Document:

EXHIBIT 4.1

                                                               No. ________

THE TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE COMPANY'S
PROSPECTUS DATED, ____________, 2002 (THE "PROSPECTUS") AND ARE INCORPORATED
HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM
AMERICAN STOCK TRANSFER & TRUST COMPANY AS THE SUBSCRIPTION AGENT.

                   LADENBURG THALMANN FINANCIAL SERVICES INC.

                         SUBSCRIPTION RIGHTS CERTIFICATE

  Evidencing ______ Non-Transferable Rights to Purchase Shares of Common Stock

                       Subscription Price: $___ per Share

                       VOID IF NOT EXERCISED ON OR BEFORE
               THE EXPIRATION DATE (AS DEFINED IN THE PROSPECTUS)

REGISTERED OWNER:

         THIS CERTIFIES THAT ______________, or his, her or its registered
assigns, having an address at ______________________, is the owner of the number
of Rights set forth above, each of which entitles the owner to subscribe for and
purchase one share of common stock, par value $.0001 per share, of Ladenburg
Thalmann Financial Services Inc., a Florida corporation, on the terms and
subject to the conditions set forth in the Prospectus and instructions relating
hereto on the reverse side hereof. The Rights represented by this Subscription
Certificate may be exercised by duly completing Section 1 hereof. Special
delivery instructions may be specified by completing Section 2 of this
Subscription Rights Certificate. THE RIGHTS EVIDENCED BY THIS SUBSCRIPTION
RIGHTS CERTIFICATE MAY NOT BE EXERCISED UNLESS SECTION 1 IS COMPLETED AND
SIGNED, WITH ANY SPECIAL DELIVERY INSTRUCTIONS SET FORTH IN SECTION 2, ALONG
WITH A SIGNATURE GUARANTEE, IF APPLICABLE. ANY SIGNATURE GUARANTEE MUST BE IN
ACCORDANCE WITH THE MEDALLION SIGNATURE GUARANTEE PROGRAM.

Dated:  _________, 2002

------------------------------              ------------------------------------
Victor M. Rivas, President and              Richard J. Rosenstock, Vice Chairman
     Chief Executive Officer                      and Chief Operating Officer

<Page>

                FORM OF ELECTION TO EXERCISE SUBSCRIPTION RIGHTS
                        (to be executed if holder desires
                to exercise the Subscription Rights Certificate)

                  DELIVERY OPTIONS FOR SUBSCRIPTION CERTIFICATE

    BY FIRST CLASS MAIL OR REGISTERED MAIL, BY HAND AND BY OVERNIGHT DELIVERY

                     American Stock Transfer & Trust Company
                                 59 Maiden Lane
                               New York, NY 10038

         Delivery to an address other than the address listed above will not
constitute valid delivery. Delivery by facsimile will not constitute valid
delivery.

Please Print All Information Clearly And Legibly.

SECTION 1

Basic Subscription Right

         The undersigned hereby elects to exercise Rights represented by this
Subscription Rights Certificate and irrevocably subscribes to purchase the
following number of Shares pursuant to the Basic Subscription Right described in
the prospectus.

I subscribe for ______________ Shares x $__________________  = $________________
                (no. of Shares)         (Subscription Price)   (amount enclosed)

Over-Subscription Privilege

(available only if you exercise the basic subscription right in full)

         The undersigned hereby elects to irrevocably subscribe to purchase the
following number of additional Shares pursuant to the Over-Subscription
Privilege described in the prospectus.

I subscribe for ______________ Shares x $__ (U.S.) =  $__________________ (U.S.)
                (no. of Shares)                        (amount enclosed)

Total Subscription = _____________ Shares x $__ (U.S.) = $________________(U.S.)
                    (no. of Shares)                        (amount enclosed)

Method of Payment (Check and Complete Appropriate Boxes)

       |_|        personal check, certified or cashier's check, bank draft or a
                  postal, telegraphic or express money order payable to
                  "American Stock Transfer & Trust Company, as Subscription
                  Agent";

       |_|        wire transfer of immediately available funds directed to the
                  escrow account maintained by American Stock Transfer & Trust
                  Company, as Subscription Agent, at Chase Manhattan Bank, 55
                  Water Street, New York, New York 10005, ABA#021-000021,
                  Account #_________; or

       |_|        in the case of persons acquiring more than _______ Shares, an
                  alternative payment method arranged with the Subscription
                  Agent and approved by the Company.

