Document:

Unassociated Document

    Exhibit
10.1

    

    FORM
OF STOCK PURCHASE AGREEMENT

    

    This
Stock Purchase Agreement is dated as of May 28, 2010 (this “Agreement”), between
Ladenburg Thalmann Financial Services Inc., a Florida corporation (the “Company”), and
___________________, a _______________________ (the “Purchaser”).

     

    WHEREAS,
the Company desires to sell to Purchaser, and Purchaser desires to purchase from
the Company, shares of the Company’s common stock, par value $.0001 per share
(the “Common
Stock”), on the terms and subject to the conditions set forth in this
Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
the parties agree as follows:

     

    Article
1

     

    Purchase
and Sale of Common Stock

     

    1.1           Purchase and Sale of the
Shares.  Subject to the terms and conditions hereof, the
Company hereby agrees to issue and sell to Purchaser, and Purchaser hereby
agrees to purchase from the Company, ___________________ shares of Common Stock
(the “Shares”)
at a purchase price of $1.00 per share for an aggregate purchase price of
$_____________ (the “Purchase
Price”).

     

    1.2           Closing.  The
closing of the issuance and sale of the Shares (the “Closing”) shall take
place at the Company’s offices in Miami, Florida on June 7, 2010, or if later,
the date upon which all regulatory approvals have been obtained.  As
payment in full for the Shares being purchased at the Closing, Purchaser shall
pay to the Company the Purchase Price by wire transfer.

     

    Article
2

     

    Additional
Agreements

     

    The
Company and Purchaser shall cooperate with each other and use their respective
commercially reasonable best efforts to take or cause to be taken all actions,
and do or cause to be done all things, necessary, proper or advisable under this
Agreement and applicable laws and regulations to consummate and make effective
the sale of the Shares (the “Sale”) and the other
transactions contemplated by this Agreement as soon as practicable, including
preparing and filing as promptly as practicable all documentation to effect all
necessary applications, notices, petitions, filings and other documents and to
obtain as promptly as practicable all permits, consents, approvals and
authorizations necessary or advisable to be obtained from any third party and/or
any governmental entity in order to consummate the Sale or any of the other
transactions contemplated by this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
3

     

    Representations
and Warranties of the Company

     

    The
Company represents and warrants to Purchaser as of the date hereof as
follows:

     

    3.1           Authorization of Agreements,
etc.  The execution and delivery by the Company of this
Agreement, the performance by the Company of its obligations hereunder, and the
issuance, sale and delivery of the Shares have been duly authorized by all
requisite corporate action and will not result in any violation of, be in
conflict with, or constitute a default under, with or without the passage of
time or the giving of notice: (a) any provision of the Company’s Articles of
Incorporation, as amended, or Bylaws, as amended; (b) any provision of any
judgment, decree or order to which the Company is a party or by which it is
bound; (c) any material contract or agreement to which the Company is a party or
by which it is bound; or (d) any statute, rule or governmental regulation
applicable to the Company, except where such violation, conflict, or default
would not have a material adverse effect on the Company.

     

    3.2           Valid Issuance of Common
Stock.  The Shares have been duly authorized and, when issued,
sold and delivered in accordance with this Agreement for the consideration
expressed herein will be validly issued, fully paid and nonassessable with no
personal liability attaching to the ownership thereof and will be free and clear
of all liens, charges and encumbrances of any nature whatsoever except for
restrictions on transfer under this Agreement and under applicable Federal and
state securities laws.

     

    3.3           Validity.  This
Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid and binding obligation of the Company, enforceable in
accordance with its terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors’ rights generally, and (ii) as limited by
laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

     

    3.4           Brokers and
Finders.  Except for Ladenburg Thalmann & Co. Inc., neither
the Company nor any of its subsidiaries, officers, directors or employees has
employed any broker or finder or incurred any liability for any brokerage fees,
commissions or finders’ fees in connection with the Sale or the other
transactions contemplated by this Agreement.

     

    Article
4

     

    Representations
and Warranties of Purchaser

     

    The
Purchaser represents and warrants to the Company as of the date hereof as
follows:

     

    4.1           Validity.  This
Agreement has been duly executed and delivered by Purchaser and constitutes the
legal, valid and binding obligation of Purchaser, enforceable in accordance with
its terms except:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (a)           as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other laws of general application affecting enforcement of creditors’ rights
generally; and

     

    (b)           as
limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.

