Document:

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                                                                    EXHIBIT 10.2

                         TEMPORARY FORBEARANCE AGREEMENT

                  THIS TEMPORARY FORBEARANCE AGREEMENT (this "AGREEMENT"), dated
as of June 28, 2002, as amended March 3, 2003 and November 15, 2004, among
Ladenburg Thalmann Financial Services Inc., a Florida corporation (the
"COMPANY"), New Valley Corporation, a Delaware corporation ("NEW VALLEY") and
Frost-Nevada Investments Trust ("FROST-NEVADA", and together with New Valley,
the "HOLDERS") a trust of which Frost-Nevada Limited Partnership ("FROST") is
the sole beneficiary. Capitalized terms not otherwise defined herein shall have
the meanings specified in the Notes (as defined below).

                  WHEREAS, on May 7, 2001, the Company issued an aggregate of
$20,000,000 principal amount of Senior Convertible Promissory Notes due December
31, 2005 (collectively, as amended from time to time, the "Notes") to the
Holders and Berliner Effektengesellschaft AG ("BERLINER");

                  WHEREAS, as of November 29, 2002, Frost transferred its Notes
to Frost-Nevada;

                  WHEREAS, on March 3, 2003, each of the Holders agreed, among
other things, that they would not exercise any rights and remedies they had
against the Company in connection with the Company's failure to pay to such
Holders their pro rata share of all amounts due to such Holders on the interest
payment dates of the Notes commencing March 31, 2004 and continuing through and
including December 31, 2004;

                  WHEREAS, as of February 27, 2004, New Valley Capital
Corporation, the original holder of the Notes currently held by New Valley,
transferred its Notes to New Valley;

                  WHEREAS, on March 29, 2004, the Company repurchased the $1.99
million aggregate principal amount of Notes previously issued to Berliner, plus
all accrued interest thereon, for $1.0 million in cash;

                  WHEREAS, the Company has requested, and each of the Holders
has agreed, subject to the terms and conditions set forth in this Agreement, for
the period commencing on June 28, 2002 and ending on the earlier of May 13, 2005
(the "PAYMENT DATE") or the occurrence of a Termination Event (as defined in
Section 3) (the "WAIVER PERIOD"), (i) to waive any Default or Event of Default
existing solely as a result of the failure of the Company to pay to such Holder
its pro rata share of all amounts due to such Holders on the interest payment
dates of the Notes through and including March 31, 2005 (the "FORBEARANCE
INTEREST PAYMENTS"), with such interest payments to be made to the Holders on
the Payment Date, and (ii) that it shall refrain from exercising its rights and
remedies against the Company in connection with the Company's failure to pay
such Holder its pro rata share of the Forbearance Interest Payments prior to the
Payment Date;

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                  NOW, THEREFORE, in consideration of the premises and the
mutual covenants and agreement of the parties hereinafter set forth, the parties
hereto hereby agree as follows:

                  1. WAIVER OF DEFAULT. Each of the Holders hereby waives, until
the expiration of the Waiver Period, any Default or Event of Default existing
solely as a result of the Company's failure to pay to such Holder such Holder's
pro rata share of the Forbearance Interest Payments prior to the Payment Date.
The Company acknowledges that interest shall accrue at the rate of 9.0% per
annum with respect to Frost-Nevada and 8.0% per annum with respect to New Valley
on each Forbearance Interest Payment from the date each such payment is due
pursuant to the Notes until all such amounts are paid in full in cash.

                  2. STANDSTILL. Each of the Holders hereby agrees that during
the Waiver Period it will not exercise any remedy under the Notes, at law or in
equity, which it hereafter may have in respect of any Default or Event of
Default resulting solely from the failure of the Company to pay to such Holder
its pro rata share of the Forbearance Interest Payments prior to the Payment
Date.

                  3. TERMINATION. This Agreement shall terminate upon the
earlier of (i) the payment in full to each Holder of its pro rata share of the
Forbearance Interest Payments, plus all amounts owing thereon pursuant to the
Notes and Section 1 hereof, (ii) the occurrence of an Event of Default (other
than in connection with the Forbearance Interest Payments), (iii) the conversion
of the Notes pursuant to that certain Amended and Restated Debt Conversion
Agreement among the Company and the Holders entered into as of the date of this
Agreement and (iv) any repurchase of the Notes pursuant to Section 2 of the
Notes; provided, that this Agreement shall only terminate with respect to those
Notes actually repurchased from the Holders pursuant to such section (a
"TERMINATION EVENT").

