Document:

EX-10.1

LOAN AGREEMENT

THIS LOAN AGREEMENT (this “Agreement”), dated as of November 4, 2011, is entered into by and
between Ladenburg Thalmann Financial Services Inc., a Florida corporation (“Borrower ”), and the
lending parties set forth on the signature pages attached hereto (individually a “Lender” and
collectively, the “Lenders”).

RECITALS

WHEREAS, Borrower is a party to that certain Stock Purchase Agreement (the “Stock Purchase
Agreement”), pursuant to which Borrower will purchase (the “Acquisition”) the outstanding capital
stock of Securities America Financial Corporation (capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Stock Purchase Agreement).

WHEREAS, the Lenders desire to provide Borrower with the funding necessary to consummate the
Acquisition on the terms set forth herein.

NOW, THEREFORE, in consideration of the covenants, promises and representations set forth
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
expressly and mutually acknowledged, and intending to be legally bound hereby, the parties hereto
agree as follows:

ARTICLE I

THE LOAN

Section 1.1.  Commitment and Loan. Subject to the terms and conditions of this
Agreement, the Lenders agree to lend to Borrower the aggregate sum of One Hundred Sixty Million
Eight Hundred Thousand Dollars and No Cents ($160,700,000) (collectively, the “Commitment”), in the
amounts set forth on the signature page attached hereto. The Lenders shall advance the funds due
under the Commitment to Borrower (collectively, the “Loan”) immediately prior to the Closing of the
Acquisition. Borrower hereby agrees to notify the Lenders at least five (5) business days prior to
the anticipated Closing and will notify the Lenders again on the date prior to the date that the
Closing will take place.

Section 1.2. Warrant. Upon the advance of the Loan to Borrower, Borrower will issue
to the Lenders warrants (the “Warrants”), which Warrants will be issued substantially in the form
attached hereto as Exhibit A, to purchase an aggregate of 10,713,332 shares of the
Borrower’s common stock, pro rata among the Lenders in proportion to the amount of the Commitment
they are making.

Section 1.3. Note. Upon the advance of the Loan to Borrower, Borrower shall execute
and deliver to each Lender a promissory note in substantially the form of Exhibit B (the
“Notes”) in the amount of each Lender’s Commitment. The terms and conditions of the Notes are
incorporated herein by reference as if fully set forth herein. In the event of conflict between
the provisions of this Agreement and the provisions of the Notes, the provisions of the Notes shall
govern.

Section 1.4. Use of Proceeds. The proceeds of the Loan shall be used by Borrower
only for paying the Closing Date Purchase Price under the Stock Purchase Agreement plus the
Company’s cash portion of the transition plan (as referenced in Section 4.09 thereof) on the terms
and subject to the conditions of the Stock Purchase Agreement.

Section 1.5. Conditions. The obligation of the Lenders to fund the Loan shall be
subject to the Closing of the Acquisition in accordance with the Stock Purchase Agreement, without
any amendment , modification or waiver of any of the provisions thereof that would be materially
adverse to the Lenders without the consent of Frost-Nevada Investments Trust (the “Majority
Lender”) (it being understood that any waiver of a breach of a representation or warranty, where
the failure of such representation or warranty to be true and correct would have a Material Adverse
Effect, or any amendment of the definition of Material Adverse Effect, or any amendment that
results in a reduction of the Closing Date Purchase Price, unless the commitments under this
Agreement and the Loan are reduced by a like amount, will be deemed to be materially adverse to the
Lenders), and the delivery by Borrower of the Notes, the Warrants and the Funding Fee (as defined
below). Such obligation shall terminate automatically and immediately upon the termination of the
Stock Purchase Agreement.

Section 1.6 Ranking. The Notes will rank senior in right of payment to all of
Borrower’s indebtedness incurred after the Closing of the Acquisition and will rank at least pari
passu with the claims of all its other existing unsecured and unsubordinated creditors. .

Section 1.7 Funding Fee. Upon the advance of the Loan to Borrower, Borrower shall
pay to the Lenders a one-time initial funding fee (“Funding Fee”) of $803,500, payable pro rata
among the Lenders in proportion to the amount of the Commitment they are making; provided, however,
that the Funding Fee due to the Majority Lender shall be reduced by the $250,000 commitment fee
previously paid to it by Borrower in connection with the execution of the Commitment Letter.

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF BORROWER

Each of the representations and warranties of the Borrower (and any limitations thereon) set
forth in the Stock Purchase Agreement are hereby incorporated by reference herein and made by
Borrower in favor of the Lenders as if fully set forth in this Agreement. In addition, Borrower
represents and warrants to the Lenders as follows:

Section 3.1 Capacity; Execution of Agreement. Borrower has all requisite power,
authority, and capacity to enter into this Agreement and to perform the transactions and
obligations to be performed by it hereunder. The execution and delivery of this Agreement, and the
performance by Borrower of the transactions and obligations contemplated hereby have been duly
authorized by all requisite corporate action of Borrower. This Agreement has been duly executed and
delivered by Borrower and constitutes a valid and legally binding agreement of Borrower,
enforceable in accordance with its terms, except as enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, moratorium or other similar laws, both state and federal,
affecting the enforcement of creditors’ rights or remedies in general from time to time in effect
and the exercise by courts of equity powers or their application of principles of public policy.

