Document:

Exhibit 10.1

Exhibit 10.1

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment (“Amendment”) is made as of April 19, 2011, by and between Spanish Broadcasting
System, Inc. (the “Company”), a Delaware corporation and Joseph A. Garcia (“Executive”)
(hereinafter collectively referred to as “the Parties”).

RECITALS

WHEREAS, the Company and Executive entered into an Employment Agreement dated as of August 4,
2008 (the “Employment Agreement”); and

WHEREAS, the Company and Executive wish to amend the Employment Agreement pursuant to the
terms and conditions set forth herein below.

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the
Parties understand and agree to amend the Employment Agreement as follows:

1. Amendment to Employment Agreement. Upon effectiveness of this Amendment as
provided in Section 2 below, Section 3(e) of the Employment Agreement is hereby deleted in its
entirety and replaced with the following:

“(e) Automobile. During the Term of this Agreement, the Company will
provide Executive an annual allowance of Twenty Thousand Four Hundred Dollars
($20,400) for the business use by Executive in purchasing or leasing an
automobile and for the payment of insurance, maintenance and other expenses in
connection with such automobile.”

2. Effectiveness. This Amendment shall become effective at such time that executed
counterparts of this Amendment have been duly executed and delivered.

3. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a signature page to
this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of
this Amendment.

4. The remaining terms and conditions of the Employment Agreement remain in full force and
effect.

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IN WITNESS WHEREOF, the Parties have caused this Amendment to be duly executed as of the day
and year first written above.

	 	 	 	 	 
	 	SPANISH BROADCASTING SYSTEM, INC.

 	 
	 	By:  	    /s/ Raul Alarcon
 	 
	 	 	Name:  	Raul Alarcon 	 
	 	 	Title:  	President 	 
	 
	 	EXECUTIVE

 	 
	 	    /s/ Joseph A. Garcia
 	 
	 	Joseph A. GarciaExhibit 10.3

Exhibit 10.3

AMENDMENT NO. 1

TO ASSET PURCHASE AGREEMENT

This AMENDMENT NO. 1, dated as of July 19, 2011 (this “Amendment No. 1”), to the Asset
Purchase Agreement (the “Purchase Agreement”) dated as of May 2, 2011 by and among CHANNEL
55/42 OPERATING, LP, a Texas limited partnership (“Operating Seller”), USFR TOWER OPERATING, LP, a
Texas limited partnership (“Asset Seller”), HUMANITY INTERESTED MEDIA, L.P., a Texas limited
partnership (“License Seller”), USFR EQUITY DRIVE PROPERTY LLC, a Texas limited liability company
(“Equipment Seller” and, collectively with Operating Seller, Asset Seller and License Seller,
“Seller”), and solely for purposes of Sections 3.1, 3.3, 3.4 and Article 10, US FARM & RANCH SUPPLY
COMPANY, INC., a Texas corporation (“Parent”), and SPANISH BROADCASTING SYSTEM, INC., a Delaware
corporation (“Buyer”). Capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Purchase Agreement.

WHEREAS, the parties hereto desire to amend and modify the Purchase Agreement in accordance
with the terms hereof.

NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged,
the parties hereto agree as follows:

Section 1. Amendment.

Section 2.6 of the Purchase Agreement is hereby deleted in its entirety and replaced with the
following:

The consummation of the transactions provided for in this Agreement (the “Closing”) shall
take place at the offices of Lombardo Dufresne LLP, 275 Madison Avenue, 35th
Floor, New York, New York, at 11:00 a.m. on (a) August 1, 2011 upon the satisfaction or
waiver of all conditions to Closing set forth in Articles 7 and 8, or (b) such other place,
time or date as the parties may agree on in writing. To the extent feasible, the Closing
will be held by overnight mail, electronic transmission, wire transfer, facsimile or
combination thereof, without the principals present. The date on which the Closing is to
occur is referred to herein as the “Closing Date.”

Section 2. Modification and Further Agreement.

Notwithstanding anything set forth in the Purchase Agreement or the Escrow Agreement to the
contrary:

(a) Buyer and Seller hereby agree that on the date of this Amendment No. 1, Buyer and Seller
shall deliver the joint written instruction attached hereto as Exhibit A (the “Joint
Instruction”) to the Escrow Agent authorizing the Escrow Agent to release the Escrow Property
to Seller.

 

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(b) Buyer and Seller hereby acknowledge that at the Closing the cash consideration payable by
Buyer the pursuant to Section 2.4(c) of the Purchase Agreement shall be $6,400,000.00.

(c) The delivery requirements set forth in Section 2.4(c)(ii) shall be deemed satisfied upon
delivery of the Joint Instruction on the date hereof pursuant to Section 1(a) of this Amendment No.
1.

Section 3. Miscellaneous.

(a) Except as set forth herein, the Purchase Agreement shall continue in full force and effect
in accordance with its terms and the Purchase Agreement, as amended hereby, is hereby ratified and
confirmed by the parties thereto. Each reference in the Purchase Agreement to “this Agreement,”
“hereunder,” “hereof,” “herein” or words of like import referring to the Purchase Agreement shall
mean and be a reference to the Purchase Agreement as amended by this Amendment No. 1.

