Spanish Broadcasting System, Inc. Stock Option Agreement with Joseph A. Garcia

Summary

Spanish Broadcasting System, Inc. has granted Joseph A. Garcia a nonqualified stock option to purchase 33,024 shares of Class A common stock at $11.78 per share, under the company's 1999 Stock Option Plan. The option vests in installments from 2005 to 2008 and expires on January 21, 2014, unless terminated earlier. The option is not transferable except as allowed by the Plan. Mr. Garcia acknowledges receipt and acceptance of the option and agrees to its terms.

EX-10.1 2 g89024exv10w1.txt STOCK OPTION AGREEMENT - GARCIA EXHIBIT 10.1 [Spanish Broadcasting System, inc. Logo] March 3, 2004 Joseph A. Garcia 14021 SW 67 Ct. Miami, FL 33158 Dear Joseph A. Garcia: Pursuant to the terms and conditions of the Spanish Broadcasting System, Inc. 1999 Stock Option Plan (the "Plan") and/or your Employment Agreement, if applicable, you have been granted a Nonqualified Stock Option, to purchase 33,024 shares (the "Option") of Class A common stock as outlined below. Granted To: Joseph A. Garcia Granted Date: January 21, 2004 Option Granted: 33,024 Option Price per Share: $11.78 Total Cost to Exercise: $389,022.72 Expiration Date: January 21, 2014, unless terminated earlier. Vesting Schedule: Special Vesting as follows: 10,000 on 01/21/2005 10,000 on 01/21/2006 1,512 on 01/21/2007 1,512 on 01/21/2008 Transferability: Not transferable except in accordance with the Plan. Spanish Broadcasting System, Inc. By: /s/ Joseph A. Garcia 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/ Joseph A. Garcia Date: 03/15/04 -------------------- Joseph A. Garcia