Document:

Exhibit
      10.4

    

    THIS
      WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
      OR
      THE SECURITIES LAWS OF ANY STATE (COLLECTIVELY, THE “ACTS”). NEITHER THIS
      WARRANT NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED
      OR
      OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT
      WITH
      RESPECT HERETO UNDER ALL OF THE APPLICABLE ACTS, OR AN OPINION OF COUNSEL
      SATISFACTORY TO EQUITY MEDIA HOLDINGS CORPORATION TO THE EFFECT THAT SUCH
      REGISTRATIONS ARE NOT REQUIRED.

    

    

    WARRANT

    

    to
      Purchase Common Stock of

    

    EQUITY
      MEDIA HOLDINGS CORPORATION

    

    Expiring
      on September 7, 2009

    

    THIS
      IS
      TO CERTIFY THAT, for value received, Luken Communications, LLC, or permitted
      assigns, is entitled to purchase from EQUITY MEDIA HOLDINGS CORPORATION, a
      Delaware corporation (the “Company”), at the Warrant Office designated pursuant
      to Section 2.1, at a purchase price per share of $1.10 (as adjusted pursuant
      to
      the terms of this Warrant, the “Exercise Price”), 8,050,000 shares of duly
      authorized, validly issued, fully paid and nonassessable shares of Common Stock,
      $.0001 par value, of the Company (the “Common Stock”), and is entitled also to
      exercise the other appurtenant rights, powers and privileges hereinafter set
      forth. The number of shares of the Common Stock purchasable hereunder and the
      Exercise Price are subject to adjustment in accordance with Article III hereof.
      This Warrant shall expire at 5:00 p.m., C.S.T., on September 7,
      2009.

     

    Certain
      Terms used in this Warrant are defined in Article IV.

     

    ARTICLE
      I

     

    Exercise
      of Warrant

     

    1.1 Method
      of Exercise.
      This
      Warrant may be exercised as a whole or in part beginning on the date of issuance
      until September 7, 2009, at which time this Warrant shall expire and be of
      no
      further force or effect; provided. To exercise this Warrant, the holder hereof
      or permitted assignees of all rights of the registered owner hereof shall
      deliver to the Company, at the Warrant Office designated in Section 2.1, (a)
      a
      written notice in the form of the Subscription Notice attached as an exhibit
      hereto, stating therein the election of such holder or such permitted assignees
      of the holder to exercise this Warrant, (b) payment in full of the Exercise
      Price (in the manner described below) for all Warrant Shares purchased hereunder
      and (c) this Warrant. Subject to compliance with Section 3.1(a)(vi), this
      Warrant shall be deemed to be exercised on the date of receipt by the Company
      of
      the Subscription Notice, accompanied by payment for the Warrant Shares to be
      purchased and surrender of this Warrant, as aforesaid, and such date is referred
      to herein as the “Exercise Date.” Upon such exercise (subject as aforesaid), the
      Company shall issue and deliver to such holder a certificate for the full number
      of the Warrant Shares purchasable by such holder hereunder. The Person in whose
      name the certificate(s) for Common Stock is to be issued shall be deemed to
      have
      become a holder of record of such Common Stock on the Exercise Date; provided,
      however, that this Warrant may not be exercised and the shares of common stock
      underlying this Warrant (the “Warrant Shares”) shall not be issued to the holder
      unless: 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    (a) it
      is
      lawful for the holder to own the Warrant Shares that the holder would own upon
      such exercise of this Warrant, and the exercise of this Warrant and such
      holder’s acquisition of the Warrant Shares do not result in a violation of the
      Communications Act of 1934, as amended, or any ownership rule or regulation
      of
      the Federal Communications Commission (“FCC”); and

     

    (b) if
      the
      issuance of the Warrant Shares would result in any transfer of control of any
      licensee of the FCC, any required prior approval from the FCC for such transfer
      of control shall have been received.

     

    1.2 Fractional
      Shares.
      In lieu
      of any fractional shares of Common Stock which would otherwise be issuable
      upon
      exercise of this Warrant, the Company shall issue a certificate for the next
      higher number of whole shares of Common Stock for any fraction of a share.
      

     

    ARTICLE
      II

     

    Warrant
      Office; Transfer

     

    2.1 Warrant
      Office.
      The
      Company shall maintain an office for certain purposes specified herein (the
      “Warrant Office”), which office shall initially be the Company’s office at #1
      Shackleford Drive, Suite 400 Little Rock, Arkansas 72211, and may subsequently
      be such other office of the Company or of any transfer agent of the Common
      Stock
      in the continental United States of which written notice has previously been
      given to the holder of this Warrant. The Company shall maintain, at the Warrant
      Office, a register for the Warrant in which the Company shall record the name
      and address of the person in whose name this Warrant has been issued, as well
      as
      the name and address of each permitted assignee of the rights of the registered
      owner hereof.

     

    2.2 Ownership
      of Warrant.
      The
      Company may deem and treat the person in whose name this Warrant is registered
      as the holder and owner hereof (notwithstanding any notations of ownership
      or
      writing hereon made by anyone other than the Company) for all purposes and
      shall
      not be affected by any notice to the contrary, until presentation of this
      Warrant for registration of transfer as provided in this Article
      II.

     

    
      
         

      

      
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    2.3 Transfer
      of Warrants.
      The
      Company agrees to maintain at the Warrant Office books for the registration
      and
      transfer of this Warrant. This Warrant may be transferred in whole or in part
      only in compliance with the applicable law and the terms of this Section 2.3.
      The holder may not transfer this Warrant or any interest herein (including
      through the grant of participation interests), in whole or in part, if such
      transfer would result in a violation of the Communications Act of 1934, as
      amended, or any ownership rule or regulation of the FCC (it being understood
      that a party not qualified to exercise the Warrant may be qualified as a
      transferee if no violation would result from the transfer of this Warrant
      without exercise). The Company, from time to time, shall register the transfer
      of this Warrant in such books upon surrender of this Warrant at the Warrant
      Office, properly endorsed or accompanied by appropriate instruments of transfer
      and written instructions for transfer satisfactory to the Company. Upon any
      such
      transfer, a new Warrant shall be issued to the transferee, and the surrendered
      Warrant shall be canceled by the Company. The registered holder of this Warrant
      shall pay all taxes and all other expenses and charges payable in connection
      with the transfer of Warrants pursuant to this Section 2.3.

     

    2.4 Registration
      Rights.
      The
      Company agrees to register the Warrant Shares on any registration statement
      filed by the Company pursuant to the terms of the Warrant Purchase Agreement
      of
      even date herewith, of which the Company and the initial holder of this Warrant
      are parties.

     

    2.5 Acknowledgment
      of Rights.
      The
      Company will, at the time of the exercise of this Warrant in accordance with
      the
      terms hereof, upon the request of the registered holder hereof, acknowledge
      in
      writing its continuing obligation to afford to such holder any rights (including
      without limitation, any right to registration of the Warrant Shares) to which
      such holder shall continue to be entitled after such exercise in accordance
      with
      the provisions of this Warrant, provided that if the holder of this Warrant
      shall fail to make any such request, such failure shall not affect the
      continuing obligation of the Company to afford to such holder any such
      rights.