(b) THIS AMENDMENT NO. 1 AND ALL QUESTIONS RELATING TO ITS VALIDITY, INTERPRETATION,
PERFORMANCE AND ENFORCEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.

(c) This Amendment No. 1 may be executed in any number of counterparts, each of which shall be
deemed an original as against any party whose signature appears thereon, and all of which shall
together constitute the same instrument. This Amendment No. 1 shall become binding when one or
more counterparts hereof, individually or taken together, shall bear the signatures of all of the
parties reflected hereon as the signatories. Delivery of an executed counterpart of a signature
page to this Amendment No. 1 by facsimile or other electronic transmission shall be as effective as
delivery of a manually executed counterpart of this Amendment No. 1.

 

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IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 1 as of the day
and year first written above.

	 	 	 	 	 
	 	SELLER:

CHANNEL 55/42 OPERATING, LP

 	 
	 	 	By:  	US Farm & Ranch Supply Company, Inc., its Sole Member
 	 

	 	 	 	 	 
	 	 	 
	 	By:  	            /s/ Gregory L. Brown
 	 
	 	 	Name:  	Gregory L. Brown 	 
	 	 	Title:  	President and CEO 	 
	 

	 	 	 	 	 
	 	HUMANITY INTERESTED MEDIA, L.P.

 	 
	 	 	By:  	HIM GP, LLC, its General Partner
 	 
	 

	 	 	 	 	 
	 	By:  	            /s/ Gregory L. Brown
 	 
	 	 	Name:  	Gregory L. Brown 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	USFR TOWER OPERATING, LP

 	 
	 	 	By:  	Channel 55/42 Broadcast, LLC, its General Partner
 	 

	 	 	 	 	 
	 	 	By:  	     US Farm & Ranch Supply Co., Inc., its Sole Member
 	 

	 	 	 	 	 
	 	 	 
	 	By:  	            /s/ Gregory L. Brown
 	 
	 	 	Name:  	Gregory L. Brown 	 
	 	 	Title:  	President 	 

	 	 	 	 	 
	 	USFR EQUITY DRIVE PROPERTY LLC
 	 

	 	 	 	 	 
	 	By:  	            /s/ Gregory L. Brown
 	 
	 	 	Name:  	Gregory L. Brown 	 
	 	 	Title:  	President 	 

 

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	 	PARENT:

US FARM & RANCH SUPPLY COMPANY, INC.,

solely for the purposes of Sections 3.1, 3.3, 3.4 and Article 10
 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	            /s/ Gregory L. Brown
 	 
	 	 	Name:  	Gregory L. Brown 	 
	 	 	Title:  	President and CEO 	 

 

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	 	BUYER:

SPANISH BROADCASTING SYSTEM, INC.

 	 
	 	 	By:  	  /s/ Joseph A. Garcia
 	 
	 	 	 	Name: Joseph A. Garcia  
	 	 	 	Title: Sr. Executive Vice President  

 

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EXHIBIT A

JOINT INSTRUCTION

July 14, 2011

Kalil & Co., Inc.

363 N. Swan Road, Suite 200

Tucson, Arizona 85718

Ladies and Gentlemen:

Reference is hereby made to that certain Escrow Agreement (the “Escrow Agreement”), dated
as of May 2, 2011, by and among CHANNEL 55/42 OPERATING, LP, a Texas limited partnership
(“Operating Seller”), USFR TOWER OPERATING, LP, a Texas limited partnership (“Asset
Seller”), HUMANITY INTERESTED MEDIA, L.P., a Texas limited partnership (“License
Seller”), USFR EQUITY DRIVE PROPERTY LLC, a Texas limited liability company (“Equipment
Seller” and, collectively with Operating Seller, Asset Seller and License Seller,
“Seller”), US FARM & RANCH SUPPLY COMPANY, INC., a Texas corporation (“Parent”),
SPANISH BROADCASTING SYSTEM, INC., a Delaware corporation (“Buyer”), and KALIL & CO., INC.
(the “Escrow Agent”). . Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings assigned to such terms in the Escrow Agreement.

The undersigned parties hereby direct, pursuant to Section 2(a) of the Escrow Agreement, that
the Escrow Agent deliver the Escrow Property to Seller.

	 	 	 	 	 
	 	PARENT:

US FARM & RANCH SUPPLY COMPANY, INC.

 	 
	 	 	By:  	/s/ Gregory L. Brown
 	 
	 	 	 	Name: Gregory L. Brown  	 
	 	 	 	Title: President and CEO  	 
	 
	 	BUYER:

SPANISH BROADCASTING SYSTEM, INC.

 	 
	 	 	By:  	/s/ Joseph A. Garcia
 	 
	 	 	 	Name: Joseph A. Garcia  	 
	 	 	 	Title: Sr. Executive Vice President

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