     

    4.2           Investment
Representations.

     

    (a)           Purchaser
is an “accredited investor” within the meaning of Rule 501 of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”) and
was not organized for the specific purpose of acquiring the Shares;

     

    (b)           Purchaser
has sufficient knowledge and experience in investing in companies similar to the
Company so as to be able to evaluate the risks and merits of its investment in
the Company and it is able financially to bear the risks thereof;

     

    (c)           it
is the present intention that the Shares being purchased by Purchaser are being
acquired for Purchaser’s own account for the purpose of investment and not with
a present view to or for sale in connection with any distribution
thereof;

     

    (d)           Purchaser
understands that:

     

    (i)           the
Shares have not been registered under the Securities Act by reason of their
issuance in a transaction exempt from the registration requirements of the
Securities Act pursuant to Section 4(2) thereof or Rule 505 or 506 promulgated
under the Securities Act;

     

    (ii)           the
Shares must be held indefinitely unless a subsequent disposition thereof is
registered under the Securities Act or is exempt from such
registration;

     

    (iii)           the
Shares will bear a legend to such effect; and

     

    (iv)           the
Company will make a notation on its transfer books to such effect;
and

     

    (e)           the
Company has made available to Purchaser all documents and information that the
Purchaser has requested relating to an investment in the Company.

     

    4.3           Brokers and
Finders.  The Purchaser has not employed any broker or finder
or incurred any liability for any brokerage fees, commissions or finders’ fees
in connection with the Sale or the other transactions contemplated by this
Agreement.

     

    Article
5

     

    Miscellaneous

     

    5.1           Legend.  Each
certificate that represents Shares shall have conspicuously endorsed thereon the
following legends:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    THIS
STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.  THIS STOCK MAY NOT
BE OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNLESS (A) A
REGISTRATION STATEMENT FOR THE STOCK UNDER THE SECURITIES ACT IS IN EFFECT OR
(B) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS
SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OR THE RELEVANT STATE SECURITIES
LAWS.

     

    5.2           Brokerage.  Each
party hereto will indemnify and hold harmless the other against and in respect
of any claim for brokerage or other commissions relative to this Agreement or to
the transactions contemplated hereby, based in any way on agreements,
arrangements or understandings made or claimed to have been made by such party
with any third party.

     

    5.3           Parties in
Interest.  All representations, covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and assigns of the
parties hereto whether so expressed or not.

     

    5.4           Notices.  All
notices, requests, consents, demands, and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given on the
date of service if served personally on the party to whom notice is to be given,
on the date of transmittal of services via telecopy to the party to whom notice
is to be given (with a confirming copy delivered within 24 hours thereafter), or
on the third day after mailing if mailed to the party to whom notice is to be
given, by first class mail, registered or certified, postage prepaid, or
overnight mail via a nationally recognized courier providing a receipt for
delivery and properly addressed as follows:

     

    
      	
              If
      to the Company: 

            	
              Ladenburg
      Thalmann Financial Services Inc.

            

    

    4400 Biscayne Blvd.

    12th
Floor

    Miami, FL 33137

    Attn: Brian L. Heller,
Esq.

    

     

    
      	
              If
      to the Purchaser: 

            	
              To
      the address specified on the signature pages
  hereto.

            

    

     

    Any party
may change its address for purposes of this paragraph by giving notice of the
new address to each of the other parties in the manner set forth
above.

     

    5.5           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida for all purposes and in all
respects, without regard to the conflict of law provisions of such
state.

     

    5.6           Entire
Agreement.  This Agreement constitutes the sole and entire
agreement of the parties with respect to the subject matter hereof.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    5.7           Counterparts.  This
Agreement may be executed in two or more counterparts (including facsimiles),
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

     

    5.8           Amendments and
Waivers.  This Agreement may be amended or modified, and
provisions hereof may be waived, only with the written consent of the Company
and the Purchaser.

     

    5.9           Severability.  If
any provision of this Agreement shall be declared void or unenforceable by any
judicial or administrative authority, the validity of any other provision and of
the entire Agreement shall not be affected thereby.