<PAGE>

TO SUBSCRIBE: I acknowledge that I have received the prospectus for this offer
and I hereby irrevocably subscribe for the number of shares indicated above on
the terms and conditions specified in the prospectus. I hereby agree that if I
fail to pay for the shares of Common Stock for which I have subscribed,
Ladenburg Thalmann Financial Services Inc. may exercise its legal remedies
against me.

-----------------------------
Signature(s) of Subscriber(s)

IMPORTANT: THE SIGNATURE(S) MUST CORRESPOND IN EVERY PARTICULAR, WITHOUT
ALTERATION, WITH THE NAME(S) AS PRINTED ON THE REVERSE OF THIS SUBSCRIPTION
RIGHTS CERTIFICATE.

If signature is by trustee(s), executor(s), administrator(s), guardian(s),
attorney(s)-in-fact, agent(s), officer(s) of a corporation or another acting in
a fiduciary or representative capacity, please provide the following information
(please print). See the instructions.

Name(s):_______________________________________________________________

Capacity (Full Title):______________________________________________________

Taxpayer ID # or Social Security #:__________________________________________

SECTION 2

SPECIAL ISSUANCE OR DELIVERY INSTRUCTIONS FOR SUBSCRIPTION RIGHTS HOLDERS:

(a) To be completed ONLY if the certificate representing the Common Stock is to
be issued in a name other than that of the registered holder. (See the
Instructions.) DO NOT FORGET TO COMPLETE THE GUARANTEE OF SIGNATURE(S) SECTION
BELOW.

ISSUE COMMON STOCK TO:

------------------------------------------------------------
                               (Please Print Name)

------------------------------------------------------------
                              (Print Full Address)

-----------------------------------------------------------
                         (Social Security # or Tax ID #)

(b) To be completed ONLY if the certificate representing the Common Stock is to
be sent to an address other than that shown on the front of this certificate.
(See the Instructions.) DO NOT FORGET TO COMPLETE THE GUARANTEE OF SIGNATURE(S)
SECTION BELOW.

-----------------------------------------------------------
                               (Please Print Name)

-----------------------------------------------------------
                              (Print Full Address)

----------------------------------------------------------
                         (Social Security # or Tax ID #)

<PAGE>

                            Guarantee Of Signature(s)

         All Registered Holders who ask to have Shares delivered to an address
other than their own or to a shareholder other than the Registered Holder must
have their signatures guaranteed by an Eligible Institutions. An "Eligible
Institution" for this purpose is a bank, stockbroker, savings and loan
association and credit union with membership in an approved signature guaranteed
medallion program, pursuant to Rule 17Ad-15 of the Securities Exchange Act of
1934.

Authorized Signature: ___________________   Name of Firm: ______________________

Name:  __________________________________   Address:  __________________________

Title:  _________________________________   Area Code and Telephone: ___________

         The signature(s) must correspond in every particular, without
alteration, with the name(s) as printed on the reverse of this Subscription
Rights Certificate.

         This form of election must be accompanied by check, bank check, or
money order, payable to "American Stock Transfer & Trust Company, as
Subscription Agent" or by wire transfer of immediately available funds for the
number of Shares subscribed for multiplied by $__ (purchase price per Share).

