Exhibit 10.80
[Spanish Broadcasting System, inc. Logo]
December 10, 2003
Xxxxx Xxxxxxxx
00000 Xxxxxxx Xxx
Xxxxxxxxx, XX 00000
Dear Xxxxx Xxxxxxxx:
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 17,318 shares (the "Option") of Class A common stock as
outlined below.
Granted To: Xxxxx Xxxxxxxx
Granted Date: November 6, 2003
Option Granted: 17,318
Option Price per Share: $9.44 Total Cost to Exercise: $163,481.92
Expiration Date: November 6, 2013, unless terminated earlier.
Vesting Schedule: Special Vesting as follows:
5,821 on 11/06/2003
5,821 on 11/06/2004
5,676 on 11/06/2005
Transferability: Not transferable except in accordance with the Plan.
Spanish Broadcasting System, Inc.
By: /s/ Xxxx Xxxxxxx, Xx.
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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/ Xxxxx Xxxxxxxx Date: 12/29/03
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Xxxxx Xxxxxxxx