Section 3.2. Formation and Standing. Borrower is duly formed, validly existing and
in good standing under the laws of the State of Florida and has the requisite power and authority
to own and operate its properties and assets, and to carry on its business as currently conducted.

Section 3.3 Power and Authority. Borrower has all requisite legal and other power
and authority to execute and deliver this Agreement and to carry out and perform its other
obligations hereunder.

Section 3.4 SEC Reports. Each report, registration statement and definitive proxy
statement (the “SEC Reports”) filed by Borrower with the Securities and Exchange Commission (the
“SEC”) during the last two fiscal years and the interim period prior to the date of this Agreement,
which are all the forms, reports and documents required to be filed by the Borrower with the SEC
during such time period, are publicly available to the Lenders on the SEC’s website. All SEC
Reports required to be filed by the Borrower during the last two fiscal years and the interim
period prior to the date of this Agreement were filed in a timely manner. As of their respective
dates the SEC Reports: (i) were prepared in accordance, and complied in all material respects,
with the requirements of the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended (the “Exchange Act”), as the case may be, and the rules and regulations of the SEC
thereunder applicable to such SEC Reports, and (ii) did not at the time they were filed (and if
amended or superseded by a filing prior to the date of this Agreement then on the date of such
filing and as so amended or superseded) contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. Except to the
extent set forth in this Article III, the Borrower makes no representation or warranty whatsoever
concerning any SEC Report as of any time other than the date or period with respect to which it was
filed.

Section 3.5. Financial Statements. Each set of financial statements (including, in
each case, any related notes thereto) contained in the SEC Reports complied as to form in all
material respects with the published rules and regulations of the SEC with respect thereto, was
prepared in accordance with U.S. generally accepted accounting principles applied on a consistent
basis throughout the periods involved (except as may be indicated in the notes thereto or, in the
case of unaudited statements, do not contain footnotes as permitted by Form 10-Q under the Exchange
Act) and each fairly presents or will fairly present in all material respects the financial
position of Borrower at the respective dates thereof and the results of its operations and cash
flows for the periods indicated, except that the unaudited interim financial statements were
subject to normal adjustments.

Section 3.6. Authorized Shares. Borrower has a sufficient number of authorized
shares of common stock available to issue the Warrants to the Lenders as provided for herein.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF EACH LENDER

Each Lender severally and not jointly represents and warrants to Borrower as of the date of
this Agreement as follows:

Section 4.1. Capacity; Execution of Agreement. It has all requisite power,
authority, and capacity to enter into this Agreement and to perform the transactions and
obligations to be performed by it hereunder. The execution and delivery of this Agreement, and the
performance by it of the transactions and obligations contemplated hereby have been duly authorized
by all requisite action on the part of the Lender. This Agreement has been duly executed and
delivered by it and constitutes a valid and legally binding agreement of it, enforceable in
accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency,
reorganization, moratorium or other similar laws, both state and federal, affecting the enforcement
of creditors’ rights or remedies in general from time to time in effect and the exercise by courts
of equity powers or their application of principles of public policy.

Section 4.2. Formation and Standing. If an entity, it is duly formed, validly
existing and in good standing under the laws of its formation and has the requisite power and
authority to own and operate its properties and assets, and to carry on its business as currently
conducted.

Section 4.3. Power and Authority. It has all requisite legal and other power and
authority to execute and deliver this Agreement and to carry out and perform its other obligations
hereunder.

Section 4.4. Accredited Investor. It is an “accredited investor” as defined in Rule
501(a) of Regulation D promulgated under the Securities Act of 1933, as amended.

Section 4.5. Suitability and Sophistication. It has (i) such knowledge and
experience in financial and business matters that it is capable of independently evaluating the
risks and merits of entering into this Agreement and acquiring the Warrants and (ii) independently
evaluated the risks and merits of acquiring the Warrant and has independently determined that the
Warrants are a suitable investment for it.

Section 4.6. Brokers or Finders. It has not engaged any brokers, finders or agents,
or incurred, directly or indirectly, any liability for brokerage or finders’ fees or agents’
commissions or any similar charges in connection with this Agreement and the transactions
contemplated hereby.

ARTICLE V

MISCELLANEOUS

Section 5.1. Survival of Representations and Warranties; Indemnification.

	 	(a)	 	The representations and warranties of Borrower and the Lenders contained in or
made pursuant to this Agreement shall continue in full force and effect until the
indebtedness of Borrower under the Notes and all other obligations hereunder and
thereunder have been paid in full.

	 	(b)	 	Borrower hereby agrees to indemnify and hold harmless each Lender and, as
applicable, its respective officers, directors, stockholders, agents and
representatives from and against any and all claims, demands, losses, damages, expenses
or liabilities (including reasonable attorneys’ fees) due to or arising out of a
material breach of any representation, warranty or covenant provided, made or agreed to
by Borrower hereunder or under the Note, the use or the proposed use of the proceeds
thereof, the Acquisition, and any other transaction contemplated by this Agreement.

