized leave of absence.

     

    Base
      Salary also includes overtime pay received by a participant who is not exempt
      from the overtime pay requirements of the Fair Labor Standards Act. Base Salary
      does not include: Plan awards; other incentive awards or bonuses, whether short
      or long-term in nature; commissions; disability benefit payments or salary
      paid
      for a period exceeding three months while a participant is on an authorized
      leave of absence (or multiple leaves of absence), other than a military leave;
      imputed income from such programs as life insurance; or nonrecurring payments.
      Base Salary is determined without regard to any reductions for such items as
      before-tax contributions under Sections 401(k), 125 and 129 (flexible
      benefit plan contributions, including FSAs), or 132 (qualified transportation
      expenses) of the Internal Revenue Code of 1986, as amended, or income deferred
      under a non-qualified deferred compensation plan sponsored by the Company,
      or
      similar reductions under the tax laws of other countries.

     

    B. CEO
      means
      the Chief Executive Officer of the Company.

     

    C. Compensation
      Committee
      means
      the Compensation Committee of the Company’s Board of Directors.

     

    D. Company
      means
      Oil-Dri Corporation of America and its subsidiaries participating in the Plan,
      as may be designated by the CEO from time to time, and their respective
      successors and legal representatives.

     

    E. Corporate
      Financial Performance
      refers
      to the relationship between the Company’s designated performance targets and the
      achievement of, or failure to achieve, those targets.

     

    F. Executive
      Officers
      means
      the Company’s executive officers as defined in the Securities Exchange Act of
      1934, as amended, and the rules thereunder, as well as the Company’s controller
      or other principal accounting officer.

     

    G. Fiscal
      Year
      means
      the Company’s Fiscal Year beginning August 1 and ending
      July 31.

     

    H. Plan
      means
      the Oil-Dri Corporation of America Annual Incentive Plan as amended from time
      to
      time.

     

    I. Salaried
      Employee
      means a
      regular full- or part-time employee hired by the Company prior to July 1st
      of the Fiscal Year and paid on a salaried basis or paid on an hourly basis
      for
      clerical or professional duties. The term does not include employees paid on
      an
      hourly basis for work which is not clerical or professional, temporary
      employees, interns, and individuals classified by the Company as independent
      contractors.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    J. Special
      Performance
      refers
      to the relationship between an individual’s, department’s or division’s
      designated performance targets and the achievement of, or failure to achieve,
      those targets.

     

    III. Employees
      Covered By This Plan.
      This
      Plan covers, for any Fiscal Year, those Salaried Employees designated as
      participants by the CEO. The CEO also shall be a participant in the Plan unless
      the Compensation Committee, due to its approval of an alternative short-term
      incentive arrangement or otherwise, determines that the CEO shall not be covered
      by the Plan for a particular Fiscal Year or particular Fiscal
      Years.

     

    IV. Performance
      Measures, Targets and Payout Ranges.
      The
      performance measures, targets and payout ranges used under the Plan for
      incentive purposes shall be established for each Fiscal Year based on the
      Company’s annual business plan. The performance measures, targets and payout
      ranges shall be approved by the CEO.

     

    V. Role
      of Compensation Committee.

     

    A. The
      Compensation Committee is responsible to set the compensation payable to the
      CEO, including compensation payable under the Plan; the CEO shall have no
      discretion to make adjustments to awards payable to himself under the
      Plan.

     

    B. The
      CEO
      is responsible to supervise compensation payable under the Plan and to exercise
      authority and discretion as specified in the Plan for all other employees,
      including the Executive Officers, except as specified below in sub-section
      C.
      and in the second paragraph of Section X.

     

    C. The
      Compensation Committee shall have the general authority to review and determine
      the reasonableness of the Target Bonus as a Percent of Base Salary, performance
      measures and payout ranges (and any changes thereto) under the Plan, as these
      relate to the total compensation of the Executive Officers.

     

    VI. Corporate
      Financial Performance Award.
      Up to
      100% of a participant’s bonus opportunity may be based upon Corporate Financial
      Performance.

     

    A
      participant in the Plan shall be entitled to a Corporate Financial Performance
      Award computed in accordance with the following formula:

     

    
      	
              Percent
                of Target

              Bonus
                Subject to

              Corporate

              Financial

              Performance

            	
               

            	
              x

            	 	
              Target
                Bonus

              as
                a Percent

              of
                Base

              Salary

            	
               

            	
              x

            	 	
              Percent
                of

              Corporate

              Financial

              Performance

              Bonus
                Earned

            	
               

            	
              x

            	 	
              Base

              Salary

            	
               

            	
              =

            	
               

            	
              Corporate

              Financial

              Performance

              Award

            

    

    

    Where:

    
      	 	
              ·

            	
              “Percent
                of Target Bonus Subject to Corporate Financial Performance” shall range
                from 0% to 100% and may vary from Fiscal Year to Fiscal
                Year.

            

    

     

    
      	 	
              ·

            	
              “Target
                Bonus as a Percent of Base Salary” is determined for the particular
                position or salary grade for each Fiscal
                Year.

            

    

     

    
      	 	
              ·

            	
              “Target
                Bonus” is a participant’s Target Bonus as a Percent of Base Salary
                multiplied by the participant’s Base Salary. If corporate target(s) and
                individual and/or departmental or divisional targets are achieved
                but not
                exceeded in a Fiscal Year, a participant’s combined Corporate Financial
                Performance Bonus, Special Performance Bonus and Executive Deferred
                Bonus
                will be 100% of Target Bonus, subject to the participant’s satisfaction of
                all requirements for entitlement and any adjustments made due to
                extraordinary circumstances or
                otherwise.

            

    

     

    
      	 	
              ·

            	
              “Base
                Salary” is defined in Section II
                A.

            

    

     

    
      	 	
              ·

            	
              “Percent
                of Corporate Financial Performance Bonus Earned” ranges from 0% to 200%
                and is determined by the relationship of actual achievement to targeted
                achievement at the corporate level. Actual achievement which is below
                the
                range of Corporate Financial Performance established for awards will
                result in no award based on that particular financial measure or
                combination of measures. For actual performance within the established
                range of Corporate Financial Performance, a payout range (which may
                vary
                from 0% to 200% of Target Bonus) is established. The relationship
                of
                actual achievement to the performance range will be determined based
                on
                guidelines established each year.

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    VII. Special
      Performance Award.
      A
      participant may be eligible for an award dependent on Special Performance which
      may include or may be exclusively individual, departmental and/or divisional
      performance. Participant eligibility for a Special Performance Award is
      determined by the CEO or his or her designee. Up to 100% of a participant’s
      bonus opportunity may based upon Special Performance.

     

    For
      each
      participant who is eligible for a Special Performance Award, individual,
      departmental and/or divisional goals shall be established for the Fiscal Year
      and communicated to the participant. After the end of a Fiscal year, each
      participant’s achievement of such goals will be evaluated and a Special
      Objectives Achievement Percentage from 0% to 200% will be recommended,
      reflecting the achievement of the individual, departmental and/or divisional
      goals during such Fiscal Year.

