SEC Contract Filing

Filing Date: 2017-04-20

Document Content:
<DOCUMENT>
<TYPE>EX-10.35
<SEQUENCE>5
<FILENAME>sbsaa-ex1035_1605.htm
<DESCRIPTION>EX-10.35
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.35</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">SPANISH BROADCASTING SYSTEM, INC.</p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2006 OMNIBUS EQUITY COMPENSATION PLAN</p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">STOCK OPTION GRANT AGREEMENT</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This STOCK OPTION GRANT AGREEMENT (the &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;), dated as of February&#160;24, 2016 (the &#8220;<font style="font-style:italic;">Date of Grant</font>&#8221;), is delivered by Spanish Broadcasting System, Inc. (the &#8220;<font style="font-style:italic;">Company</font>&#8221; or &#8220;<font style="font-style:italic;">SBS</font>&#8221;), to you (the &#8220;<font style="font-style:italic;">Grantee</font>&#8221;). Capitalized terms used herein but not defined herein have the meanings given to them in the Spanish Broadcasting System, Inc. 2006 Omnibus Equity Compensation Plan.</p>
<p style="text-align:center;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">RECITALS</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A. The Spanish Broadcasting System, Inc. 2006 Omnibus Equity Compensation Plan (the &#8220;Plan&#8221;) attached hereto as <font style="text-decoration:underline;">Exhibit A</font> provides for the grant of a stock options to purchase shares of Class A common stock, $0.0001 par value per share, of the Company (the &#8220;<font style="font-style:italic;">Common Stock</font>&#8221;).</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B. The Compensation Committee of the Board of Directors of the Company (the &#8220;<font style="font-style:italic;">Committee</font>&#8221;) has decided to make a stock option grant, subject to the terms and conditions set forth in the Agreement and the Plan to align the economic interests of Grantee with those of the Company&#8217;s stockholders.</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">C. The Board has appointed the Committee to administer the Plan.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:</p>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1. <font style="text-decoration:underline;">Grant of Options</font>.&nbsp;&nbsp;Subject to the terms and conditions set forth in this Agreement and in the Plan, the Company hereby grants to Grantee stock options (the &#8220;<font style="font-style:italic;">Options</font>&#8221;) to purchase the shares of Common Stock of the Company (&#8220;<font style="font-style:italic;">Shares</font>&#8221;) at a specified exercise price per Share set forth on <font style="text-decoration:underline;">Schedule A</font>. The Options shall become exercisable according to Section&#160;2 below.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. <font style="text-decoration:underline;">Exercisability of Options</font>. The Options shall be exercisable in such installments and at such times as set forth on <font style="text-decoration:underline;">Schedule A</font>, if Grantee is serving as a director on the applicable date.&nbsp;&nbsp;To the extent not exercised, installments shall accumulate and may be exercised, in whole or in part, at any time after becoming exercisable, but not later than the date the Options expire.&nbsp;&nbsp;The Committee may accelerate the exercisability of any or all-outstanding Options at any time for any reason.&nbsp;&nbsp;Notwithstanding the foregoing, any installment of the Options that is not exercisable prior to a Change in Control shall become exercisable on the date of such Change in Control and shall remain exercisable for the remainder of their term so long as Grantee is serving as a director immediately pr