                  4. ABSENCE OF WAIVER. The parties hereto agree that, except to
the extent expressly set forth herein, nothing contained herein shall be deemed
to:

                           (a) be a consent to, or waiver of, any Default or
         Event of Default; or

                           (b) prejudice any right or remedy which any of the
         Holders may now have or may in the future have under the Notes or
         otherwise, including, without limitation, any right or remedy resulting
         from any Default or Event of Default.

                  5. REPRESENTATIONS. Each party hereto hereby represents and
warrants to the other parties that:

                           (a) such party is a corporation or partnership, as
         applicable, duly organized, validly existing, and in good standing
         under the laws of the state of its incorporation or formation, as
         applicable;

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                           (b) the execution, delivery and performance of this
         Agreement by such party is within its corporate or trust powers, as
         applicable, has been duly authorized by all necessary corporate or
         trust action, as applicable, has received all necessary consents and
         approvals (if any shall be required), and does not and will not
         contravene or conflict with any provisions of law or of the charter or
         by-laws, or trust agreement, as applicable, of such party or of any
         material agreement binding upon such party or its property; and

                           (c) this Agreement will be a legal, valid and binding
         obligation of such party, enforceable against it in accordance with its
         terms.

In addition, the Company represents and warrants that to the best of its
knowledge, except as set forth herein no Default or Event of Default under the
Notes has occurred and is continuing.

                  6. CONTINUING EFFECT, ETC. Except as expressly provided
herein, the Company hereby agrees that the Notes shall continue unchanged and in
full force and effect, and all rights, powers and remedies of the Holders
thereunder and under applicable law are hereby expressly reserved. In addition,
the Company hereby agrees that its obligations under this Agreement constitute
"Secured Obligations" as defined in the Pledge and Security Agreement, dated as
of May 7, 2001, among the Company, New Valley, Berliner and Frost. The Company
also hereby agrees that it will apply, to the maximum extent possible, any net
proceeds from any public offering by the Company in excess of the amounts
invested in the public offering by the Holders to pay to the Holders any amount
of the Forbearance Interest Payments then outstanding.

                  7. MISCELLANEOUS.

                  (a) Section headings used in this Agreement are for
convenience of reference only and shall not affect the construction of this
Agreement.

                  (b) This Agreement may be executed in any number of
counterparts and by the different parties on separate counterparts and each such
counterpart shall be deemed to be an original, but all such counterparts shall
together constitute but one and the same agreement.

                  (c) This Agreement shall be a contract made under and governed
by the laws of the State of New York.

                  (d) All obligations of the Company and rights of the Holders
expressed herein shall be in addition to and not in limitation of those provided
by applicable law.

                  (e) This Agreement shall be binding upon the Company, the
Holders and their respective successors and assigns, and shall inure to the
benefit of the Company, the Holders and their respective successors and assigns.

                  (f) All amendments or modifications of this Agreement and all
consents, waivers and notices delivered hereunder or in connection herewith
shall be in writing.

                  8. WAIVER OF JURY TRIAL. EACH OF THE COMPANY AND THE HOLDERS
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized representatives as of the date
first above written.

                               LADENBURG THALMANN FINANCIAL
                                 SERVICES INC.

                               By     /s/ CHARLES I. JOHNSTON
                               -----------------------------------------------
                                 Name:  Charles I. Johnston
                                 Title: President and Chief Executive Officer

                               NEW VALLEY CORPORATION

                               By   /s/ RICHARD J. LAMPEN
                               -----------------------------------------------
                                 Name:  Richard J. Lampen
                                 Title: Executive Vice President

                               FROST-NEVADA INVESTMENTS TRUST

                               By    /s/ PHILLIP FROST
                               -----------------------------------------------
                                 Name:  Phillip Frost, M.D.
                                 Title: Trustee

                                       4<PAGE>
                                                                   EXHIBIT 10.1

                      NON-QUALIFIED STOCK OPTION AGREEMENT
                    UNDER THE CIVITAS BANKGROUP, INCORPORATED
                             1998 STOCK OPTION PLAN

         THIS STOCK OPTION AGREEMENT is made and entered into effective as of
the ____ day of ________ 200_, by and between CIVITAS BANKGROUP, INCORPORATED,
a Tennessee corporation (the "Company"), and _________ ("the Optionee").
Capitalized terms not otherwise defined herein shall have the meaning ascribed
to such terms in the Civitas BankGroup, Incorporated 1998 Stock Option Plan.