     

    A
      participant shall be entitled to a Special Performance Award computed as
      follows:

    

    
      	
              Percent
                of Target

              Bonus
                Subject to

              Special

              Performance

            	
               

            	
              x

            	 	
              Target
                Bonus

              as
                a Percent

              of
                Base

              Salary

            	
               

            	
              x

            	 	
              Percent
                of Special

              Objectives
                Earned

            	
               

            	
              x

            	 	
              Base

              Salary

            	
               

            	
              =

            	
               

            	
              Special

              Performance

              Award

            

    

    

    Where:

    
      	 	
              ·

            	
              “Percent
                of Bonus Subject to Special Performance” shall range from 0% to 100% and
                may vary from Fiscal year to Fiscal
                Year.

            

    

     

    
      	 	
              ·

            	
              “Target
                Bonus as a Percent of Base Salary” is determined for the particular
                position or salary grade each Fiscal
                Year

            

    

     

    
      	 	
              ·

            	
              “Target
                Bonus” is a participant’s Target Bonus as a Percent of Salary multiplied
                by the participant’s Base Salary. If corporate target(s) and individual
                and/or departmental or divisional goals are achieved but not exceeded
                in a
                Fiscal Year, a participant’s combined Corporate Financial Performance
                Bonus, Special Performance Bonus and Executive Deferred Bonus will
                be 100%
                of Target Bonus, subject to the participant’s satisfaction of all
                requirements for entitlement and any adjustments made due to extraordinary
                circumstances or otherwise.

            

    

     

    
      	 	
              ·

            	
              “Base
                Salary” is defined in Section II
                A.

            

    

     

    
      	 	
              ·

            	
              “Percent
                of Special Objectives Earned “ is determined by the performance of the
                individual, department and/or division against established special
                goals.
                The percent earned may also be dependent on established levels of
                Corporate Financial Performance. The Percent of Special Objectives
                Earned
                may range from 0% to 200% if the Special Performance Bonus and the
                Corporate Financial Performance Bonus are independent of one another.
                If
                the Special Performance Bonus and the Corporate Financial Performance
                Bonus are integrated, the Percent of Special Objectives Earned may
                be
                negative so that the total bonus earned may be as low as
                zero.

            

    

     

    VIII. Executive
      Deferred Bonus Award.
      Participant eligibility for an Executive Deferred Bonus Award is determined
      by
      the CEO or his or her designee. Up to 100% of a participant’s bonus opportunity
      may be in the form of an Executive Deferred Bonus. Payment of Executive Deferred
      Bonus Awards is deferred until the vesting date(s) established for each Fiscal
      Year’s award. 

     

    A
      participant in the Plan shall be entitled to an Executive Deferred Bonus Award
      computed in accordance with the following formula:

     

    
      	
              Percent
                of Target

              Bonus
                Payable as

              Executive
                Deferred

              Bonus

            	
               

            	
              x

            	 	
              Target
                Bonus

              as
                a Percent

              of
                Base

              Salary

            	 	
              x

            	 	
              Percent
                of

              Executive
                Deferred

              Bonus
                Earned

            	
               

            	
              x

            	
               

            	
              Base

              Salary

            	
               

            	
              =

            	
               

            	
              Executive
                Deferred

              Bonus
                Award

            

    

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    Where:

    

    
      	 	
              ·

            	
              “Percent
                of Target Bonus Payable as Executive Deferred Bonus” shall range from 0%
                to 100% and may vary from Fiscal Year to Fiscal
                Year.

            

    

     

    
      	 	
              ·

            	
              “Target
                Bonus as a Percent of Base Salary” is determined for the particular
                position or salary grade for each Fiscal
                Year.

            

    

     

    
      	 	
              ·

            	
              “Target
                Bonus” is a participant’s Target Bonus as a Percent of Salary multiplied
                by the participant’s Base Salary. If corporate target(s) and individual
                and/or departmental or divisional goals are achieved but not exceeded
                in a
                Fiscal Year, a participant’s combined Corporate Financial Performance
                Bonus, Special Performance Bonus and Executive Deferred Bonus will
                be 100%
                of Target Bonus, subject to the participant’s satisfaction of all
                requirements for entitlement and any adjustments made due to extraordinary
                circumstances or otherwise.

            

    

     

    
      	 	
              ·

            	
              “Base
                Salary” is defined in Section II
                A.

            

    

     

    
      	 	
              ·

            	
              “Percent
                of Executive Deferred Bonus Earned” ranges from 0% to 200% and is
                determined by the relationship of actual achievement to targeted
                achievement of established goals. Goals may be Corporate Financial
                Performance goals, special performance goals for the participant
                and/or
                the participant’s department or division or a combination of Corporate
                Financial Performance and special performance goals. A specific level
                of
                Corporate Financial Performance may be required before any Executive
                Deferred Bonus can be awarded. For actual performance within the
                established goals, a payout range (which may vary from 0% to 200%
                of
                Target Bonus) is established. The CEO has complete discretion to
                adjust
                individual awards downward or upward, depending on the participant’s
                individual performance and/or the performance of the participant’s
                department or division. The relationship of actual achievement to
                the
                performance range will be determined based on guidelines established
                each
                year.

            

    

     

    Accounts
      and Interest:

    

    
      	 	
              ·

            	
              The
                Company shall establish a bookkeeping account for each participant
                reflecting Executive Deferred Bonus Awards and any distributions
                to the
                participant, together with any adjustments for
                earnings.

            

    

     

    
      	 	
              ·

            	
              Until
                distributed, Executive Deferred Bonus Awards shall earn interest
                at a rate
                equal to the Company’s long-term borrowing cost plus one
                percent.

            

    

     

    
      	 	
              ·

            	
              The
                Company shall provide each participant as soon as practicable after
                the
                end of each Fiscal Year with a statement of his or her account as
                of the
                last business day of the Fiscal Year, reflecting the amounts of Executive
                Deferred Bonus awarded, interest, and distributions of such account
                since
                the prior statement.

            

    

     

    Payout
      of
      Executive Deferred Bonus Awards:

    

    
      	 	
              ·

            	
              Executive
                Deferred Bonus Awards shall vest (become payable) according to the
                vesting
                schedule established for each Fiscal Year. Awards shall be paid as
                soon as
                administratively practicable after they vest but in no event later
                than
                March 15th
                of
                the calendar year following the calendar year in which they
                vest.

            

    

     

    
      	 	
              ·

            	
              Except
                as specified below, no Executive Deferred Bonus Award shall be paid
                to any
                participant who is not employed by the Company on the date the award
                vests. However, awards shall be immediately 100% vested and immediately
                payable except as otherwise indicated below if the
                participant:

            

    

     

    
      	 	
              ·

            	
              Dies;

            

    

     

    
      	 	
              ·

            	
              Retires
                and (1) he or she is eligible for an immediate benefit under a
                Company sponsored defined benefit pension plan and (2) his or her age
                plus years of service on the date of retirement equals at least 80;
                provided, however, that such award shall not be payable until six
                months
                and one day following the date of such participant’s Separation from
                Service (defined below). A termination for cause or for poor performance
                will not be considered a retirement regardless of the age or years
                of
                service of the participant;

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              Becomes
                permanently disabled as defined under the Company’s long-term disability
                plan; provided that for any payment that has not otherwise vested
                in the
                ordinary course to be made before the participant incurs a Separation
                from
                Service (as defined below), the participant’s disability must also
                constitute a disability within the meaning of Code
                Section 22(e)(3).

