Letter Agreement Regarding Waiver of Incentive Plan Payments between Vincent Mangone and Ladenburg Thalmann Financial Services Inc.

Summary

Vincent Mangone and Ladenburg Thalmann Financial Services Inc., along with Ladenburg Capital Management Inc., have agreed that Mangone will waive 25% of any payments due to him under the company's Special Performance Incentive Plan for the period from September 1, 2002, to December 31, 2002. This waiver is in response to the company's financial condition and will not be considered a reason for any claim under his existing employment agreement for the 2002 fiscal year.

EX-10.6 8 g79354exv10w6.txt LETTER AGREEMENT WITH VINCENT MANGONE Exhibit 10.6 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, 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. Sincerely, /s/ Vincent Mangone Vincent Mangone Acknowledged and agreed this 10th day of October, 2002 Ladenburg Thalmann Financial Services Inc. By: /s/ SALVATORE GIARDINA ------------------------------ Ladenburg Capital Management Inc. By: /s/ RICHARD ROSENSTOCK ------------------------------