         If you have questions on the use of this Subscription Rights
Certificate, please contact Joseph Giovanniello Jr., Secretary of Ladenburg
Thalmann Financial Services Inc., at (212) 409-2544 or your bank or broker with
questions.EXHIBIT 10.1

                          SUBSCRIPTION AGENT AGREEMENT

                                                            ___________ __, 2002

American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038

Ladies and Gentlemen:

         In connection with your appointment as Subscription Agent in the
transaction described herein, Ladenburg Thalmann Financial Services Inc., a
Florida corporation (the "Company"), hereby confirms its arrangements with you
as follows:

         1. Rights Offering. The Company has declared a dividend to the holders
of shares of its common stock, par value $0.0001 per share ("Common Stock"), and
offered to holders of its outstanding options, warrants and senior convertible
promissory notes (the "Rights Offering"), on _____ __, 2002 (the "Record Date"),
the right to subscribe for additional shares of Common Stock, at a subscription
price of $___ per share of Common Stock ("Rights"). The Common Stock along with
the Company's outstanding options, warrants and senior convertible promissory
notes shall hereafter be referred to as the "Securities." One Right is being
issued for every _____ shares of Common Stock held on the Record Date. Each
holder of the Company's options, warrants and senior convertible promissory
notes will be deemed to hold that number of shares of Common Stock that they
would hold if they exercised or converted their securities on the Record Date.
One Right is required to subscribe for one share of Common Stock. Except as set
forth herein, Rights shall cease to be exercisable at 5:00 p.m., New York City
time, on ________ __, 2002 (the "Expiration Date"). Rights are evidenced by
non-transferable subscription rights certificates in registered form
("Subscription Certificates"). Each holder of a Subscription Certificate who
exercises the right to subscribe for all shares that can be subscribed for with
the Rights evidenced by such Subscription Certificate (the "Basic Subscription
Right") may have the right to subscribe for additional shares, if any, available
as a result of any unexercised Rights (such additional subscription right being
referred to hereafter as the "Over-subscription Privilege"). The Rights Offering
will be conducted in the manner and upon the terms set forth in the Company's
Prospectus dated _______________, 2002 (the "Prospectus"), which is incorporated
herein by reference and made a part hereof as if set forth in full herein.

         2. Appointment of Subscription Agent. You are hereby appointed as
Subscription Agent to effect the Rights Offering in accordance with the
Prospectus. Each reference to you in this letter is to you in your capacity as
Subscription Agent unless the context indicates otherwise.

         3. Delivery of Documents. Enclosed herewith are the following, the
receipt of which you acknowledge by your execution hereof:

         (a)      a copy of the Prospectus;

         (b)      the form of Subscription Certificate;

         (c)      the form of Letter from the Company to its Shareholders;

         (d)      the Instructions for Use of the Company's Subscription
                  Certificates;

         (e)      the Form of Notice of Guaranteed Delivery; and

         (f)      a return envelope addressed to American Stock Transfer &
                  Trust, as Subscription Agent.

<page>

         On or before ________ __, 2002, you shall mail or cause to be mailed to
each holder of Securities at the close of business on the Record Date a
Subscription Certificate evidencing the Rights to which such holder is entitled,
a Prospectus, a Notice of Guaranteed Delivery (as defined in paragraph 7 hereof)
and an envelope addressed to you. Prior to mailing, the Company will provide you
with blank Subscription Certificates which you will prepare and issue in the
names of holders of record of the Securities at the close of business on the
Record Date and for the number of Rights to which they are entitled. The Company
will also provide you with a sufficient number of copies of each of the
documents to be mailed with the Subscription Certificates.

         4. Subscription Procedure. (a) Upon your receipt prior to 5:00 p.m.,
New York City time, on the Expiration Date (by mail, facsimile or delivery) as
Subscription Agent of (i) any Subscription Certificate completed and endorsed
for exercise, as provided in the Subscription Certificate (except as provided in
paragraph 6 hereof), and (ii) payment in full of the subscription price set
forth on the cover page of the Prospectus for the shares of Common Stock
subscribed for (the "Subscription Price") in U.S. funds (i) by personal check,
certified or cashier's check, bank draft or a postal, telegraphic or express
money order payable at par (without deduction for bank service charges or
otherwise) to you, "AS SUBSCRIPTION AGENT"; (ii) or wire transfer of immediately
available funds; or (iii) an alternative payment method arranged by you and
approved by the Company, you shall as soon as practicable after the Expiration
Date but after performing the procedures described in subparagraphs (b) and (c)
below (which is anticipated to be the twelfth business day thereafter) mail to
the subscriber's registered addresses on the books of the Company the shares of
Common Stock for the Rights duly exercised (pursuant to the Basic Subscription
Privilege and the Over-subscription Privilege) and furnish a list of all such
information to the Company.