     

    2.6 Expenses
      of Delivery of Warrants.
      Except
      as provided in Section 2.3 above, the Company shall pay all reasonable expenses,
      taxes (other than transfer taxes) and other charges payable in connection with
      the preparation, issuance and delivery of Warrants and related Warrant Shares
      hereunder.

     

    2.7 Compliance
      with Securities Laws.
      The
      holder hereof understands and agrees that the following restrictions and
      limitations shall be applicable to all Warrant Shares and resales or other
      transfers thereof pursuant to the Securities Act:

     

    (a) The
      holder hereof agrees that the Warrant Shares shall not be sold or otherwise
      transferred unless the Warrant Shares are registered under the Securities Act
      and state securities laws or are exempt therefrom.

     

    (b) A
      legend
      in substantially the following form has been or will be placed on the
      certificate(s) evidencing the Warrant Shares:

     

    “The
      shares represented by this certificate have not been registered under the
      Securities Act of 1933, as amended, or the securities laws of any state
      (collectively, the “Acts”). Neither the shares nor any interest therein may be
      offered, sold, transferred, pledged, or otherwise disposed of in the absence
      of
      an effective registration statement with respect to the shares under all of
      the
      applicable Acts, or an opinion of counsel satisfactory to Equity Media Holdings
      Corporation to the effect that such registrations are not required.

     

    
      
         

      

      
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    (c) Stop
      transfer instructions have been or will be imposed with respect to the Warrant
      Shares so as to restrict resale or other transfer thereof, subject to this
      Section 2.7.

     

    ARTICLE
      III

     

    Anti-Dilution
      Provisions

     

    3.1 Stock
      Dividends - Split Ups.
      If
      after the date hereof, and subject to the provisions of Section 4.6 below,
      the
      number of outstanding shares of Common Stock is increased by a stock dividend
      payable in shares of Common Stock, or by a split up of shares of Common Stock,
      or other similar event, then, on the effective date of such stock dividend,
      split up or similar event, the number of shares of Common Stock issuable on
      exercise of each Warrant shall be increased in proportion to such increase
      in
      outstanding shares of Common Stock.

     

    3.2 Aggregation
      of Shares.
      If
      after the date hereof, and subject to the provisions of Section 4.6, the number
      of outstanding shares of Common Stock is decreased by a consolidation,
      combination, reverse stock split or reclassification of shares of Common Stock
      or other similar event, then, on the effective date of such consolidation,
      combination, reverse stock split, reclassification or similar event, the number
      of shares of Common Stock issuable on exercise of each Warrant shall be
      decreased in proportion to such decrease in outstanding shares of Common
      Stock.

     

    3.3 Adjustments
      in Exercise Price.
      Whenever the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants is adjusted, as provided in Section 4.1 and 4.2 above, the Warrant
      Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
      immediately prior to such adjustment by a fraction (x) the numerator of which
      shall be the number of shares of Common Stock purchasable upon the exercise
      of
      the Warrants immediately prior to such adjustment, and (y) the denominator
      of
      which shall be the number of shares of Common Stock so purchasable immediately
      thereafter.

     

    3.4 Replacement
      of Securities upon Reorganization, etc.
      In case
      of any reclassification or reorganization of the outstanding shares of Common
      Stock (other than a change covered by Section 4.1 or 4.2 hereof or that solely
      affects the par value of such shares of Common Stock), or in the case of any
      merger or consolidation of the Company with or into another corporation (other
      than a consolidation or merger in which the Company is the continuing
      corporation and that does not result in any reclassification or reorganization
      of the outstanding shares of Common Stock), or in the case of any sale or
      conveyance to another corporation or entity of the assets or other property
      of
      the Company as an entirety or substantially as an entirety in connection with
      which the Company is dissolved, the Warrant holders shall thereafter have the
      right to purchase and receive, upon the basis and upon the terms and conditions
      specified in the Warrants and in lieu of the shares of Common Stock of the
      Company immediately theretofore purchasable and receivable upon the exercise
      of
      the rights represented thereby, the kind and amount of shares of stock or other
      securities or property (including cash) receivable upon such reclassification,
      reorganization, merger or consolidation, or upon a dissolution following any
      such sale or transfer, that the Warrant holder would have received if such
      Warrant holder had exercised his, her or its Warrant(s) immediately prior to
      such event; and if any reclassification also results in a change in shares
      of
      Common Stock covered by Section 4.1 or 4.2, then such adjustment shall be made
      pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of
      this
      Section 4.4 shall similarly apply to successive reclassifications,
      reorganizations, mergers or consolidations, sales or other
      transfers.

     

    
      
         

      

      
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    3.5 Notices
      of Changes in Warrant.
      Upon
      every adjustment of the Warrant Price or the number of shares issuable upon
      exercise of a Warrant, the Company shall give written notice thereof to the
      Warrant Agent, which notice shall state the Warrant Price resulting from such
      adjustment and the increase or decrease, if any, in the number of shares
      purchasable at such price upon the exercise of a Warrant, setting forth in
      reasonable detail the method of calculation and the facts upon which such
      calculation is based. Upon the occurrence of any event specified in Sections
      4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company shall give written
      notice to each Warrant holder, at the last address set forth for such holder
      in
      the warrant register, of the record date or the effective date of the event.
      Failure to give such notice, or any defect therein, shall not affect the
      legality or validity of such event.

     

    3.6 No
      Fractional Shares.
      Notwithstanding any provision contained in this Warrant Agreement to the
      contrary, the Company shall not issue fractional shares upon exercise of
      Warrants. If, by reason of any adjustment made pursuant to this Section 4,
      the
      holder of any Warrant would be entitled, upon the exercise of such Warrant,
      to
      receive a fractional interest in a share, the Company shall, upon such exercise,
      round up or down to the nearest whole number the number of the shares of Common
      Stock to be issued to the Warrant holder.

     

    3.7 Form
      of Warrant.
      The
      form of Warrant need not be changed because of any adjustment pursuant to this
      Section 4, and Warrants issued after such adjustment may state the same Warrant
      Price and the same number of shares as is stated in the Warrants initially
      issued pursuant to this Agreement. However, the Company may at any time in
      its
      sole discretion make any change in the form of Warrant that the Company may
      deem
      appropriate and that does not affect the substance thereof, and any Warrant
      thereafter issued or countersigned, whether in exchange or substitution for
      an
      outstanding Warrant or otherwise, may be in the form as so changed.

     

    ARTICLE
      IV

     

    Miscellaneous

     

    4.1 Entire
      Agreement.
      This
      Warrant, together with the Warrant Purchase Agreement, and that certain Stock
      Purchase Agreement by and among the Company, CASH Services, Inc., Retro
      Programming Services, Inc. and Luken Communications, LLC, dated of even date
      herewith (“RPSI Purchase Agreement”), and the documents referenced herein and
      therein contains the entire agreement between the holder hereof and the Company
      with respect to the Warrant Shares that it can purchase upon exercise hereof
      and
      the related transactions and supersedes all prior arrangements or understanding
      with respect thereto.

