Document:

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                                                                 EXHIBIT 10.8(a)

Cinemark U.S.A., Inc.
Suite 800
7502 Greenville Avenue
Dallas, Texas 75231-3830
214o696o1644
FAX 214o696o3946

                                     [DATE]

[NAME]

         RE:      Stock Options

Dear:

         In consideration for your services as a director of Cinemark USA, Inc.
(the "Company"), the Company is pleased to grant to you options (the "Options")
to purchase 300 shares of the Class B Common Stock of the Company (the "Common
Stock") upon the terms set forth in this letter. The Options evidenced by this
letter are granted subject to the following terms and conditions:

          1.   Date of Grant. The "Date of Grant" for purposes of this letter is
               the date set forth above.

          2.   Term of Options. Except as otherwise provided in this letter, you
               may exercise all or part of the Options granted under this letter
               at any time and from time to time during the period commencing on
               June 1, 1997 and ending on the tenth anniversary of the Date of
               Grant.

          3.   Exercise Price. The exercise price of the Options is $833.34 per
               share of Common Stock.

          4.   Manner of Exercise. Shares of Common Stock purchased upon
               exercise of an Option shall at the time of purchase be paid for
               in full. Options may be exercised from time to time by written
               notice to the Company stating the full number of shares with
               respect to which the Option is being exercised and the time of
               delivery thereof which shall beat least fifteen days after the
               giving of such notice unless an earlier date shall have been
               mutually agreed upon, accompanied by full payment for the shares
               by certified or official bank check or the equivalent thereof
               acceptable to the Company. At the time of delivery, the Company
               shall, without stock transfer or issue tax to you (or other
               person entitled to exercise the Option), deliver to you (or to
               such other person) at the principal office of the Company, or
               such other place as shall be mutually agreed upon, a certificate
               or certificates for such shares, provided, however, that the time
               of delivery may be postponed by the

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               Company for such period as may be required for it with reasonable
               diligence to comply with any requirements of law, including
               making provision for the deduction and withholding of amounts
               required to be deducted and withheld under applicable local,
               state, and federal income tax laws (which provision may require
               additional payment by you). If the Common Stock issuable upon
               exercise is not registered under the Securities Act of 1933 (the
               "Act"), then the Company at the time of exercise will require in
               addition that the registered owner deliver an investment
               representation in form acceptable to the Company, and the Company
               will place a legend on the certificate for such Common Stock
               restricting the transfer of same. At no time shall the Company
               have any obligation or duty to register under the Act the Common
               Stock issuable upon exercise of the Options or securities into
               which the Common Stock may be converted.

          5.   Non-Assignability of Option Rights. No Option shall be assignable
               or transferable otherwise than by will or by the laws of descent
               and distribution. During your lifetime, the Option is exercisable
               only by you.

          6.   Termination as Director.

               (a)  Prior to June 1, 1997, if you no longer serve as a director
                    of the Company for any reasons, the Options shall expire
                    upon your resignation or removal as a director of the
                    Company.

               (b)  On or after June 1, 1997:

                    (i)   In the event that you die while serving as a director
                          of Company or if you no longer serve as a director of
                          the Company as a result of your disability, you, your
                          estate or beneficiary shall have the right to exercise
                          the Options at any time within six months from the
                          date of your death or resignation or removal due to
                          disability, as the case may be. For purposes of this
                          letter, you shall be considered disabled if the board
                          of directors of the Company determines in its sole
                          discretion that you are no longer able to adequately
                          fulfill your responsibilities as a director of the
                          Company.

                    (ii)  In the event that you resign as a director of the
                          Company for reasons other than your disability or your
                          requested resignation by the board of directors of the
                          Company, you shall have the right to exercise the
                          Options at any time within three months after your
                          resignation.

                    (iii) In the event that the board of directors requests your
                          resignation or you are removed as a director by action
                          of the shareholders of the Company, the Options shall
                          terminate immediately upon such removal and may not
                          thereafter be exercised.

          7.   Adjustment of Options on Recapitalization. The number of shares
               covered by each outstanding Option and the exercise price per
               share for each such Option

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               shall be proportionately adjusted for any increase or decrease in
               the number of issued shares of Common Stock of the Company
               resulting from the subdivision or consolidation of shares or the
               payment of a stock dividend after the Date of Grant of the
               Options, or other increase in such shares effected without
               receipt of consideration by the Company, provided, however, that
               any Options to purchase fractional shares resulting from any such
               adjustment shall be eliminated.

          8.   Expiration of Options Upon Reorganization or Public Offering. If
               (i) the Company shall at any time participate in a merger,
               consolidation, liquidation, or other reorganization affecting the
               capital structure of the Company and (A) the Company is not the
               surviving entity or (B) the Company is the surviving entity and
               the holders of Company Common Stock are required to exchange
               their shares for property and/or securities or (ii) the Company
               shall publicly offer shares of its stock, the Company shall give
               you written notice of such fact on or before 15 days before such
               reorganization or public offering and the Options shall be
               exercisable in full after receipt of such notice and prior to
               such reorganization or public offering. All Options not exercised
               prior to such reorganization or public offering shall expire on
               the occurrence of such reorganization or public offering. A sale
               of all or substantially all the assets of the Company for a
               consideration (apart from the assumption of obligations)
               consisting primarily of securities shall be deemed a
               reorganization of which the Company is not a surviving entity for
               the foregoing purposes.