         (b) As soon as practicable after the Expiration Date you shall
calculate the number of shares to which each subscriber is entitled to receive
pursuant to the Over-subscription Privilege. The Over-subscription Privilege may
only be exercised by holders who subscribe to all the shares of Common Stock
that can be subscribed for by them under the Basic Subscription Right. The
shares of Common Stock available for additional subscriptions will be those that
have not been subscribed and paid for pursuant to the Basic Subscription Right
(the "Remaining Shares"). Where there are sufficient Remaining Shares to satisfy
all additional subscriptions by holders exercising their rights under the
Over-subscription Privilege, each holder shall be allotted the number of
additional shares subscribed for. If the aggregate number of shares subscribed
for under the Over-subscription Privilege exceeds the number of Remaining
Shares, the number of Remaining Shares initially allotted to each participant in
the Over-subscription Privilege shall be the lesser of (i) the number of shares
which that participant has subscribed for under the Over-subscription Privilege
and (ii) the product (disregarding fractions) obtained by multiplying the number
of Remaining Shares by a fraction of which the numerator is the number of shares
subscribed for by the participant under the Basic Subscription Right and the
denominator is the aggregate number of shares subscribed for under the Basic
Subscription Privilege. If after the initial allotment there are still Remaining
Shares and holders of Rights whose exercise of the Over-subscription Privilege
has not been fully satisfied, such Remaining Shares shall be allocated (one or
more time as necessary) in accordance with the foregoing principal until all
available Remaining Shares have been allocated. Any fractional share to which
persons exercising their Over-subscription Privilege would otherwise be entitled
pursuant to such allocation shall be rounded up to the next whole share.

         (c) Upon calculating the number of shares to which each subscriber is
entitled pursuant to the Over-subscription Privilege and the amount overpaid, if
any, by each subscriber, you shall, as soon as practicable, (i) furnish a list
of all such information to the Company and (ii) inform holders of Subscription
Certificates who participated in the Over-subscription Privilege of the number
of additional shares, if any, allotted to them.

<Page>

         (d) Upon calculating the number of shares to which each subscriber is
entitled pursuant to the Over-subscription Privilege and assuming payment for
the additional shares subscribed for has been delivered, you shall mail to the
subscriber's registered address on the books of the Company the additional
shares the subscriber has been allotted as contemplated in subparagraph (a)
above. If a lesser number of shares is allotted to a subscriber under the
Over-subscription Privilege than the subscriber has tendered payment for, you
shall remit the difference to the subscriber without interest or deduction at
the same time as certificates representing the shares allotted pursuant to the
Over-subscription Privilege are mailed.

         (e) You shall promptly remit, after expiration of the Rights Offering
and issuance of certificates for the shares subscribed for, all funds received
in payment of the Subscription Price under the Basic Subscription Right to the
Company. Funds received by you pursuant to the Over-subscription Privilege shall
be held by you in a segregated interest-bearing account pending allocation of
shares issued pursuant to the Over-subscription Privilege. Upon mailing
certificates representing the shares and refunding subscribers' funds for
additional shares subscribed for but not allotted, if any, you shall promptly
remit all funds received in payment of the Subscription Price under the
Over-subscription Privilege to the Company.

         5. Defective Exercise of Rights; Lost Subscription Certificates. The
Company shall have the absolute right to reject any defective exercise of Rights
or to waive any defect in exercise. Unless requested to do so by the Company,
you shall not be under any duty to give notification to holders of Subscription
Certificates of any defects or irregularities in subscriptions. Such
subscriptions will not be deemed to have been made until any such defects or
irregularities have been cured or waived within such time as the Company shall
determine. You shall as soon as practicable return Subscription Certificates
with defects or irregularities which have not been cured or waived to the holder
of the Rights. If any Subscription Certificate is alleged to have been lost,
stolen or destroyed, you should follow the same procedures followed for lost
stock certificates representing shares of Common Stock you use in your capacity
as transfer agent for the Company's Common Stock.