            

    

     

    
      	 	
              ·

            	
              “Separation
                from Service” means the participant’s death, retirement or other
                termination of employment with the Company and all affiliates. For
                purposes of this definition, a “termination of employment” shall occur
                when the facts and circumstances indicate that the Company and the
                employee reasonably anticipate that no further services would be
                performed
                by the employee for the Company or any affiliate after a certain
                date or
                that the level of bona fide services the employee would perform after
                such
                date (whether as an employee or as an independent contractor), would
                permanently decrease to no more than 20% of the average level of
                bona fide
                services performed (whether as an employee or as an independent
                contractor) over the immediately preceding thirty-six (36)-month
                period
                (or full period of services to the Company and all affiliates if
                the
                employee has been providing services to the Company less than thirty-six
                (36) months).

            

    

     

    In
      addition, awards shall be immediately 100% vested and payable upon a change
      in
      control of the Company as defined in the Company’s 2006 Long Term Incentive Plan
      that is also a change in the ownership or effective control of the Company
      (as
      defined in Treasury Regulation §1.409A-3(i)(5)).

     

    IX. Individual
      Discretionary Adjustment.
      The CEO
      may at his or her sole discretion increase or decrease any participant’s Percent
      of Corporate Financial Performance Bonus Earned by up to 25 points, provided
      that: (a) the Company achieves the minimum level of performance necessary
      to achieve an award for Corporate Financial Performance; (b) the
      combination of any Corporate Financial Performance, Special Performance and
      Executive Deferred Bonus Award(s) after giving effect to the individual
      discretionary adjustment would not exceed 200% of the participant’s Target
      Bonus; and (c) any such increases or decreases will not increase or
      decrease the total dollar amount of awards earned under the Plan by all
      participants. For example, if, per the Corporate Financial Performance
      measure(s), 75% of the Corporate Financial Performance Bonus has been earned,
      the CEO may adjust a participant’s Percent of Corporate Financial Performance
      Bonus Earned to as little as 50% or as much as 100%.

     

    X. Changes
      to Target and Other Adjustments.
      The CEO
      may at any time prior to the final determination of awards, change the
      performance measures, targets and payout ranges used for incentive purposes
      if,
      in the judgment of the CEO, such change is desirable in the interest of
      equitable treatment of the participants and the Company as a result of
      extraordinary or nonrecurring events, changes in applicable accounting rules
      or
      principles, changes in the Company’s methods of accounting, changes in
      applicable law, changes due to consolidation, acquisitions, reorganization,
      stock split or stock dividends, combination of shares or other changes in the
      Company’s corporate structure or shares, significant, unanticipated changes in
      general economic or market conditions, or any other change in circumstances
      or
      event.

     

    Further,
      the CEO may at his or her discretion adjust, upward or downward, any award
      otherwise payable under the Plan, provided that after such adjustment the total
      of all awards to the participant under the Plan would not exceed 200% of the
      participant’s Target Bonus and further provided that any such adjustment of an
      award to the CEO shall be determined by the Compensation Committee and any
      such
      adjustment of an award to an Executive Officer shall be reviewed for
      reasonableness by the Compensation Committee.

     

    Further,
      the Compensation Committee may, for a specific Fiscal Year or Fiscal Years,
      grant to the CEO discretionary authority to make adjustments, including
      adjustments in addition to those stated in the Plan, to the performance
      measure(s), targets and payout ranges, or awards to individual participants
      including the Executive Officers, provided that in no event will the CEO be
      granted authority to make total awards under the Plan to any participant which
      exceed 200% of the participant’s Target Bonus.

     

    XI. Computation
      and Disbursement of Awards.
      As soon
      as administratively practicable after the close of a Fiscal Year, the CEO or
      his
      or her designee will review and approve for each participant a final Corporate
      Financial Performance Award; a Special Objectives Achievement Percentage and
      Special Performance Award, if any; an Executive Deferred Bonus Award, if any;
      and an Individual Discretionary Award, if any. Payment of the awards shall
      be
      made thereafter. All payments of awards shall be subject to applicable payroll
      taxes and withholding.

     

    XII. Partial
      Awards.
      A
      participant who is not an active employee for the entire Fiscal Year shall
      be
      entitled to payment of a partial award computed in accordance with
      Sections VI, VII, VIII and IX and based on Base Salary for the Fiscal Year
      if, prior to the end of such Fiscal Year, the participant:

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              Dies;

            

    

     

    
      	 	
              ·

            	
              Retires
                at or after age 55 with at least 10 years of service or at or after
                age 60
                with at least five years of service. A termination for cause or for
                poor
                performance will not be considered a retirement regardless of the
                age or
                years of service of the
                participant;

            

    

     

    
      	 	
              ·

            	
              Becomes
                permanently disabled as defined under the Company’s long-term disability
                plan;

            

    

     

    
      	 	
              ·

            	
              Transfers
                to a position not eligible for participation in the
                Plan;

            

    

     

    
      	 	
              ·

            	
              Enters
                active duty military service in the Armed Forces of the United
                States;

            

    

     

    
      	 	
              ·

            	
              Takes
                an approved leave of absence,

            

    

     

    provided
      that the participant was an active employee for a minimum of three consecutive
      calendar months during such Fiscal Year. Such partial awards shall be paid
      when
      payments of awards for such Fiscal Year are made, or such earlier date as may
      be
      approved by the CEO.

     

    An
      employee who is hired as a Salaried Employee during the first eleven months
      of a
      Fiscal Year, who is designated as eligible to participate, and who is employed
      through the end of such Fiscal Year shall be eligible for an award based on
      his
      or her Base Salary during such Fiscal Year while eligible to participate. An
      employee who is transferred during a Fiscal Year to a position as a Salaried
      Employee eligible to participant in the Plan from another position with the
      Company or its subsidiaries and who is employed through the end of such Fiscal
      Year shall be eligible for an award based on his or her Base Salary during
      such
      Fiscal Year while eligible to participate, regardless of when the transfer
      takes
      place.

     

    No
      partial award shall be payable under any circumstances other than those
      described in this Section, except with the express approval of the
      CEO.

     

    XIII. Employment
      on Payment Date Requirement.
      Except
      as specified in Sections VIII and XII above, no award shall be payable to
      any participant who is not employed by the Company on the date payment of awards
      for the Fiscal Year being paid is made, except with the express approval of
      the
      CEO.

     

    XIV. Administration.
      This
      Plan shall be administered by the Human Resources Department of the Company,
      subject to the control and supervision of the CEO. The CEO shall have
      discretionary authority to construe and interpret the Plan and decide all cases
      of eligibility and entitlement to benefits. Such determinations shall be final
      and binding.

     

    XV. No
      Employment Contract or Obligation to Continue Plan.
      Participation in this Plan shall not confer upon any participant any right
      to
      continue in the employ of the Company nor interfere in any way with the right
      of
      the Company to terminate any participant’s employment at any time. The Company
      is under no obligation to continue the Plan in future Fiscal Years.

     

    XVI. Amendment
      or Termination.
      The
      Company may at any time (a) amend, alter or modify the provisions of this
      Plan, (b) terminate this Plan, or (c) terminate the participation of a
      group of employees in this Plan provided, however, that in the event of
      termination of this Plan or a termination of the participation of a group of
      employees without cause, the Company shall provide partial awards to the
      affected participants for the portion of the Fiscal Year during which such
      employees were participants in this Plan, in a manner which the Company, in
      its
      sole judgment, determines to be equitable to such participants and the
      Company.

     

    XVII. General
      Provisions.

     

    A. No
      rights
      under this Plan shall be assignable, either voluntarily or involuntarily by
      way
      of encumbrance, pledge, attachment, levy or charge of any nature (except as
      may
      be required by state or federal law).

