Stock Option Agreement - William B. Tanner

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]