NONQUALIFIED STOCK OPTION AGREEMENT

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