     

    B. Nothing
      in this Plan shall require the Company to segregate or set aside any funds
      or
      other property for the purpose of paying any portion of an award. No
      participant, beneficiary or other person shall have any right, title or interest
      in any amount awarded under the Plan prior to the payment of such award, or
      in
      any property of the Company or its affiliates.

     

    
      
         

      

      
        6EXHIBIT
      10.5

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

     

    

    DEBUT
      BROADCASTING CORPORATION, INC.

    2007
      STOCK INCENTIVE PLAN

    

    

     

    

     

    

     

    

     

    

     

    

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Effective
      December 3, 2007

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DEBUT
      BROADCASTING CORPORATION, INC.

    2007
      STOCK INCENTIVE PLAN

     

    TABLE
      OF CONTENTS 

     

    Page

    

      
        	
                ARTICLE
                  I. DEFINITIONS

              	
                1

              
	
                1.1

              	
                 Affiliate

              	
                1

              
	
                1.2

              	
                 Agreement

              	
                1

              
	
                1.3

              	
                 Award

              	
                1

              
	
                1.4

              	
                 Board

              	
                1

              
	
                1.5

              	
                 Code

              	
                1

              
	
                1.6

              	
                 Committee

              	
                1

              
	
                1.7

              	
                 Company

              	
                1

              
	
                1.8

              	
                 Date
                  of Exercise

              	
                1

              
	
                1.9

              	
                 Exchange
                  Act

              	
                1

              
	
                1.10

              	
                 Fair
                  Market Value

              	
                2

              
	
                1.11

              	
                 Incentive
                  Option

              	
                2

              
	
                1.12

              	
                 Nonqualified
                  Option

              	
                2

              
	
                1.13

              	
                 Option

              	
                2

              
	
                1.14

              	
                 Participant

              	
                2

              
	
                1.15

              	
                 Plan

              	
                2

              
	
                1.16

              	
                 Restricted
                  Stock

              	
                2

              
	
                1.17

              	
                 Stock

              	
                2

              
	
                1.18

              	
                 Stock
                  Bonus

              	
                2

              
	
                1.19

              	
                 Ten
                  Percent Stockholder

              	
                2

              
	 	 	 
	
                ARTICLE
                  II. PURPOSE

              	
                2

              
	 	 
	
                ARTICLE
                  III. ADMINISTRATION

              	
                3

              
	
                3.1

              	
                 Administration
                  of Plan

              	
                3

              
	
                3.2

              	
                 Authority
                  to Grant Awards

              	
                3

              
	
                3.3

              	
                 Persons
                  Subject to Section 16(b)

              	
                3

              
	 	 	 
	
                ARTICLE
                  IV. AWARD ELIGIBILITY AND LIMITATIONS

              	
                3

              
	
                4.1

              	
                 Participation

              	
                3

              
	
                4.2

              	
                 Grant
                  of Awards

              	
                3

              
	
                4.3

              	
                 Limitations
                  on Incentive Options

              	
                3

              
	
                4.4

              	
                 Restricted
                  Stock

              	
                4

              
	
                4.5

              	
                 Stock
                  Bonus

              	
                4

              
	 	 	 
	
                ARTICLE
                  V. STOCK SUBJECT TO PLAN

              	
                4

              
	
                5.1

              	
                 Source
                  of Shares

              	
                4

              
	
                5.2

              	
                 Maximum
                  Number of Shares

              	
                4

              
	
                5.3

              	
                 Forfeitures

              	
                4

              
	 	 
	
                ARTICLE
                  VI. OPTION EXERCISE AND STOCKHOLDER RIGHTS

              	
                4

              
	
                6.1

              	
                 Exercise
                  Price

              	
                4

              
	
                6.2

              	
                 Right
                  to Exercise

              	
                4

              
	
                6.3

              	
                 Maximum
                  Exercise Period

              	
                4

              
	
                6.4

              	
                 Transferability

              	
                5

              

      

       

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

       

      
        	
                6.5

              	
                 Stockholder
                  Rights

              	
                5

              
	
                6.6

              	
                 Employee
                  Status

              	
                5

              
	 	 
	
                ARTICLE
                  VII. METHOD OF EXERCISE

              	
                5

              
	
                7.1

              	
                 Exercise

              	
                5

              
	
                7.2

              	
                 Payment

              	
                5

              
	
                7.3

              	
                 Withholding
                  Tax Requirements

              	
                5

              
	
                7.4

              	
                 Issuance
                  and Delivery of Shares

              	
                5

              
	 	 
	
                ARTICLE
                  VIII. ADJUSTMENT UPON CORPORATE CHANGES

              	
                5

              
	
                8.1

              	
                 Adjustments
                  to Shares

              	
                5

              
	
                8.2

              	
                 Substitution
                  of Awards on Merger or Acquisition

              	
                6

              
	
                8.3

              	
                 Effect
                  of Certain Transactions

              	
                6

              
	
                8.4

              	
                 No
                  Adjustment Upon Certain Transactions

              	
                6

              
	
                8.5

              	
                 Fractional
                  Shares

              	
                7

              
	 	 
	
                ARTICLE
                  IX. LEGAL COMPLIANCE CONDITIONS

              	
                7

              
	
                9.1

              	
                 General

              	
                7

              
	
                9.2

              	
                 Representations
                  by Participants

              	
                7

              
	 	 
	
                ARTICLE
                  X. GENERAL PROVISIONS

              	
                7

              
	
                10.1

              	
                 Effect
                  on Employment

              	
                7

              
	
                10.2

              	
                 Unfunded
                  Plan

              	
                7

              
	
                10.3

              	
                 Rules
                  of Construction

              	
                7

              
	
                10.4

              	
                 Governing
                  Law and Venue

              	
                7

              
	
                10.5

              	
                 Compliance
                  with Section 16 of the Exchange Act

              	
                8

              
	
                10.6

              	
                 Amendment

              	
                8

              
	
                10.7

              	
                 Duration
                  of Incentive Options

              	
                8

              
	
                10.8

              	
                 Waiver
                  of Jury Trail

              	
                8

              
	
                10.9

              	
                 Effective
                  Date of Plan

              	
                8

              
	
                 

              	 	 

      

    

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    DEBUT
      BROADCASTING CORPORATION, INC.

    2007
      STOCK INCENTIVE PLAN

    

     

    PREAMBLE

     

    WHEREAS,
      Debut Broadcasting Corporation, Inc. (hereinafter the “Company”) desires to
      provide stock options as a means to attract, retain and motivate key corporate
      personnel, through ownership of stock of the Company, and to attract individuals
      of outstanding ability to render services to and enter the employment of the
      Company or its subsidiaries;

     

     

    WHEREAS,
      the Company intends that the Plan provide for option awards that qualify as
      “incentive stock options” within the meaning of section 422 of the Code, as well
      as options that are not so qualified; 

    

     

    WHEREAS,
      the Company further intends that this Plan be administered in a manner so that
      it amounts paid to certain officers of the Company hereunder may be treated
      as
      "performance-based compensation" described in section 162(m)(4)(C) of the
      Code;

     

     

    WHEREAS,
      the Company intends that this Plan and Awards granted hereunder will conform
      to
      the requirements for exemption set forth under Securities and Exchange
      Commission Rule 16b-3;

     

    NOW,
      THEREFORE, the Company hereby establishes the Debut Broadcasting Corporation,
      Inc. 2007 Stock Incentive Plan:

     

    ARTICLE
      I. DEFINITIONS

     

    1.1 Affiliate.
      A
      corporate parent, corporate subsidiary, limited liability company, partnership
      or other business entity that is directly or indirectly wholly-owned or
      controlled by the Company.