     

    
      
         

      

      
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    (a) Certain
      Rights.
      Upon
      any Seller Trigger Event (as defined in the RPSI Purchase Agreement), the
      Purchaser shall have the right to require the Company to repurchase all, but
      not
      less than all, of the Warrants sold to Purchaser under the Warrant Purchase
      Agreement for a price of $1.5 million. In the event of any repurchase hereunder,
      the party having the right to cause such repurchase shall exercise its rights
      within 15 days of the event or circumstances giving rise to such right by
      written notice to the other party. Such repurchase shall be consummated within
      30 days of such notice. In any repurchase, all Warrants shall be delivered
      to
      the Company by Purchaser free and clear of all liens, mortgages and encumbrances
      of any kind.

     

    4.2 Governing
      Law.
      This
      Warrant shall be governed by and construed in accordance with the laws of the
      United States of America and the State of Delaware, both substantive and
      remedial. Exclusive venue and jurisdiction for any action arising hereunder
      shall lie in the court of competent jurisdiction located in New Castle County,
      Delaware, and the parties specifically agree to submit to such jurisdiction
      and
      waive any objection to such venue.

     

    4.3 Waiver
      and Amendment.
      Any
      term or provision of this Warrant may be waived at any time by the party which
      is entitled to the benefits thereof, and any term or provision of this Warrant
      may be amended or supplemented at any time by agreement of the holder hereof
      and
      the Company, except that any waiver of any term or condition, or any amendment
      or supplementation, of this Warrant must be in writing. A waiver of any breach
      or failure to enforce any of the terms or conditions of this Warrant shall
      not
      in any way affect, limit or waive a party’s rights hereunder at any time to
      enforce strict compliance thereafter with every term or condition of this
      Warrant.

     

    4.4 Illegality.
      In the
      event that any one or more of the provisions contained in this Warrant shall
      be
      determined to be invalid, illegal or unenforceable in any respect for any
      reason, the validity, legality and enforceability of any such provision in
      any
      other respect and the remaining provisions of this Warrant shall not, at the
      election of the party for whom the benefit of the provision exists, be in any
      way impaired.

     

    4.5 Copy
      of Warrant.
      A copy
      of this Warrant shall be filed among the records of the Company.

     

    4.6 Notice.
      Any
      notice or other document required or permitted to be given or delivered to
      the
      holder hereof shall be delivered at, or sent by certified or registered mail
      to
      such holder at, the last address shown on the books of the Company maintained
      at
      the Warrant Office for the registration of this Warrant or at any more recent
      address of which the holder hereof shall have notified the Company in writing.
      Any notice or other document required or permitted to be given or delivered
      to
      the Company, other than such notice or documents required to be delivered to
      the
      Warrant Office, shall be delivered at, or sent by certified or registered mail
      to, the office of the Company at 1 Shackleford Drive, Suite 400, Little Rock,
      AR
      72211 or any other address within the continental United States of America
      as
      shall have been furnished by the Company to the holder of this
      Warrant.

     

    
      
         

      

      
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    4.7 Limitation
      of Liability; Not Stockholders.
      No
      provision of this Warrant shall be construed as conferring upon the holder
      hereof the right to vote, consent, receive dividends or receive notices other
      than as herein expressly provided in respect of meetings of stockholders for
      the
      election of directors of the Company or any other matter whatsoever as a
      stockholder of the Company. No provision hereof, in the absence of affirmative
      action by the holder hereof to purchase shares of Common Stock, and no mere
      enumeration herein of the rights or privileges of the holder hereof, shall
      give
      rise to any liability of such holder for the purchase price of any shares of
      Common Stock or as a stockholder of the Company, whether such liability is
      asserted by the Company or by creditors of the Company.

     

    4.8 Exchange,
      Loss, Destruction, etc. of Warrant.
      Upon
      receipt of evidence satisfactory to the Company of the loss, theft, mutilation
      or destruction of this Warrant, and in the case of any such loss, theft or
      destruction upon delivery of a bond of indemnity in such form and amount as
      shall be reasonably satisfactory to the Company, or in the event of such
      mutilation upon surrender and cancellation of this Warrant, the Company will
      make and deliver a new Warrant of like tenor, in lieu of such lost, stolen,
      destroyed or mutilated Warrant; provided,
      however,
      that
      the original recipient of this Warrant shall not be required to provide any
      such
      bond of indemnity and may in lieu thereof provide his agreement of indemnity.
      Any Warrant issued under the provisions of this Section 6.8 in lieu of any
      Warrant alleged to be lost, destroyed or stolen, or in lieu of any mutilated
      Warrant, shall constitute an original contractual obligation on the part of
      the
      Company. This Warrant shall be promptly canceled by the Company upon the
      surrender hereof in connection with any exchange or replacement. The registered
      holder of this Warrant shall pay all taxes (including securities transfer taxes)
      and all other expenses and charges payable in connection with the preparation,
      execution and delivery of Warrants pursuant to this Section 6.8.

     

    4.9 FCC
      Consent.
      In the
      event that any action to be taken under this Warrant would result in a change
      of
      control of any license, permit or other authorization issued by the FCC such
      that the prior consent of the FCC is required for the taking or consummation
      of
      such action under the Communications Act of 1934, as amended, or the rules,
      regulations and policies of the FCC which are then in effect, the obtaining
      of
      such FCC consent shall be a condition for the taking or consummation of such
      action and the Company and the holder shall cooperate and use all commercially
      reasonable efforts to make any required filings with the FCC so as to obtain
      such consent of the FCC prior to the date for taking or consummating any such
      action.

     

    4.10 Headings.
      The
      Article and Section and other headings herein are for convenience only and
      are
      not a part of this Warrant and shall not affect the interpretation
      thereof.

     

    IN
      WITNESS WHEREOF, the Company has caused this Warrant to be signed in its
      name.

     

      
        	
                Dated:
                  June 24, 2008

              	 	 
	 	 	 
	 	
                EQUITY
                  MEDIA HOLDINGS CORPORATION

              
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              	 
	 	
                Title:

              	 

      

    

     

    
      
         

      

      
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    SUBSCRIPTION
      NOTICE

    

    The
      undersigned, the holder of the foregoing Warrant, hereby elects to exercise
      purchase rights represented by said Warrant for, and to purchase thereunder
      __________ shares of the Common Stock covered by said Warrant and herewith
      makes
      payment in full therefor pursuant to Section 1.1 of such Warrant, and requests
      (a) that certificates for such shares (and any securities or other property
      issuable upon such exercise) be issued in the name of, and delivered to,
      __________________, _____________________ and (b) if such shares shall not
      include all of the shares issuable as provided in said Warrant, that a new
      Warrant of like tenor and date for the balance of the shares issuable thereunder
      be delivered to the undersigned.

