Spanish Broadcasting System, Inc. Stock Option Agreement with Jack Langer (July 2003)

Summary

Spanish Broadcasting System, Inc. has granted Jack Langer a nonqualified stock option to purchase 50,000 shares of Class A common stock at $8.60 per share under its 1999 Stock Option Plan. The option vests 20% immediately and 20% each year over the next four years, with full vesting by July 10, 2007. The option expires on July 10, 2013, unless terminated earlier, and is not transferable except as allowed by the Plan. Jack Langer has acknowledged receipt and acceptance of the option and its terms.

EX-10.74 3 g87733exv10w74.txt STOCK OPTION AGREEMENT W/JACK LANGER Exhibit 10.74 [Spanish Broadcasting System, inc. Logo] July 11, 2003 Jack Langer 188 Hudson Avenue Tenafly, NJ 07670 USA Dear Jack Langer: 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 50,000 shares (the "Option") of Class A common stock as outlined below. Granted To: Jack Langer Granted Date: July 10, 2003 Option Granted: 50,000 Option Price per Share: $8.60 Total Cost to Exercise: $430,000.00 Expiration Date: July 10, 2013, unless terminated earlier. Vesting Schedule: 20% immediately, 20$ each year as follows: 10,000 on 07/10/2004 10,000 on 07/10/2005 10,000 on 07/10/2006 10,000 on 07/10/2007 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/ Jack Langer Date: 7/31/03 --------------- ------- Jack Langer