     

    5.10         Titles and
Subtitles.  The titles and subtitles used in this Agreement are
for convenience only and are not to be considered in construing or interpreting
any term or provision of this Agreement.

     

     

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    NOW
THEREFORE, the Company and Purchaser have executed this Stock Purchase Agreement
as of the date first above written.

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            	
                                    LADENBURG
      THALMANN FINANCIAL SERVICES INC.

                                  
	 	 	 
	 	 	 
	 	 	 
	
                                    By:

                                  	
                                     
      

                                  	 
	
                                    Name:
      Richard J. Lampen

                                  
	
                                    Title:
      President and
CEO

                                  

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Company
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    GOLD SINO
ASSETS LTD.

    

    
 

    
      
        
          
            
              
                
                  
                    	
                            By:

                          	
                              
      

                          	 
	
                            Name:
      Lee Chao-Hsiang

                          	 
	
                            Title:
      Director

                          
	
                            Address:
      Offshore Chambers, P.O. Box 217, Apia
Samoa

                          

                  

                

              

            

          

        

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    INVESTOR

     

    CHUNG
CHIA COMPANY LIMITED

     

    

    

    
      
        
          
            
              
                
                  
                    	
                            By:

                          	
                               
      

                          	 
	
                            Name:
      Hsu Tsui-Hua

                          	 
	
                            Title:
      Director

                          
	
                            Address:
      Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin
      Islands

                          

                  

                

              

            

          

        

      

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    JANE H.
HSIAO, PH.D.

    
 

    

    
      
        
          	
                  By:

                	
                     
      

                	 

        

      

    

    JANE H.
HSIAO, PH.D.

    Address:

     

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    DR.
JOSEPH S. LEVY REVOCABLE TRUST DATED 6/17/1998

     

     

    

    
      
        
          	
                  By:

                	
                     
      

                	 

        

      

    

    Name: Dr.
Joseph S. Levy

    Title:
Trustee

    Address:

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    NORMAN
RAPPAPORT

    

     

    
      

      
        
          
            	
                    By:

                  	
                       
      

                  	 

          

        

      

    

    NORMAN
RAPPAPORT

    Address:

     

    

    

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    HORBERG
ENTERPRISES LIMITED PARTNERSHIP

    

    

    
      

      
        
          
            	
                    By:

                  	
                       
      

                  	 

          

        

      

    

    Name:
Howard Todd Horberg

    Title:  President

    Address:

     

    

    

    

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    INVESTOR

    THE
JACQUELINE SIMKIN REVOCABLE TRUST AS AMENDED AND RESTATED
12/16/2003

    

    

    
      

      
        
          
            	
                    By:

                  	
                       
      

                  	 

          

        

      

    

    Name: Jacqueline
Simkin

    Title:
Trustee

    Address:  801
Brickell Avenue, Ste. 2350, Miami, FL 33131

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    IVC
INVESTORS, LLLP

    

    

    
      

      
        
          
            	
                    By:

                  	
                       
      

                  	 

          

        

      

    

    Name:  Glenn
Halpryn

    Title:  Vice
President

    Address:  4400
Biscayne Blvd., Ste. 950, Miami, FL 33137

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    

    PURCHASER

    AARON
SWIMMER

    
 

    

    
      
        
          	
                     
      

                	 

        

      

    

    AARON
SWIMMER

    Address: 

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    

     

    PURCHASER

    STEVEN
JERRY GLAUSER

    

     

    
      

      
        
          
            	
                       
      

                  	 

          

        

      

    

    STEVEN
JERRY GLAUSER

    Address:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    PURCHASER:

    DR.
STEPHEN LIU

    

     

    
      

      
        
          
            	
                       
      

                  	 

          

        

      

    

    DR.
STEPHEN LIU

    Address:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    ROBERT
SUDACK

     

     

    
      
        

        
          
            
              	
                      By:

                    	
                         
      

                    	 

            

          

        

      

    

    Name:
ROBERT SUDACK

    Address:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

    

    PURCHASER

    MARIE
WOLF

     

    
 

    
      
        
          
            
              	
                      By:

                    	
                         
      

                    	 