     

    Except
      to
      the extent the shares of Common Stock being acquired are registered for public
      resale by the holder, the undersigned represents that (1) the aforesaid shares
      of Common Stock are being acquired for the account of the undersigned for
      investment not with view to, or for resale in connection with, the distribution
      thereof and that the undersigned has no present intention of distributing or
      reselling such shares; (2) the undersigned is aware of the Company’s business
      affairs and financial condition and has acquired sufficient information about
      the Company to reach an informed and knowledgeable decision regarding its
      investment in the Company; (3) the undersigned is experienced in making
      investments of this type and has such knowledge and background in financial
      and
      business matters that the undersigned is capable of evaluating the merits and
      risks of this investment and protecting the undersigned’s own interests; (4) the
      undersigned understands that the shares of Common Stock issuable upon exercise
      of this Warrant have not been registered under the Securities Act of 1933,
      as
      amended (the “Securities Act”), by reason of a specific exemption from the
      registration provisions of the Securities Act, which exemption depends upon,
      among other things, the bona fide nature of the investment intent as expressed
      herein, and, because such securities have not been registered under the
      Securities Act, they must be held indefinitely unless subsequently registered
      under the Securities Act or an exemption from such registration is available;
      (5) the undersigned is aware that the aforesaid shares of Common Stock may
      not
      be sold pursuant to Rule 144 adopted under the Securities Act unless certain
      conditions are met and until the undersigned has held the shares for the number
      of years prescribed by Rule 144, that among the conditions for use of the Rule
      is the availability of current information to the public about the Company,
      and
      the Company has not made such information available and has no present plans
      to
      do so; and (6) the undersigned agrees not to make any disposition of all or
      any
      part of the aforesaid shares of Common Stock unless and until there is then
      in
      effect a registration statement under the Securities Act covering such proposed
      disposition and such disposition is made in accordance with said registration
      statement, or the undersigned has provided the Company with an opinion of
      counsel satisfactory to the Company, stating that such registration is not
      required.

    

      
        	 	 
	 	
                Name:

              
	 	 
	 	 
	 	
                Signature

              
	 	 
	
                Dated:___________________,
                  _____

              	 

      

    

     

    
      
         

      

      
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    ASSIGNMENT

    

    For
      value
      received, _____________________________, hereby sells, assigns and transfers
      unto _______________________________ the within Warrant, together with all
      right, title and interest therein and does hereby irrevocably constitute and
      appoint _______________________ attorney, to transfer said Warrant on the books
      of the Company, with full power of substitution.

    

      
        	 	
                 

              
	 	 
	
                Dated:
                  ___________________, 20__

              	 

      

    

     

    
      
         

      

      
        9Exhibit
      10.5

     

    SEPARATION
      AGREEMENT

     

    THIS
      SEPARATION AGREEMENT (“Agreement”) is made as of this 24th day of June, 2008
      (the “Execution Date”) and entered into by and between Larry Morton, a resident
      of the State of Arkansas (“Morton”), on the one hand, and Equity Media Holdings
      Corporation, a Delaware corporation (“EMHC”), and Retro Programming Services,
      Inc., a wholly owned subsidiary of EMHC (“RPS”), on the other hand. Morton, EMHC
      and RPS may be collectively referred to herein as the “Parties” or individually
      as “Party.”

     

    RECITALS

     

    WHEREAS,
      Morton has been employed by EMHC and in connection with such employment has
      served as the President and Chief Executive Officer of EMHC and President and
      Chief Executive Officer of RPS;

     

    WHEREAS,
      pursuant to the terms, conditions and agreements set forth herein and except
      as
      otherwise provided herein, the Parties now mutually desire to provide for the
      termination of Morton’s employment with EMHC, RPS and each of their respective
      subsidiaries and affiliates;

     

    WHEREAS,
      by and through this Agreement and the RTN Transfer Agreement (as defined below),
      the Parties desire to address fully, finally and forever all matters between
      them arising up to and through the Execution Date, including, but not limited
      to, any matters arising out of Morton’s employment with EMHC and/or RPS and/or
      the termination of the foregoing;

     

    NOW
      THEREFORE, in consideration of the agreements contained herein as well as other
      good and valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, each of the Parties agrees as follows:

     

    1. Termination
      of Employment.
      Morton’s
      employment as President and Chief Executive Officer of EMHC was terminated
      effective as of February 13, 2008 and Morton’s employment as President and Chief
      Executive Officer of RPS and any other subsidiaries and affiliates of EMHC
      is
      hereby terminated effective as of the Execution Date. In
      addition, effective as of the Execution Date, to the extent not previously
      terminated, Morton hereby resigns from any and all offices and directorships
      he
      may hold with each of EMHC, RPS and each of their subsidiaries and affiliates,
      other than his position as a director of EMHC, and agrees to take any other
      actions reasonably required to effectuate the foregoing.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

       

    

    2. Termination
      of Prior Agreements; Consulting Agreement.
      Except
      as otherwise provided herein, the Employment Agreement by and between EMHC
      and
      Morton, dated March 30, 2007 (the “Employment Agreement”) is hereby terminated,
      along with all rights, obligations and responsibilities of the parties
      thereunder. Each other agreement between Morton and any of EMHC, RPS and each
      of
      their respective subsidiaries and affiliates, other than this Agreement and
      the
      RTN Transfer Agreement dated of even date herewith (the “RTN Transfer
      Agreement”), are hereby terminated in all respects, except as otherwise provided
      in the RTN Transfer Agreement. Notwithstanding the foregoing, (a) the Option
      Agreement pursuant to the EMHC 2007 Stock Incentive Plan between EMHC and
      Morton, dated May 9, 2007 (the “Option Agreement”) shall continue in effect in
      accordance with their terms, except as expressly modified by Section 9 of this
      Agreement, and (b) Section 13 (Remedies Upon Breach), Section 14 (Assignment
      of
      Intellectual Property Rights) and Section 15 (Miscellaneous) of the Employment
      Agreement and (c) that certain Indemnification Agreement dated August 10, 2007
      by and between EMHC and Morton (the “Indemnification Agreement”) shall survive
      the termination of the Employment Agreement and remain binding on the parties
      thereto. Concurrently with the execution of this Agreement, Morton and EMHC
      are
      executing the consulting agreement in the form attached hereto as Exhibit
      A
      (“Consulting Agreement”).

     

    3. Payments
      and Continuation of Benefits. The
      Parties agree that Morton shall be entitled to receive the following, subject
      to
      the following terms and conditions: 

     

    (a) Accrued
      Obligations.
      On or
      as soon as practicable after the Execution Date, EMHC shall (i) pay to Morton
      all unpaid salary and vacation accrued but not paid through the Execution Date,
      and (ii) reimburse to Morton all outstanding reimbursable expenses incurred
      by
      Morton and submitted to, and approved by, EMHC prior to the Execution Date
      in
      accordance with EMHC’s applicable policies and practices, to the extent not
      reimbursed prior to the Execution Date.

     

    (b) Severance.
      In
      consideration of and subject to and conditioned upon (i) Morton’s execution and
      non-revocation of the Release (as defined below) and (ii) Morton’s continued
      compliance with Sections 4 and 5 below, EMHC shall pay or provide the following
      to Morton (collectively, the “Severance”):

     

    
      	 	
              i.

