STOCK OPTION AGREEMENT W/JACK LANGER

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