Nonqualified Stock Option Agreement between Spanish Broadcasting System, Inc. and Jose Antonio Villamil

Contract Categories: Business Finance › Warrant Agreements
Summary

Spanish Broadcasting System, Inc. has granted Jose Antonio Villamil a nonqualified stock option to purchase 50,000 shares of Class A common stock at $9.33 per share under the company's 1999 Stock Option Plan for Non-Employee Directors. The option vests over five years, with 20% available immediately and the remainder vesting in equal annual installments. The option expires on June 30, 2014, unless terminated earlier, and is not transferable except as specified in the plan. Mr. Villamil has acknowledged receipt and acceptance of the option and its terms.

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EX-10.2 3 y99854exv10w2.txt NONQUALIFIED STOCK OPTION AGREEMENT Exhibit 10.2 [Spanish Broadcasting System, Inc. Logo] July 2, 2004 Jose Antonio Villamil 2655 LeJeune Road Coral Gables, FL 33134 Dear Jose Antonio Villamil: 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: Jose Antonio Villamil ID# J. A. Villamil 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/ Jose Antonio Villamil ------------------------- 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/ Jose Antonio Villamil Date: 07/08/04 ------------------------- Jose Antonio Villamil