            	
              Continued
                payment of Morton’s current annual base salary through the payment of
                $26,667 per month in each of the 44 consecutive months starting with
                the
                current month, payable in accordance with the customary payroll practices
                of EMHC as in existence on the Execution Date;

            

    

     

    
      	 	
              ii.

            	
              A
                single payment of $3,667 in lieu of any benefits Morton would have
                received if he had been able to participate in EMHC’s retirement and
                pension plans from the Execution Date through February 24, 2012.
                Such
                amount shall be paid to Morton in one lump sum cash payment within
                30 days
                following the expiration of the revocation period provided in the
                Release;

            

    

     

    
      	 	
              iii.

            	
              Continued
                enrollment from the Execution Date through the earliest to occur
                of (A)
                the expiration of the maximum coverage period permitted under Internal
                Revenue Code Section 4980B (together with the regulations thereunder,
                “COBRA”), (B) February 24, 2012, or (C) such time as Morton becomes
                eligible for coverage under another “group health plan” (within the
                meaning of COBRA) (in any case, the “Continuation Period”) at the same
                level of benefits (including deductibles and co-pays) and at EMHC’s sole
                cost and expense,
                in
                the group health plans (the “Benefit Plans”) in which Morton was enrolled
                immediately prior to the Execution Date, as may be adjusted in a
                manner
                applicable to plan participants generally. Notwithstanding the foregoing,
                if the Continuation Period terminates pursuant to clause (A) of this
                Section 3(b)(iv), then, until the earlier of such time as the Continuation
                Period would have expired under clause (B) or clause (C) of this
                Section
                3(b)(iv) (absent such termination pursuant to clause (A)), EMHC shall
                make
                monthly payments to Morton on or about the last day of each calendar
                month
                in the amount of $670.76; and 

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    
      	 	
              iv.

            	
              Monthly
                payments beginning in June 2008 and continuing through February 2012
                in
                the amount of $2,013.36 in lieu of any provision of life, disability,
                accidental death and dismemberment and/or other insurance
                benefits.

            

    

     

    To
      the
      extent that any Severance payments or benefits would become due or payable
      prior
      to the expiration of the revocation period applicable under the Release, such
      payments shall be delayed until (and subject to and conditioned upon) the
      expiration of such revocation period, and shall be paid as soon as practicable
      thereafter (assuming that the Release has not been revoked). 

     

    (c) Exclusivity
      of Benefits.
      Except
      as expressly provided in this Section 3 and the RTN Transfer Agreement, Morton
      shall not be entitled to any additional payments or benefits in connection
      with
      his employment with EMHC, RPS or any of their subsidiaries or affiliates, or
      the
      termination thereof or under or in connection with any contract, agreement
      or
      understanding between Morton and any of the foregoing. Except as expressly
      provided herein, all employee benefits and perquisites provided or funded in
      whole or in part by EMHC, RPS or any of their subsidiaries or affiliates shall
      cease as of the Execution Date.

     

    (d) Payment
      Upon Death of Morton.
      If
      Morton dies during any period during which payments pursuant to this Section
      3
      are to be made, payments for the remainder of such period following his death
      shall be made to his spouse or, if provided for by will or otherwise by law,
      to
      his heirs. 

     

    4. Confidential
      Information and Trade Secrets.
      As
      consideration for and to induce EMHC to enter into this Agreement and to pay
      the
      Severance, Morton hereby covenants and agrees to the provisions set forth below:
      

     

    (a) Except
      as
      the Board of Directors of EMHC may expressly authorize or direct in writing,
      Morton agrees that he will not at any time for any reason, either directly
      or
      indirectly, (i) copy, reproduce, divulge, disclose or communicate to any person
      or entity, in any manner whatsoever, any Confidential Information (as defined
      below), (ii) remove from the custody and control of EMHC any physical or
      electronic manifestation of the Confidential Information or (iii) utilize,
      or
      permit others to utilize, any Confidential Information for any reason. All
      Confidential Information, including all physical or electronic manifestations
      thereof, shall be the exclusive property of EMHC, whether or not prepared,
      compiled or obtained by Morton or by EMHC prior to Morton’s
      employment.

     

    (b) “Confidential
      Information” shall mean all information and trade secrets relating to or used in
      the business and operations of EMHC and its subsidiaries and affiliates
      (including, but not limited to, marketing methods and procedures, customer
      lists, sources of supplies and materials, business systems and procedures,
      information regarding its financial matters, or any other information concerning
      the personnel, operations, trade secrets, know how, or business or planned
      business of EMHC and its subsidiaries and affiliates), whether prepared,
      compiled, developed or obtained by Morton or by EMHC and its subsidiaries and
      affiliates prior to or during Morton’s employment with EMHC or RPS, that is
      treated by EMHC as confidential or proprietary or is reasonably considered
      by
      EMHC to be confidential or proprietary. Notwithstanding the foregoing,
“Confidential Information” shall not include information independently developed
      by Morton prior to March 30, 2007. 

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (c) The
      provisions of Section 4(a) shall not apply to: (i) Confidential Information
      that
      is public knowledge other than as a result of a breach of any obligation of
      confidence; or (ii) Confidential Information disclosed under a requirement
      of
      law or as directed by applicable legal authority having jurisdiction over
      Morton, provided that Morton shall deliver written notice to EMHC of such
      required disclosure and afford EMHC the opportunity to legally curtail such
      disclosure within the time period required for disclosure. All protections
      in
      this Section 4 for the benefit of EMHC shall be deemed to include its
      subsidiaries and affiliates.

     

    5. Non-Solicitation
      and Non-Disparagement. As
      consideration for and to induce EMHC to enter into this Agreement and to pay
      the
      Severance, Morton hereby covenants and agrees that, except is provided in
      Section 5(b), for a period commencing on the Execution Date and ending on
      February 24, 2012 (“Restriction Period”), he will not:

     

    (a) solicit
      to employ or knowingly permit any company or any business directly or indirectly
      controlled by him to solicit to employ any person who was employed by EMHC,
      RPS
      or any of their subsidiaries or affiliates at or within the prior six months,
      or
      in any manner seek to induce any such person to leave his or her employment,
      it
      being understood that a general advertisement seeking employees shall not be
      deemed to be such solicitation;

     

    (b) at
      any
      time, whether during or after the Restriction Period, make any statement,
      publicly or privately, to
      any
      individual or entity, including, without limitation, clients, customers,
      employees, financial or credit institutions or news agencies, in any case,
      which
      could reasonably be expected to disparage, defame, libel or slander EMHC, RPS,
      any of their subsidiaries, affiliates or any of their respective employees,
      officers or directors; or

     

    (c) hold
      himself out as an employee, agent or representative of EMHC, RPS or any of
      their
      subsidiaries or affiliates, except as otherwise provided in the Consulting
      Agreement.

