Nonqualified Stock Option Agreement between Spanish Broadcasting System, Inc. and Jason Shrinsky
Spanish Broadcasting System, Inc. has granted Jason Shrinsky a nonqualified stock option to purchase 50,000 shares of Class A common stock at $10.79 per share under the company's 1999 Stock Option Plan for Non-Employee Directors. The option vests over five years, with 20% vesting immediately and the remainder vesting in equal annual installments. The option expires on March 7, 2015, unless terminated earlier, and is not transferable except as specified in the plan. Jason Shrinsky has acknowledged receipt and acceptance of the option and its terms.
Exhibit 10.1
March 15, 2005
Jason Shrinsky
7792 Trieste Place
Delray Beach, FL 33446
Dear Jason Shrinsky:
Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc. 1999 Stock Option Plan for NonEmployee Directors (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: | Jason Shrinsky | |||||
| Grant Date: | March 7, 2005 | |||||
| Options Granted: | 50,000 | |||||
| Option Price per Share: | $10.79 | Total Cost to Exercise: | $539,500.00 | |||
| Expiration Date: | March 7, 2015, unless terminated earlier. | |||||
| Vesting Schedule: | 20% immediately, 20% each year as follows: | |||||
| 10,000 on 03/07/2005 | ||||||
| 10,000 on 03/07/2006 | ||||||
| 10,000 on 03/07/2007 | ||||||
| 10,000 on 03/07/2008 | ||||||
| 10,000 on 03/07/2009 | ||||||
| Transferability: | Not transferable except in accordance with the Plan. | |||||
| Spanish Broadcasting System, Inc. | ||
| By: | /s/ Joseph A. García | |
| Joseph A. García | ||
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/ Jason Shrinsky | Date: | 3/17/05 | |
| Jason Shrinsky |
| SBS TOWER | 2601 SOUTH BAYSHORE DRIVE, PENTHOUSE II COCONUT GROVE, FLORIDA 33133 | TEL (305) ###-###-#### | FAX ###-###-#### |