         WHEREAS, the Company has adopted the Civitas BankGroup, Incorporated
1998 Stock Option Plan (the "Plan"), pursuant to which the Company is authorized
to grant directors, officers and key employees of the Company and its
subsidiaries and affiliates options to purchase shares of the Company's Common
Stock, par value $0.50 per share (the "Common Stock").

         WHEREAS, the Company desires to afford the Optionee an opportunity to
purchase Common Stock as hereinafter provided in accordance with the provisions
of the Plan.

         NOW, THEREFORE, in consideration of the mutual covenants hereinafter
set forth and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound hereby, agree as follows:

         1. GRANT OF OPTION. The Company hereby grants to Optionee the option
(the "Option"), exercisable in whole or in part, to purchase _____ shares of the
Company's Common Stock, for an exercise price of ____ per share.

         2. OPTION PLAN. This Option is granted under the Plan and is subject to
the terms and conditions set forth in the Plan. In the event any of the
provisions hereof conflict with or are inconsistent with the provisions of the
Plan, the provisions of the Plan shall be controlling.

         3. TIMING OF EXERCISE. Optionee may exercise the Option with respect to
the percentage and number of shares set forth below from and after the dates
specified below:

         CUMULATIVE
      PERCENTAGE VESTED     DATE OF VESTING     CUMULATIVE OPTIONS EXERCISABLE
      -----------------     ---------------     ------------------------------

Vested options may be exercised or accumulated in whole or in part until the
expiration date of _______________.

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         4. MANNER OF EXERCISE. This Option shall be exercised by the Optionee
(or other party entitled to exercise the Option under Section 5 of this
Agreement) by delivering written notice to the Company stating the number of
shares of Common Stock to be purchased, the person or persons in whose name the
shares are to be registered and each such person's address and social security
number. Such notice shall not be effective unless accompanied by the full
purchase price for all shares so purchased. The purchase price shall be payable
by check, note, shares of common stock already owned the Optionee and held for
at least six months, or such other instrument as the Committee shall accept and
shall be accompanied by an executed Subscription Agreement in such form as
determined by the Committee. In the event of payment by shares of the Common
Stock, the shares used in payment of the purchase price shall be considered
payment to the extent of their fair market value on the date of exercise of this
Option. At the time of payment of the purchase price and prior to delivery of
any certificate for such shares delivered in connection with this Option,
Optionee shall pay to the Company in cash an amount sufficient to satisfy any
federal, state and local withholding or other tax requirements.

         5. NONTRANSFERABILITY OF OPTION. This Option shall not be transferable
by the Optionee without the prior written consent of the Board otherwise than by
(i) transfers by the Optionee to a member of his or her Immediate Family or to a
trust for the benefit of the Optionee or a member of his or her Immediate
Family; or (ii) transfers by will or by the laws of descent and distribution.
The terms of this Option shall be binding on the executors, administrators,
heirs and successors of the Optionee.

         6. TERMINATION OF EMPLOYMENT.

            (A)   TERMINATION BY DEATH. If the Optionee's employment by the
                  Company Subsidiary terminates by reason of death, this Option
                  may thereafter be exercised, to the extent to which it was
                  then exercisable at the time of death, by the legal
                  representative of the estate or by the legatee of the Optionee
                  under the will of the Optionee, for a period of one year from
                  the date of death or until the expiration of the stated term
                  of the Option, whichever period is the shorter.

            (B)   TERMINATION BY REASON OF DISABILITY. If the Optionee's
                  employment by the Company or any Subsidiary terminates by
                  reason of Disability, this Option may thereafter be exercised,
                  to the extent to which it was then exercisable at the time of
                  Disability, by the Optionee expiration of the stated term of
                  the Option, whichever period is the shorter; provided,
                  however, that if the Optionee dies within such period, any
                  unexercised portion of the Option shall thereafter be
                  exercisable to the extent to which it was exercisable at the
                  time of death for a period of one year from the date of such
                  death or until the expiration of the stated term of the
                  Option, whichever period is shorter.