     

    6. Remedies
      Upon Breach.
      

     

    (a) Morton
      acknowledges that EMHC and RPS will suffer substantial damage which will be
      difficult to compute and that the remedies at law will be inadequate if Morton
      should violate any of the covenants or other obligations contained in Sections
      4
      or 5 hereof, and that the restrictions in Sections 4 and 5 of this Agreement
      are
      reasonable and necessary for the protection of the legitimate business interests
      of EMHC, RPS and their subsidiaries and affiliates. Accordingly, the Parties
      agree that EMHC and RPS, as applicable, shall be entitled to the remedies of
      injunction and/or specific performance (in addition to any other remedies,
      at
      law or in equity, as may be available), and neither EMHC nor RPS shall be
      required to post a bond in connection therewith.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    (b) In
      the
      event of an alleged breach by Morton that is disputed by him, EMHC shall
      continue to make payments to Morton hereunder during the pendency of such
      dispute but for no more than twelve (12) months and, if such dispute is resolved
      adversely to Morton, Morton shall return to EMHC all payments so made upon
      demand.

     

    7. Indemnification.
      Nothing
      herein shall impair or affect any indemnification rights provided in EMHC’s or
      RPS’s certificate of incorporation or bylaws. Further, the Parties acknowledge
      and agree that EMHC’s duties and obligations under the Indemnification Agreement
      shall continue in full force and effect following the Execution Date pursuant
      to
      the terms and conditions contained therein.

     

    8. Releases. 

     

    
      	 	
              (a)

            	
              Morton
                agrees that, as a condition to Morton’s right to receive the Severance,
                within the timeframe specified in the release of claims attached
                hereto as
                Exhibit
                B(1)
                (the “Release”), Morton shall execute, deliver to EMHC and thereafter
                shall not revoke the Release. 

            

    

     

    
      	 	
              (b)

            	
              EMHC
                agrees that, as a condition to Morton’s execution of this Agreement,
                within the timeframe specified in the release of claims attached
                hereto as
                Exhibit
                B(2),
                EMHC shall execute, deliver to Morton and thereafter shall not revoke
                such
                release.

            

    

     

    9. Cancellation
      of Unvested Options.
      Effective
      upon the
      expiration of the revocation period applicable under the Release and assuming
      that the Release has not been revoked, Morton hereby surrenders to EMHC for
      cancellation all options to purchase securities of EHMC granted to him that
      did
      not vest prior to the Execution Date and agrees that he will not exercise any
      such options that vest between the Execution Date and the expiration of such
      revocation period. 

     

    10. No
      Admission. This
      Agreement shall not in any way be construed as an admission by EMHC,
      RPS
      or any of their subsidiaries or affiliates
      of any
      liability whatsoever or as an admission by any of the foregoing of any acts
      of
      wrongdoing or discrimination against Morton or any other persons. In fact,
      each
      of the foregoing entities specifically disclaims, on behalf of itself, its
      subsidiaries and affiliates, any liability to and wrongdoing or discrimination
      against Morton or any other persons. 

     

    11. Confidentiality.
      Except
      as otherwise required by law, Morton and EMHC agree not to disclose the terms
      of
      this Agreement or the substance of the discussions preceding this Agreement
      to
      any other person; provided, however, that this Section 11 shall not apply
      to:

     

    (a) Morton’s
      communications to his immediate family, attorneys, accountants and/or financial
      advisors, 

     

    (b) EMHC’s
      communications to any third party with a legitimate business need to know,
      as
      determined in EMHC’s reasonable and good faith discretion (such as its
      attorneys, accountants, auditors and/or financial advisors), and 

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    (c) disclosure
      by EMHC, to the extent required by applicable U.S. federal securities
      laws,

     

    as
      long
      as the Parties, prior to disclosure (except in situations to which Section
      11(c)
      applies), first agree not to disclose such information to anyone else. In
      addition, if Morton is required by law to disclose any of the terms of this
      Agreement or the substance of the discussions preceding this Agreement, Morton
      will provide written notice to EMHC in advance of such disclosure, and will
      cooperate with EMHC to prevent or limit such disclosure.

     

    12. Cooperation.
      Morton
      agrees to cooperate with EMHC and RPS with respect to all matters arising during
      or related to his employment about which he has personal knowledge because
      of
      his employment with EMHC and RPS, including but not limited to all matters
      (formal or informal) in connection with any government investigation, internal
      investigations, litigation (potential or ongoing), administrative, regulatory,
      or other proceeding which currently exists, or which may have arisen prior
      to or
      arises following the signing of the Agreement. Such cooperation will include,
      but not be limited to, Morton’s willingness to be interviewed by representatives
      of EMHC and RPS, and to participate in such proceedings by deposition or
      testimony. Morton understands that EMHC and/or RPS will reimburse him for his
      reasonable out-of-pocket expenses (including attorney’s fees and legal costs)
      incurred in connection with such cooperation.

     

    13. Binding
      Effect. This
      Agreement shall be binding upon Morton, his heirs, representatives, executors,
      administrators, successors, and assigns, and upon EMHC and RPS and their
      respective successors, parents, affiliated companies, and assigns. If either
      Party violates any provision of this Agreement, the other Party may present
      this
      Agreement to any court of competent jurisdiction for the purpose of obtaining
      legal and equitable relief.

     

    14. Governing
      Law. This
      Agreement is deemed by the Parties to be made and entered into in the State
      of
      Arkansas. It shall be interpreted, enforced, and governed under the laws of
      Arkansas. Any action or proceeding arising under or with respect to this
      Agreement shall be brought in a federal or state court having jurisdiction
      located in the County of Pulaski, State of Arkansas.

     

    15. Severability. If
      any
      term, provision, covenant or condition of this Agreement is held by a court
      of
      competent jurisdiction to exceed the limitations permitted by applicable law,
      as
      determined by such court in such action, then the provisions will be deemed
      reformed to apply to the maximum limitations permitted by applicable law and
      the
      Parties hereby expressly acknowledge their desire that in such event such action
      be taken. Notwithstanding the foregoing, the Parties further agree that if
      any
      term, provision, covenant or condition of this Agreement is held by a court
      of
      competent jurisdiction to be invalid, void or unenforceable, the remainder
      of
      the provisions shall remain in full force and effect and in no way shall be
      affected, impaired or invalidated.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    16. Section
      409A of the Code.
      If at
      any time EMHC determines that any payment under this Agreement may be or become
      subject to the imposition of taxes under Internal Revenue Code Section 409A,
      EMHC shall have the right, in its sole discretion and upon providing written
      notice to Morton, to adopt such amendments to this Agreement or take such other
      actions (including amendments and actions with retroactive effect) as EMHC
      determines are necessary or appropriate to (a) exempt the payments provided
      hereunder according to Internal Revenue Code Section 409A and/or preserve the
      intended tax treatment of such payments, or (b) comply with the requirements
      of
      Internal Revenue Code Section 409A. Any such amendments by EMHC shall have
      no
      cumulative adverse financial impact upon Morton. In no event whatsoever shall
      EMHC or any of the other Releasees (as defined in the Release) be liable for
      any
      additional tax, interest or penalties that may be imposed on Morton by Internal
      Revenue Code Section 409A or any damages for failing to comply with Code Section
      409A.

     

    17. Withholding.
      EMHC
      shall withhold from any amounts payable under this Agreement such federal,
      state, local or foreign taxes as shall be required to be withheld pursuant
      to
      any applicable law or regulation.