Name:
MARIE WOLF

          

        

      

    

    Address:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

     

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    PURCHASER

    DAVID
THALHEIM

     

     

    
      
        

        
          
            
              	
                      By:

                    	
                         
      

                    	 

            

          

        

      

    

    Name:
DAVID THALHEIM

    Address:

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Purchaser
Signature Page to Stock Purchase Agreement

    

    
      
        
        

      

      
        20Unassociated Document

    Exhibit
10.2

     

    FORM
OF STOCK PURCHASE AGREEMENT

    

    This
Stock Purchase Agreement is dated as of May 28, 2010 (this “Agreement”), between
Ladenburg Thalmann Financial Services Inc., a Florida corporation (the “Company”), and
_____________ (the “Purchaser”).

     

    WHEREAS,
the Company desires to sell to Purchaser, and Purchaser desires to purchase from
the Company, shares of the Company’s common stock, par value $.0001 per share
(the “Common
Stock”), on the terms and subject to the conditions set forth in this
Agreement.

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained
in this Agreement and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, and intending to be legally bound,
the parties agree as follows:

     

    Article
1

     

    Purchase
and Sale of Common Stock

     

    1.1           Purchase and Sale of the
Shares.  Subject to the terms and conditions hereof, the
Company hereby agrees to issue and sell to Purchaser, and Purchaser hereby
agrees to purchase from the Company, _______ shares of Common Stock (the “Shares”) at a
purchase price of $1.00 per share for an aggregate purchase price of
$____________ (the “Purchase
Price”).

     

    1.2           Closing.  The
closing of the issuance and sale of the Shares (the “Closing”) shall take
place at the Company’s offices in Miami, Florida one business day after the date
upon which the Company's shareholders shall have approved the issuance of the
Shares hereunder in accordance with the NYSE Amex Company Guide, or if later,
the date upon which all regulatory approvals have been obtained.  As
payment in full for the Shares being purchased at the Closing, Purchaser shall
pay to the Company the Purchase Price by wire transfer.

     

    1.3           Lock-Up.  Purchaser
hereby irrevocable agrees that from the date of Closing until the second
anniversary of the date of Closing, Purchaser will not, without the Company's
prior written consent (i) offer for sale, sell, pledge or otherwise dispose
of (or enter into any transaction or device that is designed to, or could be
expected to, result in the disposition by any person at any time in the future,
of) any of the Shares; (ii) enter into any swap or other derivatives transaction
that transfers to another, in whole or in part, any of the economic benefits or
risks of ownership of the Shares, or (iii) publicly disclose the intention
to do any of the foregoing.

     

    Article
2

     

    Additional
Agreements

     

    The
Company and Purchaser shall cooperate with each other and use their respective
commercially reasonable best efforts to take or cause to be taken all actions,
and do or cause to be done all things, necessary, proper or advisable under this
Agreement and applicable laws and regulations to consummate and make effective
the sale of the Shares (the “Sale”) and the other
transactions contemplated by this Agreement as soon as practicable, including
preparing and filing as promptly as practicable all documentation to effect all
necessary applications, notices, petitions, filings and other documents and to
obtain as promptly as practicable all permits, consents, approvals and
authorizations necessary or advisable to be obtained from any third party and/or
any governmental entity in order to consummate the Sale or any of the other
transactions contemplated by this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Article
3

     

    Representations
and Warranties of the Company

     

    The
Company represents and warrants to Purchaser as of the date hereof as
follows:

     

    3.1           Authorization of Agreements,
etc.  The execution and delivery by the Company of this
Agreement, the performance by the Company of its obligations hereunder, and the
issuance, sale and delivery of the Shares have been duly authorized by all
requisite corporate action and will not result in any violation of, be in
conflict with, or constitute a default under, with or without the passage of
time or the giving of notice: (a) any provision of the Company’s Articles of
Incorporation, as amended, or Bylaws, as amended; (b) any provision of any
judgment, decree or order to which the Company is a party or by which it is
bound; (c) any material contract or agreement to which the Company is a party or
by which it is bound; or (d) any statute, rule or governmental regulation
applicable to the Company, except where such violation, conflict, or default
would not have a material adverse effect on the Company.