     

    1.2 Agreement.
      A
      written agreement (including any amendment or supplement thereto) between the
      Company or Affiliate and a Participant specifying the terms and conditions
      of an
      Award granted to such Participant.

     

    1.3 Award.
      A right
      that is granted under the Plan to a Participant by the Company, which may be
      in
      the form of Options, Restricted Stock or Stock Bonus.

     

    1.4 Board.
      The
      board of directors of the Company.

     

    1.5 Code.
      The
      Internal Revenue Code of 1986, as amended.

     

    1.6 Committee.
      The
      committee that is designated by the Board as the “compensation committee” or
      otherwise designated to administer the Plan; provided that in the absence of
      a
      designation of a committee for this purpose, the full Board shall be the
      Committee. In the event that any common class of equity securities of the
      Company is or becomes subject to registration under section 12 of the Exchange
      Act, the Committee shall be composed of at least two individuals (or such number
      that satisfies the
      requirements of
      section
      162(m)(4)(C) of the Code, Rule 16b-3 of the Exchange Act and the member rules
      of
      any trading exchange (e.g.,
      the New
      York Stock Exchange or the NASDAQ Stock Market) or automated quotation system
      or
      reporting system (e.g.,
      the OTC
      Bulletin Board System) upon which Stock is traded). 

     

    1.7 Company.
      Debut
      Broadcasting Corporation, Inc. and its successors.

     

    1.8 Date
      of Exercise.
      The
      date that the Company accepts tender of the exercise price of an
      Option.

     

    1.9 Exchange
      Act.
      The
      Securities Exchange Act of 1934, as amended.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    1.10 Fair
      Market Value.
      On any
      given date, Fair Market Value shall be the applicable description
      below:

     

    
      	 	
              (a)

            	
              If
                the Stock is traded on a trading exchange (e.g.,
                the New York Stock Exchange or the NASDAQ National Market), Fair
                Market
                Value shall be determined by reference to the price of the Stock
                on such
                exchange or system with respect to the date for which Fair Market
                Value is
                being determined.

            

    

     

    
      	 	
              (b)

            	
              If
                the Common Stock is not then listed on an exchange or the NASDAQ
                National
                Market, but is quoted on the NASDAQ Small Cap Market, the NASDAQ
                electronic bulletin board or the National Quotation Bureau pink sheets,
                the average of the closing bid and asked prices per share for the
                Common
                Stock as quoted by NASDAQ or the National Quotation Bureau, as the
                case
                may be, on the last trading day immediately preceding such
                date.

            

    

     

    
      	 	
              (c)

            	
              If
                the Stock is not traded on a recognized exchange or automated trading
                system, Fair Market Value shall be the value determined in good faith
                by
                the Committee in accordance with section 409A of the
                Code.

            

    

     

    1.11 Incentive
      Option.
      An
      Option that is intended to qualify as an “incentive stock option” within the
      meaning of section 422 of the Code. An Incentive Option, or a portion thereof,
      shall not be invalid for failure to qualify under section 422 of the Code,
      but
      shall be treated as a Nonqualified Option.

     

    1.12 Nonqualified
      Option.
      An
      Option that is not an Incentive Option.

     

    1.13 Option.
      The
      right that is granted hereunder to a Participant to purchase from the Company
      a
      stated number of shares of Stock at the price set forth in an Agreement. As
      used
      herein, an Option includes both Incentive Options and Nonqualified
      Options.

     

    1.14 Participant.
      A
      director, officer, employee, consultant or advisor of the Company or of an
      Affiliate who satisfies the requirements of Article IV and is selected by the
      Committee to receive an Award.

     

    1.15 Plan.
      The
      Debut Broadcasting Corporation, Inc. 2007 Stock Incentive Plan.

     

    1.16 Restricted
      Stock.
      A grant
      of Stock that is subject to restrictions on transfer and/or a risk of forfeiture
      by and to the Participant, as described in Section 4.4. Restricted Stock that
      is
      awarded to a Participant shall cease to be Restricted Stock at the time that
      such restrictions and risks of forfeiture lapse in accordance with the terms
      of
      the Agreement or Plan.

     

    1.17 Stock.
      The
      common stock of the Company.

     

    1.18 Stock
      Bonus.
      A grant
      of Common Stock as described in Section 4.5.

     

    1.19 Ten
      Percent Stockholder.
      An
      individual who owns more than 10% of the total combined voting power of all
      classes of stock of the Company or an Affiliate at the time he is granted an
      Incentive Option. For the purpose of determining if an individual is a Ten
      Percent Stockholder, he shall be deemed to own any voting stock owned (directly
      or indirectly) by or for his brothers and sisters (whether by whole or half
      blood), spouse, ancestors or lineal descendants and shall be considered to
      own
      proportionately any voting stock owned (directly or indirectly) by or for a
      corporation, partnership, estate or trust of which such individual is a
      stockholder, partner or beneficiary.

     

    ARTICLE
      II. PURPOSE

     

    The
      purpose of this Plan is to encourage ownership of Stock of the Company by
      directors, officers, employees, consultants and advisors of the Company and
      any
      current or future Affiliate. This Plan is intended to provide an incentive
      and
      bonus for maximum effort in the successful operation of the Company and is
      expected to benefit the stockholders by associating the interests of the
      Company’s employees with those of its stockholders and by enabling the Company
      to attract and retain personnel of the best available talent through the
      opportunity to share, by the proprietary interests created by this Plan, in
      the
      increased value of the Company’s shares to which such personnel have
      contributed. The benefits of this Plan are not a substitute for compensation
      otherwise payable to Company employees pursuant to the terms of their
      employment. Proceeds from the purchase of Stock pursuant to this Plan shall
      be
      used for the general business purposes of the Company. 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    ARTICLE
      III. ADMINISTRATION

     

    3.1 Administration
      of Plan.
      The
      Plan shall be administered by the Committee. The express grant in the Plan
      of
      any specific power to the Committee shall not be construed as limiting any
      power
      or authority of the Committee. Any decision made or action taken by the
      Committee to administer the Plan shall be final and conclusive. No member of
      the
      Committee shall be liable for any act done in good faith with respect to this
      Plan or any Agreement or Award. The Company shall bear all expenses of Plan
      administration. In addition to all other authority vested with the Committee
      under the Plan, the Committee shall have complete authority to:

     

    
      	 	
              (a)

            	
              Interpret
                all provisions of this Plan;

            

    

     

    
      	 	
              (b)

            	
              Prescribe
                the form of any Agreement and notice and manner for executing or
                giving
                the same;

            

    

     

    
      	 	
              (c)

            	
              Make
                amendments to all Agreements;

            

    

     

    
      	 	
              (d)

            	
              Adopt,
                amend, and rescind rules for Plan administration;
                and

            

    

     

    
      	 	
              (e)

            	
              Make
                all determinations it deems advisable for the administration of this
                Plan.

            

    

     

    3.2 Authority
      to Grant Awards.
      The
      Committee shall have authority to grant Awards upon such terms the Committee
      deems appropriate and that are not inconsistent with the provisions of this
      Plan. Such terms may include conditions on the exercise of all or any part
      of an
      Option or the lapse of restrictions on Restricted Stock.

