NONQUALIFIED STOCK OPTION AGREEMENT

EX-10.1 2 y99854exv10w1.txt NONQUALIFIED STOCK OPTION AGREEMENT Exhibit 10.1 [Spanish Broadcasting System, Inc. Logo] July 2, 2004 Antonio S. Fernandez 1643 Brickell Avenue, Apt. 2702 Miami, FL 33129 Dear Antonio S. Fernandez: 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: Antonio S. Fernandez ID# A. Fernandez Granted Date: June 30, 2004 Option Granted: 50,000 Option Price per Share: $9.33 Total Cost to Exercise: $466,500.00 Expiration Date: June 30, 2014, unless terminated earlier. Vesting Schedule: 20% immediately, 20% each year as follows: 10,000 on 06/30/2005 10,000 on 06/30/2006 10,000 on 06/30/2007 10,000 on 06/30/2008 Transferability: Not transferable except in accordance with the Plan. Spanish Broadcasting System, Inc. By: /s/ Antonio S. Fernandez ------------------------ 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/ Antonio S. Fernandez Date: 07/08/04 ------------------------ Antonio S. Fernandez