Incentive Stock Option Grant Agreement between Spanish Broadcasting System, Inc. and Cynthia Hudson (November 2007)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Spanish Broadcasting System, Inc. grants Cynthia Hudson an option to purchase 25,000 shares of Class A common stock at $2.55 per share under its 1999 Stock Option Plan. The options vest over three years, with one-third becoming exercisable each year, and must be exercised by November 5, 2017, unless terminated earlier. The option is non-transferable except as allowed by the plan. Cynthia Hudson acknowledges receipt and acceptance of the grant and agrees to its terms.

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EX-10.119 3 g12285exv10w119.htm EX-10.119 HUDSON LETTER AGREEMENT EX-10.119 Hudson Letter Agreement  

Exhibit 10.119
November 8, 2007
Cynthia Hudson
9025 SW 59th Court
Pinecrest, FL 33156   USA
Dear Cynthia Hudson:
Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc., 1999 SOP (the “Plan”), 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 25,000 shares (the “Option”) of Class A common stock as outlined below.
 
Granted To:   Cynthia Hudson
     
Grant Date:   November 5, 2007
     
Options Granted:   25,000
     
Option Price per Share:   $2.55                              Total Cost to Exercise:     $63,750.00
     
Expiration Date:   November 5, 2017          unless terminated earlier.
     
Vesting Schedule:   33+% per year for 3 years
     
    8,334 on 11/05/2008
    8,333 on 11/05/2009
    8,333 on 11/05/2010
     
Transferability:   Not transferable except in accordance with the Plan.
         
  Spanish Broadcasting System, Inc.
 		  
  By:  /s/ Raúl Alarcón, 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 the copy of the Plan and agree to conform to all of the terms and conditions of the Option and the Plan.
             
 
           
Signature:
  /s/ Cynthia Hudson   Date:   November 8, 2007
 
           
 
  Cynthia Hudson        
SBS TOWER 2601 SOUTH BAYSHORE DRIVE, PENTHOUSE II COCONUT GROVE, FLORIDA 33133 TEL (305)  ###-###-#### FAX (305)  ###-###-####