4//SEC Filing
SPANISH BROADCASTING SYSTEM INC 4
Accession 0001209191-04-042873
CIK 0000927720operating
Filed
Aug 31, 8:00 PM ET
Accepted
Sep 1, 5:28 PM ET
Size
7.3 KB
Accession
0001209191-04-042873
Insider Transaction Report
Form 4
ALARCON RAUL JR
DirectorChairman, CEO & Pres.10% Owner
Transactions
- Other
Prepaid Forward Agreement
2004-08-31−500,000→ 500,000 totalFrom: 2007-08-31Exp: 2007-08-31→ Class A Common Stock (500,000 underlying)
Footnotes (2)
- [F1]On August 31, 2004, the Reporting Person entered into a hedging arrangement termed a "prepaid forward agreement" (the "Agreement") with an unaffiliated third party (the "Purchaser"), whereby the Reporting Person agreed to sell 500,000 shares of the Class A Common Stock, (the "Shares") for the notional amount of $8.97 per share, subject to adjustment, against which the Reporting Person will receive proceeds of approximately $3,820,000. The Agreement provides that upon its expiration on August 31, 2007 (the "Settlement Date"), the Reporting Person shall be obligated to deliver 500,000 shares, adjusted downward if such per share value is more than the per share notional amount and equal to or less than the specified ceiling of $10.32. At the option of the Reporting Person, all or part of the Agreement may be settled in cash.
- [F2]The Reporting Person pledged 500,000 shares of Issuer's Class B Common Stock (the "Pledged Shares") to Purchaser to secure his obligation under the Agreement and retained voting rights to the Pledged Shares during the term of the pledge. Upon delivery to Purchaser, the Pledged Shares would automatically convert into the equivalent number of shares of Class A Common Stock.
Documents
Issuer
SPANISH BROADCASTING SYSTEM INC
CIK 0000927720
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0000927720
Filing Metadata
- Form type
- 4
- Filed
- Aug 31, 8:00 PM ET
- Accepted
- Sep 1, 5:28 PM ET
- Size
- 7.3 KB