EXHIBIT 10.1
[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 a Nonqualified Stock Option, to purchase
33,024 shares (the "Option") of Class A common stock as outlined below.
Granted To: Xxxxxx X. Xxxxxx
Granted Date: January 21, 2004
Option Granted: 33,024
Option Price per Share: $11.78 Total Cost to Exercise: $389,022.72
Expiration Date: January 21, 2014, unless terminated earlier.
Vesting Schedule: Special Vesting as follows:
10,000 on 01/21/2005
10,000 on 01/21/2006
1,512 on 01/21/2007
1,512 on 01/21/2008
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