     

    3.2           Valid Issuance of Common
Stock.  The Shares have been duly authorized and, when issued,
sold and delivered in accordance with this Agreement for the consideration
expressed herein will be validly issued, fully paid and nonassessable with no
personal liability attaching to the ownership thereof and will be free and clear
of all liens, charges and encumbrances of any nature whatsoever except for
restrictions on transfer under this Agreement and under applicable Federal and
state securities laws.

     

    3.3           Validity.  This
Agreement has been duly executed and delivered by the Company and constitutes
the legal, valid and binding obligation of the Company, enforceable in
accordance with its terms except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application
affecting enforcement of creditors’ rights generally, and (ii) as limited by
laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies.

     

    3.4           Brokers and
Finders.  Except for Ladenburg Thalmann & Co. Inc., neither
the Company nor any of its subsidiaries, officers, directors or employees has
employed any broker or finder or incurred any liability for any brokerage fees,
commissions or finders’ fees in connection with the Sale or the other
transactions contemplated by this Agreement.

     

    Article
4

     

    Representations
and Warranties of Purchaser

     

    The
Purchaser represents and warrants to the Company as of the date hereof as
follows:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    4.1           Validity.  This
Agreement has been duly executed and delivered by Purchaser and constitutes the
legal, valid and binding obligation of Purchaser, enforceable in accordance with
its terms except:

     

    (a)           as
limited by applicable bankruptcy, insolvency, reorganization, moratorium, and
other laws of general application affecting enforcement of creditors’ rights
generally; and

     

    (b)           as
limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies.

     

    4.2           Investment
Representations.

     

    (a)           Purchaser
is an “accredited investor” within the meaning of Rule 501 of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”) and
was not organized for the specific purpose of acquiring the Shares;

     

    (b)           Purchaser
has sufficient knowledge and experience in investing in companies similar to the
Company so as to be able to evaluate the risks and merits of its investment in
the Company and it is able financially to bear the risks thereof;

     

    (c)           it
is the present intention that the Shares being purchased by Purchaser are being
acquired for Purchaser’s own account for the purpose of investment and not with
a present view to or for sale in connection with any distribution
thereof;

     

    (d)           Purchaser
understands that:

     

    (i)        
   the Shares have not been registered under the Securities Act
by reason of their issuance in a transaction exempt from the registration
requirements of the Securities Act pursuant to Section 4(2) thereof or Rule 505
or 506 promulgated under the Securities Act;

     

    (ii)           the
Shares must be held indefinitely unless a subsequent disposition thereof is
registered under the Securities Act or is exempt from such
registration;

     

    (iii)    
     the Shares will bear a legend to such effect;
and

     

    (iv) 
        the Company will make a notation
on its transfer books to such effect; and

     

    (e)           the
Company has made available to Purchaser all documents and information that the
Purchaser has requested relating to an investment in the Company.

     

    4.3           Brokers and
Finders.  The Purchaser has not employed any broker or finder
or incurred any liability for any brokerage fees, commissions or finders’ fees
in connection with the Sale or the other transactions contemplated by this
Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Article
5

     

    Miscellaneous

     

    5.1           Legend.  Each
certificate that represents Shares shall have conspicuously endorsed thereon the
following legends:

     

    THIS
STOCK HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS.  THIS STOCK MAY NOT
BE OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE UNLESS (A) A
REGISTRATION STATEMENT FOR THE STOCK UNDER THE SECURITIES ACT IS IN EFFECT OR
(B) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS
SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OR THE RELEVANT STATE SECURITIES
LAWS.

     

    THE STOCK
IS SUBJECT TO RESTRICTIONS ON RESALE PURSUANT TO THAT CERTAIN STOCK PURCHASE
AGREEMENT WITH THE COMPANY DATED AS OF MAY 28, 2010 AND MAY NOT BE OFFERED OR
TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR OTHERWISE WITHOUT THE PRIOR WRITTEN
CONSENT OF THE COMPANY.

     

    5.2           Brokerage.  Each
party hereto will indemnify and hold harmless the other against and in respect
of any claim for brokerage or other commissions relative to this Agreement or to
the transactions contemplated hereby, based in any way on agreements,
arrangements or understandings made or claimed to have been made by such party
with any third party.