     

    18. Reliance. Morton
      hereby acknowledges that he has not relied on any information provided or
      statements made by EMHC, or any of its agents, representatives, or attorneys
      that are not contained in this Agreement. In return for executing this
      Agreement, Morton is receiving only the consideration described in this
      Agreement.

     

    19. Entire
      Agreement. This
      Agreement, the RTN Transfer Agreement, the Consulting Agreement and the Option
      Agreement (as amended by this Agreement) contain the entire agreement between
      the Parties, and, except as otherwise provided herein, this Agreement, the
      RTN
      Transfer Agreement, the Consulting Agreement and the Option Agreement (as
      amended by this Agreement) supersede any other oral or written agreements or
      understandings between the Parties, including without limitation the Employment
      Agreement.

     

    20. Amendments. All
      modifications and amendments to this Agreement must be made in writing and
      signed by the Parties.

     

    21. Waiver. No
      delay
      or omission by the Parties in exercising any right under this Agreement shall
      operate as a waiver of that or any other right. A waiver or consent given by
      a
      Party on any one occasion shall be effective only in that instance and shall
      not
      be construed as a bar or waiver of any right on any other occasion.

     

    22. Captions. The
      captions of the sections of this Agreement are for convenience of reference
      only
      and in no way define, limit or affect the scope or substance of any section
      of
      this Agreement.

     

    23. Proper
      Authorization; Due Execution. EMHC
      and
      RPS each represent and warrant to Morton that this Agreement has been approved
      by its Board of Directors and that the officer signing on its behalf below
      has
      been fully authorized to do so.

     

    24. Counterparts. This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed an original but all of which together constitute one and the same
      instrument. The execution of this Agreement may be by actual or facsimile
      signature.

     

    25. Further
      Assurances. From
      time
      to time, each of the Parties shall execute, acknowledge, and deliver any
      instruments or documents necessary to carry out the purposes of this
      Agreement.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    26. No
      Third-Party Beneficiaries.  Nothing
      in this Agreement, express or implied, shall confer on any person, other than
      the Parties to this Agreement, any right or remedy of any nature
      whatsoever.

     

    27. Non-Disparagement
      by EMHC. EMHC agrees
      that it will not, at any time, make any statement, publicly or privately,
to
      any
      individual or entity, including, without limitation, clients, customers,
      employees, financial or credit institutions or news agencies, in any case,
      which
      could reasonably be expected to disparage, defame, libel or slander
      Morton.

     

    28. Review
      and Approval. The
      Parties hereto acknowledge that they have each had adequate and legally
      sufficient time to review and seek legal guidance concerning this Agreement.
      Morton specifically has been advised to consult with an attorney concerning
      this
      Agreement. Morton understands the rights that are waived by this Agreement,
      including rights under the Age Discrimination in Employment Act. Specifically,
      Morton acknowledges that he has twenty-one (21) days to consider this Agreement.
      If Morton chooses to execute this Agreement prior to the end of twenty-one
      (21)
      days, it is solely his choice.

     

    29. Cancellation
      upon Written Notice.
      Morton
      may revoke his signature on this Agreement and the Release within seven (7)
      days
      following his signing of this Agreement and the Release by sending notice to
      EMHC, either by certified mail, return receipt requested, or overnight delivery
      so that the notice arrives before the expiration of the seven day revocation
      period. Morton understands and agrees that if he revokes this Agreement or
      the
      Release within the seven (7) days, EMHC is not obligated to fulfill the
      obligations contained in this Agreement.

     

    30. Voluntary
      Execution and Waiver. Morton
      further represents and warrants that he freely negotiated the terms of this
      Agreement and that he enters into it and executes it and the Release
      voluntarily. Morton understands that this is a voluntary waiver of any claims
      under the laws and orders stated in the Release that relate in any way to his
      employment with, complaints about, compensation due, or separation from EMHC
      and/or RPS.

     

    This
      Separation Agreement becomes effective as of the date all Parties have executed
      below and the revocation period described in Section 29 has expired without
      Morton’s revocation.

     

    [Signatures
      are on Following Page]

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
[Signature
      Page to Separation Agreement dated June 24, 2008]

    

    
      	 	 	 	
              Date:
                June 24, 2008

            
	
              Larry
                Morton

            	 	 
	 	 	 	 
	
              EQUITY
                MEDIA HOLDINGS CORPORATION

            	 
	 	 	 	 
	
              By: 

            	 	 	
              Date:
                June 24, 2008

            
	
              Name:

            	 	 
	
              Title:

            	 	 
	 	 	 	 
	
              RETRO
                PROGRAMMING SERVICES, INC.

            	 
	 	 	 	 
	
              By:

            	 	 	
              Date:
                June 24, 2008

            
	
              Name:

            	 	 
	
              Title:

            	 	 

    

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    EXHIBIT B(1)

    

    GENERAL
      RELEASE

     

    For
      valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the undersigned does hereby release and forever discharge the
      “Releasees”
      hereunder, consisting of Equity Media Holdings Corporation, a Delaware
      corporation (the
      “Company”),
      and
      each of its affiliates and subsidiaries, and each of their present and former
      partners, associates, affiliates, subsidiaries, successors, heirs, assigns,
      agents, directors, officers, employees, shareholders, representatives, lawyers,
      lenders, insurers, and all persons acting by, through, under or in concert
      with
      them, or any of them, of and from any and all manner of action or actions,
      cause
      or causes of action, in law or in equity, suits, debts, liens, contracts,
      agreements, promises, liability, claims, demands, damages, losses, costs,
      attorneys’ fees or expenses, of any nature whatsoever, known or unknown, fixed
      or contingent (hereinafter called “Claims”),
      which
      the undersigned now has or may hereafter have against the Releasees, or any
      of
      them, by reason of any matter, cause, or thing whatsoever from the beginning
      of
      time to the date hereof. 

     

    The
      Claims released herein include, without limiting the generality of the
      foregoing, any Claims in any way arising out of, based upon, or related to
      the
      undersigned’s employment by the Releasees, or any of them, or the termination
      thereof; including, without limitation, any claim for wages, salary,
      commissions, bonuses, incentive payments, profit-sharing payments, expense
      reimbursements, leave, vacation, Separation pay or other benefits; any claim
      for
      benefits under any stock option, restricted stock or other equity-based
      incentive plan of the Releasees, or any of them (or any related agreement to
      which any Releasee is a party); any alleged breach of any express or implied
      contract of employment; any alleged torts or other alleged legal restrictions
      on
      any Releasee’s right to terminate the employment of the undersigned; and any
      alleged violation of any federal, state or local statute or ordinance including,
      without limitation, Title VII of the Civil Rights Act of 1964, the Civil Rights
      Act of 1991, the Civil Rights Act of 1866,
      the
      Consolidated Omnibus Budget Reconciliation Act of 1985,
      the Age
      Discrimination in Employment Act (including the Older Workers’ Benefit
      Protection Act), the Equal Pay Act, the Family and Medical Leave Act,
the
      Americans
      with Disabilities Act, the Fair Labor Standards Act, the Employee Retirement
      Income Security Act, the National Labor Relations Act, the Arkansas Civil Rights
      Act,1 
      each as
      amended, and any
      and
      all claims under the laws of any state, county, municipality, or other
      governmental subdivision of the United States or any state, including but not
      limited to the State of Arkansas.
      

