Exhibit 10.2
March 15, 2005
Joseph A. García
14021 SW 67 Ct.
Miami, FL 33158
Dear Joseph A. García:
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 25,000 shares (the “Option”) of Class A common stock as outlined below.
Granted To: | Joseph A. García | |||||
Grant Date: | March 7, 2005 | |||||
Options Granted: | 25,000 | |||||
Option Price per Share: | $10.79 | Total Cost to Exercise: | $269,750.00 | |||
Expiration Date: | March 7, 2015, unless terminated earlier. | |||||
Vesting Schedule: | 50% immediately, 50% first yr as follows: | |||||
12,500 on 03/07/2005 | ||||||
12,500 on 03/07/2006 | ||||||
Transferability: | Not transferable except in accordance with the Plan. |
Spanish Broadcasting System, Inc. | ||
By: | /s/ Raúl Alarcón, Jr. | |
Raúl Alarcón, Jr. |
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. García | Date: | 3/15/05 | |
Joseph A. García |
SBS TOWER | 2601 SOUTH BAYSHORE DRIVE, PENTHOUSE II COCONUT GROVE, FLORIDA 33133 | TEL (305) 441-6901 | FAX (305) 446-5148 |