     

    5.3           Parties in
Interest.  All representations, covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto shall
bind and inure to the benefit of the respective successors and assigns of the
parties hereto whether so expressed or not.

     

    5.4           Notices.  All
notices, requests, consents, demands, and other communications under this
Agreement shall be in writing and shall be deemed to have been duly given on the
date of service if served personally on the party to whom notice is to be given,
on the date of transmittal of services via telecopy to the party to whom notice
is to be given (with a confirming copy delivered within 24 hours thereafter), or
on the third day after mailing if mailed to the party to whom notice is to be
given, by first class mail, registered or certified, postage prepaid, or
overnight mail via a nationally recognized courier providing a receipt for
delivery and properly addressed as follows:

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    
      
        	
                If
      to the Company:

              	
                Ladenburg
      Thalmann Financial Services Inc.

              
	 
      	
                4400
      Biscayne Blvd.

              
	 
      	
                12th
      Floor

              
	 
      	
                Miami,
      FL 33137

              
	 
      	
                Attn:
      Brian L. Heller, Esq.

              
	 
      	 
      
	 	 
	
                If
      to the Purchaser:

              	
                To
      the address specified on the signature pages
  hereto.

              

      

    

     

    Any party
may change its address for purposes of this paragraph by giving notice of the
new address to each of the other parties in the manner set forth
above.

     

    5.5           Governing
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida for all purposes and in all
respects, without regard to the conflict of law provisions of such
state.

     

    5.6           Entire
Agreement.  This Agreement constitutes the sole and entire
agreement of the parties with respect to the subject matter hereof.

     

    5.7           Counterparts.  This
Agreement may be executed in two or more counterparts (including facsimiles),
each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument.

     

    5.8           Amendments and
Waivers.  This Agreement may be amended or modified, and
provisions hereof may be waived, only with the written consent of the Company
and the Purchaser.

     

    5.9           Severability.  If
any provision of this Agreement shall be declared void or unenforceable by any
judicial or administrative authority, the validity of any other provision and of
the entire Agreement shall not be affected thereby.

     

    5.10           Titles and
Subtitles.  The titles and subtitles used in this Agreement are
for convenience only and are not to be considered in construing or interpreting
any term or provision of this Agreement.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    NOW
THEREFORE, the Company and Purchaser have executed this Stock Purchase Agreement
as of the date first above written.

     

    LADENBURG
THALMANN FINANCIAL SERVICES INC.

     

     

     

    
      
        
          
            	
                    By:

                  	
                      
      

                  	 

          

        

      

    

    Name:

    Title:

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Copmpany
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    PURCHASER

     

    FROST
GAMMA INVESTMENTS TRUST

     

    

     

    
      
        
          
            
              	
                      By:

                    	
                        
      

                    	 

            

          

        

      
Name:
Phillip Frost, M.D.

    Title:
Trustee

    Address:  4400
Biscayne Blvd., 15th Floor,
Miami, FL 33137

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    PURCHASER

     

    
 

    
      
        
          	
                   
      

                	 

        

      

    

    RICHARD
J. ROSENSTOCK

    Address: 

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    PURCHASER

     

    

     

    
      
        
          
            	
                     
      

                  	 

          

        

      

    

    RICHARD
J. LAMPEN

    Address:  

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    PURCHASER

     

    MZ
TRADING, LLC

     

     

     

    
      
        
          
            	
                     
      

                  	 

          

        

      

    

    Name:
Mark Zeitchick

    Title:  Managing
Member

    Address:  

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    PURCHASER

     

     

    

    
      
        
          
            	
                     
      

                  	 

          

        

      

    

    ROBERT
EIDE

    Address:  810
7th
Avenue, 11th Floor,
New York, NY 10019

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    PURCHASER

     

    RICHARD
M. KRASNO LIVING TRUST DATED OCTOBER 6, 2009

     

     

    
       

      
        
          
            
              
                	
                        By:

                      	
                          
      

                      	 

              

            

          

        

      

    

    Name: Dr.
Richard M. Krasno

    Title:
Trustee

    Address:  

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    

     

    Purchaser
Signature Page to Stock Purchase Agreement

    

     

    
      
        
        

      

      
        12

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