Waiver Letter Agreement Between Richard Rosenstock and Ladenburg Thalmann Financial Services Inc. and Ladenburg Capital Management Inc.

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Summary

This agreement is between Richard Rosenstock and Ladenburg Thalmann Financial Services Inc. and Ladenburg Capital Management Inc. Richard Rosenstock agrees to waive 25% of any payments due to him under the company's Special Performance Incentive Plan and a specific section of his employment agreement for the period from September 1, 2002, to December 31, 2002, due to the company's financial condition. The waiver does not constitute a reason for any further claims under the agreement for that fiscal year. Both companies acknowledge and accept these terms.

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EX-10.4 6 g79354exv10w4.txt LETTER AGREEMENT WITH RICHARD ROSENSTOCK Exhibit 10.4 October 10, 2002 Ladenburg Thalmann Financial Services Inc. Ladenburg Capital Management Inc. 590 Madison Avenue, 34th Floor New York, New York 10022 RE: EMPLOYMENT AGREEMENT Gentlemen: Reference is made to my Employment Agreement (the "Agreement"), dated as of August 24, 1999, as amended, with Ladenburg Thalmann Financial Services Inc. ("LTS") and Ladenburg Capital Management Inc. In light of the current financial condition of LTS and its subsidiaries, I hereby waive, for the period September 1, 2002 to December 31, 2002, 25% of any payments due to me for such period under LTS's Special Performance Incentive Plan (the "Plan") and agree that such waiver shall not be deemed to be Reason under the Agreement with respect to any payment due to me under the Plan for the fiscal year ending December 31, 2002. In addition, I also waive, for the period September 1, 2002 to December 31, 2002, 25% of any payments due to me for such period under Section 3 of the Second Amendment to the Agreement. Sincerely, /s/ Richard Rosenstock Richard Rosenstock Acknowledged and agreed this 10th day of October, 2002 Ladenburg Thalmann Financial Services Inc. By: /s/ SALVATORE GIARDINA ----------------------------- Ladenburg Capital Management Inc. By: /s/ ROBERT GORCZAKOWSKI -----------------------------