EXHIBIT 10.2
[Spanish Broadcasting System, inc. Logo]
March 3, 2004
Xxxxxx X. Xxxxxx
14021 SW 67 Ct.
Miami, FL 33158
Dear Xxxxxx X. Xxxxxx:
Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc.
1999 Stock Option Plan (the "Plan") and/or your Employment Agreement, if
applicable, you have been granted an Incentive Stock Option, subject to
limitations set forth by the Internal Revenue Code of 1986, as amended from time
to time, to purchase 16,976 shares (the "Option") of Class A common stock as
outlined below.
Granted To: Xxxxxx X. Xxxxxx
Granted Date: January 21, 2004
Option Granted: 16,976
Option Price per Share: $11.78 Total Cost to Exercise: $199,977.28
Expiration Date: January 21, 2014, unless terminated earlier.
Vesting Schedule: Special Vesting as follows:
8,488 on 01/21/2007
8,488 on 01/21/2007
Transferability: Not transferable except in accordance with the Plan.
Spanish Broadcasting System, Inc.
By: /s/ Xxxxxx X. Xxxxxx
By my signature below, I hereby acknowledge receipt of this Option granted on
the date shown above, which has been issued to me under the terms and conditions
of the Plan. I further acknowledge receipt of a copy of the Plan and agree to
conform to all of the terms and conditions of the Option and the Plan.
Signature: /s/ Xxxxxx X. Xxxxxx Date: 03/15/04
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Xxxxxx X. Xxxxxx
