Stock Option Agreement - Garcia

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