          9.   Dissolution of Company. In the event of the proposed dissolution
               or liquidation of the Company, the Options granted hereunder
               shall terminate as of a date to be fixed by the board of
               directors, provided that not less than 30 days prior written
               notice of the date so fixed shall be given to you and you shall
               have the right, during the period of 30 days preceding such
               termination, to exercise the Options.

          10.  Rights as a Shareholder. You shall have no rights as a
               shareholder with respect to any shares of Common Stock of the
               Company held under the Options until the date of issuance of the
               stock certificates to you for such shares. Except as provided in
               Section 7, no adjustment shall be made for dividends or other
               rights for which the record date is prior to the date of such
               issuance.

          11.  Stock Restrictions. Shares of the Company's Common Stock
               purchased upon exercise of the Options shall not be converted
               into any other security of the Company or transferred, pledged,
               assigned or encumbered except (i) in the event that a class of
               common stock of the Company becomes publicly traded, or (ii) as
               otherwise may be permitted in the sole discretion of the board of
               directors of the Company. Such restrictions shall apply to any
               other security into which shares of Common Stock may be
               converted. Certificates evidencing shares of the Company's Common
               Stock purchased upon the exercise of the Options shall be
               endorsed with a legend in substantially the following form:

                    THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE
                    TRANSFERRED

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                    EXCEPT PURSUANT TO THE TERMS OF AN AGREEMENT BETWEEN THE
                    COMPANY AND THE REGISTERED HOLDER HEREOF. IN ADDITION, THESE
                    SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
                    OF 1933 AND NEITHER THESE SECURITIES NOR ANY INTEREST
                    THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR, OTHERWISE
                    DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR AN
                    EXEMPTION THEREFROM UNDER SUCH ACT, APPLICABLE STATE
                    SECURITIES LAWS AND THE RULES AND REGULATIONS THEREUNDER. BY
                    ACCEPTANCE HEREOF, THE HOLDER OF THIS CERTIFICATE REPRESENTS
                    THAT SUCH HOLDER IS ACQUIRING THESE SECURITIES FOR
                    INVESTMENT.

          12.  Company's Right to Purchase Option Shares.

                    (i)  In the event that no public market exists for any class
                         of common stock of the Company at any time prior to
                         your resignation or removal as a director of the
                         Company for any reason whatsoever, then the Company
                         shall have the right, exercisable within 60 days after
                         the later of (i) the date of your resignation or
                         removal as a director of the Company or (ii) the date
                         of the exercise by any person of the Options pursuant
                         to any provision of this letter, to purchase any shares
                         of Common Stock (or securities into which any Common
                         Stock has been converted) that were acquired pursuant
                         to the exercise of any Options under this letter
                         ("Option Shares"). To the extent that you hold
                         exercisable Options at the time of your resignation or
                         removal as a director of the Company, the Company may
                         elect to purchase such exercisable Options in the same
                         manner as the Option Shares at a price equal to the
                         Formula Value Per Option Share (as hereinafter defined)
                         less the exercise price of such exercisable Options.

                    (ii) The price for the purchase of the Option Shares shall
                         be equal to the product of (i) the Formula Value Per
                         Option Share and (ii) the number of Option Shares being
                         acquired. The Formula Value Per Option Share shall be
                         determined in accordance with the following rules and
                         definitions:

                         "Formula Value Per Option Share" on any date herein
                    specified shall mean the amount determined by the formula:

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                                     V   =   (6xE)-D-M+C , where:
                                             -----------
                                                X + Y

                                     V   =   Formula Value Per Option Share

                                     E   =   EBITDA for the trailing 12 months
                                             as of the month-end prior to your
                                             resignation or removal.

                                     D   =   The outstanding balance of Funded
                                             Debt as of such month-end.

                                     M   =   The value of any Minority Interest
                                             as shown on the consolidated
                                             balance sheet of the Company as of
                                             such month end.

                                     C   =   Cash on the consolidated balance
                                             sheet of the Company and its
                                             Subsidiaries as of such month-end.

                                     X   =   The number of outstanding shares
                                             of all classes of common stock of
                                             the Company.

                                     Y   =   The number of shares of common
                                             stock of the Company then issuable
                                             under all outstanding options,
                                             warrants or other rights to acquire
                                             common stock or securities
                                             convertible into common stock of
                                             the Company.

                         "Cash" shall mean cash, cash equivalents, and
                    marketable securities.

                         "Debt" of the Company and its Subsidiaries shall mean
                    (a) all items of indebtedness or liability which in
                    accordance with generally accepted accounting principles
                    would be included in determining total consolidated
                    liabilities as shown on the liability side of the Company's
                    balance sheet as to the date as of which Debt is to be
                    determined and (b) indebtedness secured by any mortgage,
                    pledge, lien or security interest existing on property owned
                    by the Company or its Subsidiaries, whether or not the
                    indebtedness secured thereby shall have been assumed.
                    Notwithstanding the foregoing, Debt shall not include any
                    indebtedness or liability of the Company or its Subsidiaries
                    under any capital equipment leases.