         6. Late Delivery. If prior to 5:00 p.m., New York City time, on the
Expiration Date, you receive (i) payment in full of the Subscription Price for
the shares of Common Stock being subscribed for and (ii) a guarantee notice (a
"Notice of Guaranteed Delivery") substantially in the form delivered with the
Subscription Certificate, from a member firm of a registered national securities
exchange or a member of the National Association of Securities Dealers, Inc., or
a commercial bank or trust company having an office or correspondent in the
United States or some other acceptable eligible guarantor institution qualified
under a guarantee program stating the certificate number of the Subscription
Certificate relating to the Rights, the name and address of the exercising
shareholder, the number of Rights represented by the Subscription Certificate
held by such exercising shareholder, the number of shares of Common Stock being
subscribed for pursuant to the Basic Subscription Right, the number of shares of
Common Stock, if any, being subscribed for pursuant to the Over-subscription
Privilege, and guaranteeing the delivery to you of the Subscription Certificate
evidencing such Rights within three trading days on the American Stock Exchange
("Amex") following the date of the Notice of Guaranteed Delivery, then the
Rights may be exercised even though the Subscription Certificate was not
delivered to you prior to 5:00 p.m., New York City time, on the Expiration Date,
provided that within three Amex trading days following the date of the Notice of
Guaranteed Delivery you receive the properly completed and duly executed
Subscription Certificate evidencing the Rights being exercised, with signature
guaranteed if required.

         7. Delivery. You shall deliver to the Company the exercised
Subscription Certificates in accordance with written directions received from
the Company and shall deliver the shares of Common Stock to the subscribers who
have duly exercised Rights at their registered addresses as instructed in the
the Subscription Certificates.

<Page>

         8. Reports. You shall notify the Company by telephone on or before the
close of business on each business day during the period commencing with the
mailing of the Rights and ending at the Expiration Date (and in the case of
guaranteed deliveries ending three business days after the Expiration Date) (a
"daily notice"), which notice shall thereafter be confirmed in writing of (i)
the number of Rights exercised on the day covered by such daily notice, (ii) the
number of Rights subject to guaranteed delivery on the day covered by such daily
notice, (iii) the number of Rights for which defective exercises have been
received on the day covered by such daily notice, (iv) the number of shares
requested under the Over-subscription Privilege and (v) the cumulative total of
the information set forth in clauses (i) through (iv) above. At or before 5:00
p.m., New York City time on the first business day following the Expiration
Date, you shall certify in writing to the Company the cumulative total through
the Expiration Date of all the information set forth in clauses (i) through
(iii) above. You shall maintain and update a listing of holders who have fully
or partially exercised their Rights, and holders who have not exercised their
Rights. You shall provide the Company or its designee with such information
compiled by you pursuant to this paragraph 8 as any of them shall request.

         9. Future Instructions. With respect to notices or instructions to be
provided by the Company hereunder, you may rely and act on any written
instruction signed by (a) any one or more of the following authorized officers
or employees of the Company: Howard M. Lorber, Chairman of the Board of
Directors of the Company, Victor M. Rivas, President and Chief Executive Officer
of the Company, Richard J. Rosenstock, Vice Chairman of the Board of Directors
and Chief Operating Officer of the Company or J. Bryant Kirkland III, Chief
Financial Officer of the Company; or (b) David Alan Miller or Jeffrey M. Gallant
of Graubard Miller, counsel for the Company.

         10. Payment of Compensation and Expenses. The Company will pay you
compensation for acting in your capacity as Subscription Agent hereunder as set
forth on Schedule 1 attached hereto.

         11. Counsel. You may consult with counsel satisfactory to you, which
may be counsel to the Company, and the written advice or opinion of such counsel
shall be full and complete authorization and protection in respect of any action
taken, suffered or omitted by you hereunder in good faith and in accordance with
such advice or opinion of such counsel.