     

    Notwithstanding
      the foregoing, this Release shall not operate to release any Claims which the
      undersigned may have to payments or benefits under Section 3 of that certain
      Separation Agreement, dated as of June _, 2008, between the Company, Retro
      Programming Services, Inc. and the undersigned (the “Separation
      Agreement”),
      to
      which this Release is attached, or under the RTN Transfer Agreement, Option
      Agreement or Consulting Agreement or Indemnification Agreement referenced
      therein.

     

    IN
      ACCORDANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990, THE
      UNDERSIGNED IS HEREBY ADVISED AS FOLLOWS:

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    
      

    

    (1) HE
      IS
      ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THE SEPARATION AGREEMENT
      AND
      THIS RELEASE;

     

    (2) HE
      HAS
      TWENTY-ONE (21) DAYS FROM HIS RECEIPT OF THE SEPARATION AGREEMENT AND THIS
      RELEASE TO CONSIDER BOTH BEFORE SIGNING THEM; AND

     

    (3) HE
      HAS
      SEVEN (7) DAYS AFTER SIGNING THE SEPARATION AGREEMENT AND THIS RELEASE TO REVOKE
      HIS SIGNATURE, AND THE SEPARATION AGREEMENT AND THIS RELEASE WILL BECOME
      EFFECTIVE UPON THE EXPIRATION OF THAT REVOCATION PERIOD PROVIDED HE DOES NOT
      EXERCISE HIS RIGHT TO REVOKE.

     

    The
      undersigned represents and warrants that there has been no assignment or other
      transfer of any interest in any Claim which he may have against Releasees,
      or
      any of them, and the undersigned agrees to indemnify and hold the Releasees,
      and
      each of them, harmless from any Claims against the Releasees, or any of them,
      as
      the result of any such assignment or transfer or any rights or Claims under
      any
      such assignment or transfer.  It is the intention of the parties that this
      indemnity does not require payment as a condition precedent to recovery by
      the
      Releasees against the undersigned under this indemnity.

     

    The
      undersigned agrees that if he hereafter commences any suit arising out of,
      based
      upon, or relating to any of the Claims released hereunder or in any manner
      asserts against Releasees, or any of them, any of the Claims released hereunder,
      then the undersigned shall pay to Releasees, and each of them, in addition
      to
      any other damages caused to Releasees thereby, all attorneys’ fees incurred by
      Releasees in defending or otherwise responding to said suit or Claim, to the
      fullest extent permitted by law.

     

    The
      undersigned further understands and agrees that neither the payment of any
      sum
      of money nor the execution of the Separation Agreement or this Release shall
      constitute or be construed as an admission of any liability or wrongdoing
      whatsoever by the Releasees, or any of them, who have consistently taken the
      position that they have no liability whatsoever to the undersigned.

     

    The
      undersigned acknowledges that different or additional facts may be discovered
      in
      addition to what is now known or believed to be true by him with respect to
      the
      matters released in the Separation Agreement or this Release, and the
      undersigned agrees that the Separation Agreement and this Release shall be
      and
      remain in effect in all respects as a complete and final release of the matters
      released, notwithstanding any different or additional facts.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Release this 24th day of
      June, 2008.

    

    
      	 	
            
	
              Larry
                Morton

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    EXHIBIT B(2)

    

    GENERAL
      RELEASE

     

    For
      valuable consideration, the receipt and adequacy of which are hereby
      acknowledged, the undersigned on behalf of itself and its subsidiaries does
      hereby release and forever discharge the “Releasee”
      hereunder, consisting of Larry Morton, from any and all manner of action or
      actions, cause or causes of action, in law or in equity, suits, debts, liens,
      contracts, agreements, promises, liability, claims, demands, damages, losses,
      costs, attorneys’ fees or expenses, of any nature whatsoever, known or unknown,
      fixed or contingent (hereinafter called “Claims”),
      which
      the undersigned now has or may hereafter have against the Releasee by reason
      of
      any matter, cause, or thing whatsoever from the beginning of time to the date
      hereof.

     

    The
      Claims released herein include, without limiting the generality of the
      foregoing, any Claims in any way arising out of, based upon, or related to
      the
      Releasee’s employment by the undersigned or the termination, including any
      alleged torts or claims
      under the laws of any state, county, municipality, or other governmental
      subdivision of the United States or any state, including but not limited to
      the
      State of Arkansas.
      

     

    Notwithstanding
      the foregoing, this release shall not operate to release any Claims which the
      undersigned may have in connection with Releasee’s defaults, nonperformance or
      breaches under that certain Separation Agreement, dated as of June _, 2008,
      between the undersigned and Releasee (the “Separation
      Agreement”)
      or the
      RTN Transfer Agreement, Option Agreement or Consulting Agreement referenced
      therein or Section 14 of the Employment Agreement referenced
      therein.

     

    The
      undersigned represents and warrants that there has been no assignment or other
      transfer of any interest in any Claim which it may have against Releasee and
      the
      undersigned agrees to indemnify and hold the Releasee harmless from any Claims
      against the Releasee as the result of any such assignment or transfer or any
      rights or Claims under any such assignment or transfer.  It is the
      intention of the parties that this indemnity does not require payment as a
      condition precedent to recovery by the Releasee against the undersigned under
      this indemnity.

     

    The
      undersigned agrees that if it hereafter commences any suit arising out of,
      based
      upon, or relating to any of the Claims released hereunder or in any manner
      asserts against Releasee any of the Claims released hereunder, then the
      undersigned shall pay to Releasee, in addition to any other damages caused
      to
      Releasee thereby, all attorneys’ fees incurred by Releasee in defending or
      otherwise responding to said suit or Claim, to the fullest extent permitted
      by
      law.

     

    The
      undersigned further understands and agrees that neither the payment of any
      sum
      of money nor the execution of the Separation Agreement or this Release shall
      constitute or be construed as an admission of any liability or wrongdoing
      whatsoever by the Releasee.

     

    The
      undersigned acknowledges that different or additional facts may be discovered
      in
      addition to what is now known or believed to be true by it with respect to
      the
      matters released in the Separation Agreement or this Release, and the
      undersigned agrees that the Separation Agreement and this Release shall be
      and
      remain in effect in all respects as a complete and final release of the matters
      released, notwithstanding any different or additional facts.

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    Notwithstanding
      anything to the contrary, in the event the release being executed by Releasee
      on
      even date herewith in favor of the undersigned and its affiliates and certain
      other persons is revoked by Releasee in any manner, this Release shall be deemed
      immediately null and void.

     

    IN
      WITNESS WHEREOF, the undersigned has executed this Release this 24th day of
      June, 2008.

     

    
      	
              EQUITY
                MEDIA HOLDINGS CORPORATION

            
	 
	
              By: 

            	 
	
              Name:

            
	
              Title:

            

    

     

    
      
         

      

      
        14

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