     

    3.3 Persons
      Subject to Section
      16(b).
      Notwithstanding anything in the Plan to the contrary, the Committee, in its
      absolute discretion, may bifurcate the Plan so as to restrict, limit or
      condition the use of any provision of the Plan to participants who are officers
      and directors subject to section 16(b) of the Exchange Act, without so
      restricting, limiting or conditioning the Plan with respect to other
      Participants.

     

    ARTICLE
      IV. AWARD ELIGIBILITY AND LIMITATIONS

     

    4.1 Participation.
      The
      Committee may from time to time designate directors, officers, employees,
      consultants and advisors to whom Awards are to be granted and who are eligible
      to become Participants. Such designation shall specify the number of shares
      of
      Stock, if any, subject to each Award. All Awards granted under this Plan shall
      be evidenced by Agreements that shall be subject to applicable provisions of
      this Plan or such other provisions as the Committee may adopt that are not
      inconsistent with the Plan.

     

    4.2 Grant
      of Awards.
      An
      Award shall be deemed to be granted to a Participant at the time that the
      Committee designates in a writing that is adopted by the Committee as the grant
      of an Award, and that makes reference to the name of the Participant and the
      number of shares of Stock that are subject to the Award. Accordingly, an Award
      may be deemed to be granted prior to the approval of this Plan by the
      stockholders of the Company and prior to the time that an Agreement is executed
      by the Participant and the Company. Notwithstanding any language in an Agreement
      or other document to the contrary, if this Plan is not approved by the
      stockholders of the Company in a manner that satisfies Treasury Regulations
      within 12 months of the adoption of this Plan by the Board, all Options granted
      hereunder shall be treated as Nonqualified Options.

     

    4.3 Limitations
      on Incentive Options.
      A
      person who is not an employee of the Company or an Affiliate is not eligible
      to
      receive an Incentive Option. To the extent that the aggregate Fair Market Value
      of Stock with respect to which Incentive Options are exercisable for the first
      time by a Participant during any calendar year (under all stock incentive plans
      of the Company and its Affiliates) exceeds $100,000 (or the amount specified
      in
      section 422 of the Code), determined as of the date an Incentive Option is
      granted, such Options shall be treated as Nonqualified Options. This provision
      shall be applied by taking Incentive Options into account in the order in which
      they were granted.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    4.4 Restricted
      Stock.
      An
      award of Restricted Stock to a Participant is a grant of Stock that is subject
      to forfeiture and/or restrictions on transfer that are identified in an
      Agreement. A Participant who receives Restricted Stock shall be treated as
      a
      stockholder of the Company for all purposes, except that the rights of the
      Participant may be limited under the terms of the Agreement. Unless otherwise
      specified in an Agreement, Participants shall be entitled to receive dividends
      on and exercise voting rights with respect to shares of Restricted
      Stock.

     

    4.5 Stock
      Bonus.
      Notwithstanding any other provision of the Plan, the Committee may grant Stock
      Bonuses, as compensation or as bonuses, to such service providers as the
      Committee may select in its sole discretion from time to time. After the
      Committee determines that it will offer Stock Bonuses under the Plan, it shall
      advise the offeree in writing of the terms and conditions related to the offer,
      including the number of shares of Stock that such person shall be entitled
      to
      receive, the time within which such person must accept such offer, and the
      manner of acceptance of such offer.

     

    ARTICLE
      V. STOCK SUBJECT TO PLAN

     

    5.1 Source
      of Shares.
      Upon
      the exercise of an Option,
      lapse of
      restrictions on Restricted Stock or the grant a Stock Bonus,
      the
      Company shall deliver to the Participant authorized but previously unissued
      Stock or Stock that is held by the Company in treasury.

     

    5.2 Maximum
      Number of Shares.
      The
      maximum aggregate number of shares of Stock that may be issued pursuant to
      the
      Plan is 1,000,000 shares, subject to increases and adjustments as provided
      in
      Article VIII. No person may receive Options during any 12-month period to
      purchase more than 200,000 shares of Stock.

     

    5.3 Forfeitures.
      If any
      Option granted hereunder expires or terminates for any reason without having
      been exercised in full,
      or
      Restricted Stock is forfeited,
      the
      shares of Stock subject thereto shall again be available for issuance of an
      Award under this Plan.

     

    ARTICLE
      VI. OPTION EXERCISE AND STOCKHOLDER RIGHTS

     

    6.1 Exercise
      Price.
      Unless
      otherwise determined by the Committee and/or stated in the Participant’s
      Agreement, the exercise price of shares subject to an Option shall be the Fair
      Market Value of such shares as determined by the Committee on the date of grant.
      Notwithstanding the foregoing, in no event shall the exercise price of an
      Incentive Option be less than 100% of the Fair Market Value of a share of Stock
      on the date the Incentive Option is granted, or 110% of the Fair Market Value
      of
      a share of Stock on the date the Incentive Option is granted in the case of
      a
      Ten Percent Stockholder. Notwithstanding the foregoing, in no event shall the
      exercise price of a Nonqualified Option be less than the 100% of the Fair Market
      Value of a share of Stock on the date the Nonqualified Option is
      granted.

     

    6.2 Right
      to Exercise.
      An
      Option may be exercisable on the date of grant or on such other date(s)
      established by the Committee or as provided in an Agreement, provided, however,
      that Options granted to officers or directors subject to section 16 of the
      Exchange Act shall not be exercisable or transferable,
      and
      restrictions on Restricted Stock shall
      not
      lapse,
      until at
      least six months after the Award is granted.

     

    6.3 Maximum
      Exercise Period.
      The
      maximum period in which an Option may be exercised shall be determined by the
      Committee on the date of grant except that no Incentive Option shall be
      exercisable after the expiration of ten years (five years in the case of
      Incentive Options granted to a Ten Percent Stockholder) from the date it was
      granted. A Participant must exercise an Incentive Option while he is an employee
      of the Company or an Affiliate or within three months of termination of
      employment with the Company and its Affiliates (one year in the case of
      termination due to disability or death), or, if sooner, within a period of
      time
      designated in the Participant’s Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    6.4 Transferability.
      An
      Award granted under this Plan shall not be transferable except by will or by
      the
      laws of descent and distribution, and shall be exercisable during the lifetime
      of the Participant only by the Participant; provided, however, that a
      Nonqualified Option
      or
      Restricted Stock
      may be
      transferable to the extent provided in an Agreement. No right or interest of
      a
      Participant in any Award shall be liable for, or subject to, any lien,
      obligation or liability of such Participant.

     

    6.5 Stockholder
      Rights.
      No
      Participant shall have any rights as a stockholder with respect to shares
      subject to Options prior to the Date of Exercise of such Option, and if
      requested, has given the representation described in Section 9.2. 

     

    6.6 Employee
      Status.
      The
      Committee shall determine the extent to which a leave of absence for military
      or
      government service, illness, temporary disability, or other reasons shall be
      treated as a termination or interruption of employment for purposes of
      determining questions of forfeiture and exercise of an Award after termination
      of employment. With respect to an Incentive Option, such period of unemployment
      that is longer than three months following termination may be treated as
      employment if consistent with section 422 of the Code pursuant to a federal
      statute, Treasury Regulation, or a published ruling of the Internal Revenue
      Service that has general application.