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            (C)   TERMINATION BY RETIREMENT. If Optionee's employment by the
                  Company or any Subsidiary terminates by reason of Normal or
                  Early Retirement, this Option may thereafter be exercised by
                  the Optionee, to the extent to which it was then exercisable
                  at the time of such Normal or Early Retirement, for a period
                  of three years from the date of such termination of employment
                  or until the expiration of the stated term of the Option
                  whichever period is the shorter; provided, however, that if
                  the Optionee dies within such period, any unexercised portion
                  of the Option shall thereafter be exercisable to the extent to
                  which it was exercisable at the time of death for a period of
                  one year from the date of such death or until the expiration
                  of the stated term of the Option, whichever period is shorter.

            (D)   TERMINATION FOR CAUSE. If the Optionee's employment by the
                  Company or any Subsidiary is terminated for Cause, this Option
                  shall terminate immediately and become void and of no effect.

            E)    OTHER TERMINATION. If the Optionee's employment by the Company
                  or any Subsidiary is involuntarily terminated for any reason
                  other than death, Disability or Normal or Early Retirement or
                  voluntarily terminated, other than for Disability or Normal or
                  Early Retirement, this Option may be exercised, to the extent
                  this Option was then exercisable, by the Optionee for a period
                  of three months from the date of such termination of
                  employment or the expiration of the stated term of the Option,
                  whichever period is the shorter.

         7. RESTRICTIONS ON PURCHASE AND SALES OF SHARES. The Company shall be
obligated to sell or issue shares pursuant to the exercise of this Option only
in the event that the shares are at that time effectively registered or
otherwise exempt from registration under the Securities Act of 1933, as amended
(the "1933 Act"). In the event that the shares are not registered under the 1933
Act, the optionee hereby agrees that, as a further condition to the exercise of
this Option, the Optionee (or his successor under Section 5 hereof), if the
Company so requests, will execute an agreement in form satisfactory to the
Company in which the Optionee represents that he or she is purchasing the shares
for investment purposes, and not with a view to resale or distribution. The
Optionee further agrees that if the shares of Common Stock to be issued upon the
exercise of this Option are not subject to an effective registration statement
filed with the Securities and Exchange Commission pursuant to the requirements
of the 1933 Act, such shares shall bear an appropriate restrictive legend.

         8. ADJUSTMENT. In the event of any merger, reorganization,
consolidation, recapitalization, extraordinary cash dividend, stock dividend,
stock split, or other change in capitalization or corporate structure affecting
the Common Stock, the number of shares of Common Stock of the Company subject to
this Option and the exercise price per share of such shares shall be adjusted
appropriately by the Committee.

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         9. NO RIGHTS UNTIL EXERCISE. The Optionee shall have no rights
hereunder as a shareholder with respect to any shares subject to this Option
until the date of the issuance of a stock certificate to him or her for such
shares upon due exercise of this Option. Nothing contained herein shall create
an obligation on the part of the Company to repurchase any shares of Common
Stock purchased hereunder.

         10. AMENDMENT. The Board may amend the terms of this Option,
prospectively or retroactively, but, subject to Section 9 above, no such
amendment shall affect the rights of the Optionee hereunder without the
Optionee's consent.

         11. NOTICES. All notices required to be given under this Option shall
be deemed to be received if delivered or mailed as provided for herein, to the
parties at the following addresses, or to such other address as either party may
provide in writing from time to time.

             TO THE COMPANY:
                                      Civitas BankGroup, Incorporated
                                      103 Public Square
                                      Gallatin, TN  37066

             TO THE OPTIONEE:
                                      ----------------------------------

                                      ----------------------------------

                                      ----------------------------------

                                      ----------------------------------

                                      (List Name and Address of Optionee Above)

                                      (Next Page is Signature Page)

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         IN WITNESS WHEREOF, the parties have caused this Stock Option Agreement
to be duly executed as of the day and year set forth below.

                                       CIVITAS BANKGROUP, INCORPORATED

                                       BY:______________________________________

                                       TITLE:___________________________________

                                       OPTIONEE:

                                       (OPTIONEE)_______________________________

                                       DATE:____________________________________

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