Stock Option Agreement between Spanish Broadcasting System, Inc. and William B. Tanner Jr. (August 31, 2002)

Summary

Spanish Broadcasting System, Inc. has granted William B. Tanner Jr. a nonqualified stock option to purchase 15,000 shares of Class A common stock at $7.07 per share under the company's 1999 Stock Option Plan. The option vests immediately and must be exercised by August 31, 2007, unless terminated earlier. The option is not transferable except as allowed by the plan. Mr. Tanner acknowledges receipt of the option and agrees to its terms.

EX-10.1 3 g78835exv10w1.txt STOCK OPTION AGREEMENT - WILLIAM B. TANNER [Sbs Tower LOGO] Exhibit 10.1 August 30, 2002 William B. Tanner Jr. 4180 Lybyer Ave. Coconut Grove, FL 33133-6154 Dear William B. Tanner Jr.: Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc. 1999 Stock Option Plan (the "Plan"), you have been granted a Nonqualified Stock Option, to purchase 15,000 shares (the "Option") of Class A common stock as outlined below. Granted To: William B. Tanner Jr. SSN ###-##-#### Granted Date: August 31, 2002 Option Granted: 15,000 Option Price per Share: $7.07 Total Cost to Exercise: $106,050.00 Expiration Date: August 31, 2007, unless terminated earlier. Vesting Schedule: 100% immediately as follows: 15,000 on 08/31/2002 Transferability: Not transferable except in accordance with the Plan. Spanish Broadcasting System, Inc. By: /s/ Raul Alarcon, Jr. ------------------------------- 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/ William B. Tanner Date: 9/4/02 ---------------------------- -------------- William B. Tanner Jr. [LETTERHEAD]