     

    ARTICLE
      VII. METHOD OF EXERCISE

     

    7.1 Exercise.
      An
      Option granted hereunder shall be deemed to have been exercised on the Date
      of
      Exercise. Subject to the provisions of Articles VI and IX, an Option may be
      exercised in whole or in part at such times and in compliance with such
      requirements as the Committee shall determine.

     

    7.2 Payment.
      Except
      as otherwise provided by the Agreement, payment of the Option price shall be
      made in cash (including an exercise involving the pledge of shares and a loan
      through a broker described in Securities and Exchange Commission Regulation
      T),
      actual or constructive delivery of Stock that was acquired at least six months
      prior to the exercise of the Option, other consideration acceptable to the
      Committee, or a combination thereof; provided, however, that a form of payment
      other than cash that is received by the Company on the Date of Exercise is
      only
      acceptable to the extent that the same is approved by the Committee. Payment
      of
      the exercise price must include payment of tax withholdings, as described in
      Section 7.3, in cash unless the Company consents to alternative arrangements
      for
      withholdings.

     

    7.3 Withholding
      Tax Requirements.
      For a
      Participant who is an employee of the Company or an Affiliate, upon the exercise
      of a Nonqualified Option
      or the
      lapse of restrictions on Restricted Stock,
      the
      Participant shall, upon notification of the amount due, pay to the Company
      amounts necessary to satisfy applicable federal, state and local withholding
      tax
      requirements or shall otherwise make arrangements satisfactory to the Company
      for such requirements. Such withholding requirements shall not apply to the
      exercise of an Incentive Option, or to a disqualifying disposition of Stock
      that
      is acquired with an Incentive Option, unless the Committee gives the Participant
      notice that withholding described in this Section is required.

     

    7.4 Issuance
      and Delivery of Shares.
      Shares
      of Stock issued pursuant to the exercise of Options hereunder shall be delivered
      to Participants by the Company (or its transfer agent) as soon as
      administratively feasible after a Participant exercises an Option
      hereunder,
      the
      lapse of restrictions on Restricted Stock or is granted a Stock
      Bonus,
      and
      executes any applicable agreement described in Section 9.2 that the Company
      requires.

     

    ARTICLE
      VIII. ADJUSTMENT UPON CORPORATE CHANGES

     

    8.1 Adjustments
      to Shares.
      The
      number and kind of shares of Stock with respect to which Awards hereunder may
      be
      granted (both overall and individual limitations) and which are the subject
      of
      outstanding Awards, and the maximum number and exercise price thereof, shall
      be
      adjusted as the Committee determines to be appropriate, in the event
      that:

     

    
      	 	
              (a)

            	
              the
                Company or an Affiliate effects one or more Stock dividends, Stock
                splits,
                reverse Stock splits, subdivisions, consolidations or other similar
                events;

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    
      	 	
              (b)

            	
              the
                Company or an Affiliate engages in a transaction to which section
                424 of
                the Code applies; or

            

    

     

    
      	 	
              (c)

            	
              there
                occurs any other event that in the judgment of the Committee necessitates
                such action;

            

    

     

    provided,
      however, that if an event described in paragraph (a) or (b) occurs, the
      Committee shall make adjustments to the limit on Awards specified in Section
      5.2
      that are proportionate to the modifications of the Stock that are on account
      of
      such corporate changes. 

     

    8.2 Substitution
      of Awards on Merger or Acquisition.
      The
      Committee may grant Awards in substitution for stock awards, stock options,
      stock appreciation rights, restricted stock or similar awards held by an
      individual who becomes an employee of the Company or an Affiliate in connection
      with a transaction to which section 424(a) of the Code applies. The terms of
      such substituted Awards shall be determined by the Committee in its sole
      discretion, subject only to the limitations of Article V.

     

    8.3 Effect
      of Certain Transactions.
      In the
      event that the Company is a party to a merger or other reorganization, whether
      or not such merger or reorganization constitutes a Change in Control,
      outstanding Awards shall be subject to the agreement of merger or
      reorganization. Such agreement may provide, without limitation, for the
      assumption of outstanding Awards by the surviving entity, or a parent or
      subsidiary of such entity (“Successor Entity”), for their continuation by the
      Company (if the Company is a surviving corporation), for the conversion of
      the
      Awards into an award of an option for, or restricted shares of, as applicable,
      the common stock of the Successor Corporation, for accelerated vesting, or
      for
      their cancellation, in all cases without the consent of the Participant.
      Provided, however, in the event that such agreement provides for the
      cancellation of the Awards, each holder shall be entitled to the same
      consideration or the equivalent value in cash, as provided in such agreement,
      as
      the consideration received by the holder of Common Stock pursuant to the
      agreement with respect to all Awards whether or not vested on the date of the
      transaction (subject to Section 8.3(b)). Any determination to made hereunder
      shall be made by the Committee and its determination shall be final, binding
      and
      conclusive.

     

    
      	 	
              (a)

            	
              A
                Change in Control will be deemed to have occurred for purposes
                hereof in
                the event of (i) a liquidation
                or
                winding up of the affairs of the Company, (ii) a sale or
                disposition
                of
                all or substantially all of the
                assets of the Company and
                its subsidiaries;
                or
                (iii) a merger, consolidation
                or
                other transaction in which holders of the Company’s voting power prior to
                such transaction hold, after such transaction, less than 50% of the
                Company’s voting power. 

            

    

     

    
      	 	
              (b)

            	
              Notwithstanding
                the foregoing, a portion of the acceleration of vesting described
                in this
                Section shall not occur with respect to an Award to the extent such
                acceleration of vesting would cause the Participant or holder of
                such
                Award to realize less income, net of taxes, after deducting the amount
                of
                excise taxes that would be imposed pursuant to section 4999 of the
                Code,
                than if accelerated vesting of that portion of the Award did not
                occur. If
                any portion of any Award remains unvested due to this Section 8.3(b)
                due
                to a transaction in which the Company is not the surviving entity
                after
                the transaction, or the survives only as a subsidiary or is otherwise
                controlled by the Successor Entity, such portion of the Award shall
                be
                assumed by the Successor Entity, or converted into award of an option
                for,
                or restricted shares, as applicable, of the common stock of the surviving
                entity, subject to the terms and conditions that are equivalent to
                the
                terms and conditions of this Award in all material
                respects.

            

    

     

    
      	 	
              (c)

            	
              Notwithstanding
                anything to the contrary contained herein, a change in ownership
                that
                occurs as a result of a public offering of the Company’s equity securities
                that is approved by the Board shall not alone constitute a Change
                in
                Control.

            

    

     

    8.4 No
      Adjustment upon Certain Transactions.
      The
      issuance by the Company of shares of stock of any class, or securities
      convertible into shares of stock of any class, for cash or property, or for
      labor or services rendered, either upon direct sale or upon the exercise of
      rights or warrants to subscribe therefor, or upon conversion of shares or
      obligations of the Company convertible into such shares or other securities,
      shall not affect, and no adjustment by reason thereof shall be made with respect
      to, outstanding Awards.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    8.5 Fractional
      Shares.
      Only
      whole shares of Stock may be acquired through the exercise of an Option. Any
      amounts tendered in the exercise of an Option remaining after the maximum number
      of whole shares have been purchased will be returned to the
      Participant.