         12. Indemnification. The Company covenants and agrees to indemnify and
hold you harmless against any costs, expenses (including reasonable fees for
legal counsel), losses or damages, which may be paid, incurred or suffered by or
to which you may become subject, arising from or out of, directly or indirectly,
any claim or liability resulting from your actions as Subscription Agent
pursuant hereto; provided that such covenant and agreement does not extend to
such costs, expenses, losses and damages incurred or suffered by you as a result
of, or arising out of, your own negligence, misconduct or bad faith or that of
any employees, agents or independent contractors used by you in connection with
performance of your duties as Subscription Agent hereunder, or your breaching
any of your obligations under this Agreement.

         13. Notices. Unless otherwise provided herein, all reports, notices and
other communications required or permitted to be given hereunder shall be in
writing and delivered by hand or confirmed telecopy or by first class mail,
postage prepaid, as follows:

          (a)  If to the Company, to:

                  Ladenburg Thalmann Financial Services Inc.
                  590 Madison Avenue, 34th Floor
                  New York, New York 10022
                  Attention: Victor M. Rivas
                  Telephone:  (212) 409-2000
                  Telecopy:  (212) 409-2174

                      with a copy to:

                  David Alan Miller, Esq.
                  Graubard Miller
                  600 Third Avenue
                  New York, New York 10016-2097
                  Telephone:  (212) 818-8800
                  Telecopy:  (212-818-8881

<Page>

         (b)  If to you, to:

                  American Stock Transfer & Trust Company
                  59 Maiden Lane
                  New York, New York  10038
                  Attention:  Herbert Lemmer
                  Telephone:  (718) 921-8200
                  Telecopy:  (718) 234-5001

         14. Assignment, Delegation. (a) Neither this Agreement nor any rights
or obligations hereunder may be assigned or delegated by either party without
the written consent of the other party.

         (b) This Agreement shall inure to the benefit of and be binding upon
the parties and their respective permitted successors and assigns. Nothing in
this Agreement is intended or shall be construed to confer upon any other person
any right, remedy or claim or to impose upon any other person any duty,
liability or obligation.

         15. Governing Law. The validity, interpretation and performance of this
Agreement shall be governed by the law of the State of New York.

         16. Severability. If any provision of this Agreement shall be held
invalid, unlawful, or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired.

         17. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall be considered one and the same agreement.

         18. Captions. The captions and descriptive headings herein are for
convenience of the parties only. They do not in any way modify, amplify, alter
or give full notice of the provisions hereof.

         19. Confidentiality. The Subscription Agent and the Company agree that
all books, records, information and data pertaining to the business of the other
party which are exchanged or received pursuant to the negotiation or the
carrying out of this Agreement including the fees for services set forth in the
attached schedule shall remain confidential, and shall not be voluntarily
disclosed to any other person, except as may be required by law.

         20. Term. This Agreement shall remain in effect until 30 days' written
notice has been provided by either party to the other. Upon termination of the
Agreement, the Subscription Agent shall retain all cancelled Subscription
Certificates and related documentation as required by applicable law.

         21. Merger of Agreement. This Agreement constitutes the entire
agreement between the parties hereto and supercedes any prior agreement with
respect to the subject matter hereof whether oral or written.

         If the foregoing is in accordance with your understanding of our
arrangements, please sign and return the enclosed duplicate of this letter.

                                Very truly yours,

                                LADENBURG THALMANN FINANCIAL SERVICES INC.

                                By:_____________________________________________
                                   Name:  Victor M. Rivas
                                   Title: President and Chief Executive Officer

         The foregoing is in accordance with our understanding and is hereby
confirmed and accepted.

AMERICAN STOCK TRANSFER &
TRUST COMPANY

By:_____________________________________________
   Name:  Herbert Lemmer
   Title: Vice President and General Counsel

Dated:  _______________, 2002

<Page>

                                   SCHEDULE 1

                            Compensation and Expenses

         The Subscription Agent shall submit an invoice to the Company upon
completion of the Rights Offering. The Company shall submit payment of such
invoice within 10 business days of receipt of the invoice.

Compensation and Expenses:      $7,500  plus reasonable out-of-pocket
                                expenses incurred

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