                         "Funded Debt" shall mean all Debt of the Company and
                    its Subsidiaries initially maturing by its terms more than
                    one year after, or which is renewable or extendable at the
                    option of the Company or any Subsidiary for a period ending
                    one year or more after, the date as of which

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                    Funded Debt is being determined, and shall include the
                    current portion of such Debt. Funded Debt shall not include
                    deferred lease expenses.

                         "Subsidiary" shall mean any corporation at least a
                    majority of whose outstanding voting stock shall at the time
                    be owned by the Company or by one or more Subsidiaries and,
                    to the extent not otherwise included in the Company's
                    financial statements, any joint venture or partnership in
                    which the Company has a direct or indirect interest to the
                    extent of such interest.

                         "Minority Interest" shall mean the interest in any
                    Subsidiary held by parties other than the Company or its
                    Subsidiaries.

                         "EBITDA" shall mean the earnings of the Company and its
                    Subsidiaries before interest, income taxes, depreciation and
                    amortization as reported on the financial statements of the
                    Company and its Subsidiaries for the applicable period
                    during which EBITDA is determined.

                    (iii) To the extent that the Company has the right to
                          purchase Option Shares, the Company may exercise such
                          right by delivery (upon or within sixty days after
                          your resignation or removal as a director of the
                          Company) of written notice to you stating the full
                          number of Option Shares that the Company has elected
                          to purchase, the purchase price per Option Share, and
                          the time of purchase (which time shall not be earlier
                          than 5 days from the date of notice). At the time of
                          purchase, you shall deliver the certificate or
                          certificates representing his Option Shares to the
                          Company at its offices and shall execute any stock
                          powers or other instruments as may be necessary to
                          transfer full ownership of the Option Shares to the
                          Company. At the time of purchase, the Company shall
                          issue its own check or promissory note to you in an
                          amount equal to the aggregate purchase price for the
                          Option Shares for which the Company has exercised its
                          right to purchase, less any amounts required to be
                          withheld under applicable laws. The purchase price (or
                          any portion thereof may be paid, in the sole
                          discretion of the Company, by delivery of a one year
                          promissory note bearing interest at the prime rate
                          reported in the Wall Street Journal with payment of
                          principal and interest subordinated to all senior
                          credit facilities of the Company. The maturity date of
                          such promissory note may be extended, in the sole
                          discretion of the Company, as required to subordinate
                          payment to any senior credit facility of the Company.
                          In the event of your death, the Company's right to
                          purchase and the manner of purchase shall apply with
                          regard to your estate or beneficiary.

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          13.  Status of Options. Options granted pursuant to this letter are
               not intended to qualify as Incentive Stock Options within the
               meaning of Section 422A of the Internal Revenue Code of 1986 (the
               "Code"), and the terms of this letter and Options granted
               hereunder shall be so construed; provided, however, that nothing
               in this letter shall be interpreted as a representation,
               guarantee or other undertaking on the part of the Company that
               the Options granted pursuant to this letter are not, or will not
               be, determined to be Incentive Stock Options, within the meaning
               of Section 422A of the Code.

                                     CINEMARK USA, INC.

                                     By:
                                        ---------------------------------------
                                        Lee Roy Mitchell
                                        Chief Executive Officer

I hereby accept the Options granted under this letter and agree to hold the
Options pursuant to the terms of this letter.

                                     By:
                                        ---------------------------------------

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                                                                 EXHIBIT 10.8(b)

CINEMARK USA, INC.
7502 GREENVILLE AVENUE, SUITE 800
DALLAS, TEXAS  75231-3891
(214) 696-1644
214) 696-3946 FAX

[DATE]

[NAME]

RE: Stock Options

Dear Berto:

Reference is made to that certain letter to you dated December 23, 1993 (the
"Option Letter") from Cinemark USA, Inc. (the "Company") pursuant to which the
Company granted you options (the "Options") to purchase 300 shares of the Class
B Common Stock of the Company (the "Common Stock") at an exercise price of
$833.34 per share and subject to the other terms and conditions set forth in the
Option Letter.

We have mutually agreed that the Option Letter is hereby amended to reduce the
number of shares of Common Stock covered by the Option Letter from 300 shares to
200 shares and to reduce the exercise price of the Options from $833.34 per
share to $1.00 per share. Except as expressly amended hereby, all other terms
and conditions of the Option Letter shall remain in full force and effect. The
undersigned option holder acknowledges and agrees that this amendment of the
Option Letter is made by the Option holder in consideration for the reduction of
the exercise price of the Options as stated above.

                                            CINEMARK USA, INC.

                                            By:  /s/ Alan W. Stock
                                               --------------------------------
                                               Alan W. Stock
                                               President

Acknowledged and agreed:

 /s/ Heriberto Guerra, Jr.
-------------------------------
Heriberto Guerra, Jr.

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