     

    ARTICLE
      IX. LEGAL COMPLIANCE CONDITIONS

     

    9.1 General.
      No
      Award shall be exercisable, no Stock
      or
      Restricted
      Stock
      shall be issued, no certificates for shares of Stock shall be delivered, and
      no
      payment shall be made under this Plan except in compliance with all federal
      or
      state laws and regulations (including, without limitation, withholding tax
      requirements), federal and state securities laws and regulations and the rules
      of all securities exchanges or self-regulatory organizations on which the
      Company’s shares may be listed. The Company shall have the right to rely on an
      opinion of its counsel as to such compliance. Any certificate issued to evidence
      shares of Stock issued pursuant to this Plan may bear such legends and
      statements as the Committee upon advice of counsel may deem advisable to assure
      compliance with federal or state laws and regulations. No Award shall be
      exercisable, no Stock or
      Restricted Stock
      shall be
      issued, no certificate for shares shall be delivered and no payment shall be
      made under this Plan until the Company has obtained such consent or approval
      as
      the Committee may deem advisable from any regulatory bodies having jurisdiction
      over such matters.

     

    9.2 Representations
      by Participants.
      As a
      condition to the exercise of an Award, the Company may require a Participant
      to
      represent and warrant at the time of any such exercise that the shares are
      being
      purchased only for investment and without any present intention to sell or
      distribute such shares. At the option of the Company, a stop transfer order
      against any shares of Stock may be placed on the official stock books and
      records of the Company, and a legend indicating that the Stock may not be
      pledged, sold or otherwise transferred unless an opinion of counsel was provided
      (concurred in by counsel for the Company) and stating that such transfer is
      not
      in violation of any applicable law or regulation may be stamped on the stock
      certificate in order to assure exemption from registration. The Committee may
      also require such other action or agreement by the Participants as may from
      time
      to time be necessary to comply with federal or state securities laws. This
      provision shall not obligate the Company or any Affiliate to undertake
      registration of options or stock hereunder.

     

    ARTICLE
      X. GENERAL PROVISIONS

     

    10.1 Effect
      on Employment.
      Neither
      the adoption of this Plan, its operation, nor any documents describing or
      referring to this Plan (or any part thereof) shall confer upon any employee
      any
      right to continue in the employ of the Company or an Affiliate or in any way
      affect any right and power of the Company or an Affiliate to terminate the
      employment of any employee at any time with or without assigning a reason
      therefor.

     

    10.2 Unfunded
      Plan.
      The
      Plan, insofar as it provides for grants, shall be unfunded, and the Company
      shall not be required to segregate any assets that may at any time be
      represented by grants under this Plan. Any liability of the Company to any
      person with respect to any grant under this Plan shall be based solely upon
      contractual obligations that may be created hereunder. No such obligation of
      the
      Company shall be deemed to be secured by any pledge of, or other encumbrance
      on,
      any property of the Company.

     

    10.3 Rules
      of Construction.
      Headings are given to the articles and sections of this Plan solely as a
      convenience to facilitate reference. The masculine gender when used herein
      refers to both masculine and feminine. The reference to any statute, regulation
      or other provision of law shall be construed to refer to any amendment to or
      successor of such provision of law.

     

    10.4 Governing
      Law and Venue.
      This
      Plan and any Agreement hereunder shall be construed and enforced in accordance
      with the laws of the State of Tennessee without
      regard to its principles of conflicts of laws. Each party hereby irrevocably
      and
      unconditionally consents to venue in any state or federal court located in
      the
      City of Nashville, Tennessee (the “Nashville Courts”) for any litigation arising
      out of or relating to this Plan and any Agreement hereunder, and each party
      hereby waives any objection to the laying of venue of any such litigation in
      the
      Nashville Courts and agrees not to plead or claim in any Nashville Court that
      such litigation brought therein has been brought in an inconvenient forum.
      The
      Company and all Participants hereby irrevocably and unconditionally consents
      to
      a Nashville Court applying Tennessee law to any litigation arising out of or
      relating to this Plan and any Agreement hereunder.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    10.5 Compliance
      with Section 16 of the Exchange Act.
      In the
      event that any common class of equity securities of the Company becomes subject
      to registration under section 12 of the Exchange Act, transactions under this
      Plan are intended to comply with all applicable conditions of Rule 16b-3 or
      its
      successors under the Exchange Act. To the extent any provision of this Plan
      or
      action by Committee fails to so comply, it shall be deemed null and void to
      the
      extent permitted by law and deemed advisable by the Committee.

     

    10.6 Amendment.
      The
      Board may amend or terminate this Plan at any time; provided, however, an
      amendment that would have a material adverse effect on the rights of a
      Participant under an outstanding Award is not valid with respect to such Award
      without the Participant’s consent, except as necessary for Incentive Options to
      maintain qualification under the Code; and provided, further, that the
      stockholders of the Company must approve the following:

     

    
      	 	
              (a)

            	
              12
                months before or after the date of adoption, any amendment that increases
                the aggregate number of shares of Stock that may be issued under
                Incentive
                Options or changes the employees (or class of employees) eligible
                to
                receive Incentive Options;

            

    

     

    
      	 	
              (b)

            	
              before
                the effective date thereof, any amendment that increases the period
                during
                which Incentive Options may be granted or exercised;
                and

            

    

     

    
      	 	
              (c)

            	
              in
                the event that a common class of equity securities of the Company
                becomes
                traded on an exchange or market system before the effective date
                thereof,
                any amendment that increases the number of shares in the aggregate
                which
                may be issued pursuant to Awards granted under the Plan except pursuant
                to
                Article VIII.

            

    

     

    10.7 Duration
      of Incentive Options.
      Incentive Option awards shall not be made with respect to the shares of Stock
      specified in Section 5.2 more than ten years after the earlier of the date
      that
      the Plan is adopted by the Board or the date that the Plan is approved by
      stockholders. If the number of shares specified in Section 5.2 is increased
      by
      an amendment to this Plan, Incentive Options may be awarded with respect to
      such
      increased shares for a period of ten years after the earlier of the date that
      the amendment to the Plan is adopted by the Board or the date that the amendment
      is approved by stockholders in a manner that satisfies Treasury Regulations.
      Incentive Options granted before such dates shall remain valid in accordance
      with their terms.

     

    10.8Waiver
      of Jury Trial.
      EACH
      PARTICIPANT HEREUNDER
      HEREBY
      IRREVOCABLY WAIVES
      ANY AND
      ALL RIGHTS HE OR SHE MAY HAVE TO DEMAND THAT ANY ACTION, PROCEEDING OR
      COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS PLAN OR ANY AGREEMENT
      HEREUNDER OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS
      WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY ARISING FROM
      ANY
      SOURCE INCLUDING, BUT NOT LIMITED TO, THE CONSTITUTION OF THE UNITED STATES
      OR
      ANY STATE THEREIN, COMMON LAW OR ANY APPLICABLE STATUTE OR REGULATIONS. BY
      AGREEING TO RECEIVE AN AWARD, EACH PARTICIPANT HERETO ACKNOWLEDGES THAT HE
      OR
      SHE IS KNOWINGLY AND VOLUNTARILY WAIVING HIS OR HER RIGHT TO DEMAND TRIAL BY
      JURY.

     

    10.9 Effective
      Date of Plan.
      This
      Plan shall be effective as of December 3, 2007, and Awards may be granted
      hereunder at any time after such adoption.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the undersigned officer has executed this Plan as of December
      3, 2007.

    

    

    DEBUT
      BROADCASTING CORPORATION, INC.

    

     

    By:
      /s/
      Robert J. Marquitz     

    Name:
      Robert J. Marquitz

    Title:
      Chairman/President

    

    

    
      
        
        

      

      
        9

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