	 	(c)	 	Each Lender hereby agrees to severally and not jointly indemnify and hold
harmless Borrower and, as applicable, its officers, managers, directors, stockholders,
members, agents and representatives from and against any and all claims, demands,
losses, damages, expenses or liabilities (including reasonable attorneys’ fees) due to
or arising out of a material breach of any representation, warranty or covenant
provided, made or agreed to by it hereunder.

Section 5.2. Successors and Assigns. This Agreement is binding upon and inures to
the benefit of the parties and their successors and assigns. Neither the Borrower nor any Lender
may assign this Agreement or any rights or obligations hereunder without the prior written consent
of the other.

Section 5.3. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, and all of which together shall constitute
one instrument.

Section 5.4. Facsimile. A facsimile copy of an original written signature shall be
deemed to have the same effect as an original written signature.

Section 5.5. Captions and Headings. The captions and headings used in this Agreement
are used for convenience only and are not to be considered in construing or interpreting this
Agreement.

Section 5.6. Notices. Unless otherwise provided herein, all notices, requests,
waivers and other communications made pursuant to this Agreement will be in writing and will be
conclusively deemed to have been duly given (i) when hand delivered to the other party; (ii) upon
receipt, when sent by facsimile to the number set forth below or email to the address set forth
below; (iii) five business days after deposit in the U.S. mail, postage prepaid and addressed to
the other party at the address set forth below; or (iv) the next business day after deposit with a
national overnight delivery service, postage prepaid, addressed to the parties as set forth below
with next business day delivery guaranteed. Each person making a communication hereunder by
facsimile or email will promptly confirm by telephone to the person to whom such communication was
addressed each communication made by it by facsimile or email pursuant hereto but the absence of
such confirmation will not affect the validity of any such communication. A party may change or
supplement the addresses given below, or designate additional addresses for purposes of this
Section 5.6, by giving the other party written notice of the new address in the manner set forth
above.

If to Borrower:

Ladenburg Thalmann Financial Services Inc.

4400 Biscayne Blvd., 12th Floor

Miami, Florida 33137

Attention: Brian Heller, Senior Vice President – Business and Legal Affairs

Phone: (305) 572-4100

Facsimile:

If to a Lender, the address set forth on the signature page attached hereto.

Section 5.7. Amendments and Waivers. Any term of this Agreement may be amended and
the observance of any term of this Agreement may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of Borrower and
the Lenders.

Section 5.8. Enforceability; Severability. The parties hereto agree that each
provision of this Agreement will be interpreted in such a manner as to be effective and valid under
applicable law. If one or more provisions of this Agreement are nevertheless held to be prohibited,
invalid or unenforceable under applicable law, such provision will be effective to the fullest
extent possible excluding the terms affected by such prohibition, invalidity or unenforceability,
without invalidating the remainder of such provision or the remaining provisions of this Agreement.
If the prohibition, invalidity or unenforceability referred to in the prior sentence requires such
provision to be excluded from this Agreement in its entirety, the balance of the Agreement will be
interpreted as if such provision were so excluded and will be enforceable in accordance with its
terms.

Section 5.9. Governing Law. This Agreement shall be construed in accordance with,
and governed in all respects by, the laws of the State of Florida.

Section 5.10. Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ITS RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE SUBJECT MATTER HEREOF. EACH OF
THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND THAT MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED OF THE OTHER PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE
ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS AGREEMENT, INCLUDING, BUT NOT LIMITED TO, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTIES HERETO
ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS AGREEMENT. EACH OF THE
PARTIES HERETO HEREBY FURTHER ACKNOWLEDGES AND AGREES THAT EACH HAS REVIEWED OR HAD THE OPPORTUNITY
TO REVIEW THIS WAIVER WITH ITS RESPECTIVE LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH SUCH LEGAL COUNSEL. IN THE EVENT
OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

Section 5.11. Further Assurances; Access. The Lenders and Borrower will from time to
time and at all times hereafter make, do, execute, or cause or procure to be made, done and
executed such further acts, deeds, conveyances, consents and assurances without further
consideration, which may reasonably be required to effect the transactions contemplated by this
Agreement. Upon reasonable written notice, Borrower shall afford the officers, employees and
authorized agents and representatives of the Lenders reasonable access, during normal business
hours, to the offices, properties, books, records and such additional financial and operating data
and other information regarding the assets, goodwill and business of the Borrower as the Lenders
may from time to time reasonably request.

Section 5.12. Entire Agreement. This Agreement and all exhibits hereto and thereto
constitute the entire agreement among the parties with respect to the subject matter hereof and
thereof and supercedes the Commitment Letter. No party will be liable or bound to any other party
in any manner by any warranties, representations or covenants except as specifically set forth
herein or therein.

Section 5.13. Delays or Omissions. No delay or omission to exercise any right power
or remedy accruing to any party under this Agreement, or upon any breach or default of any other
party under this Agreement, will impair any such right, power or remedy of such non-breaching or
non-defaulting party nor will it be construed to be a waiver of any such breach or default, or an
acquiescence therein, or of or in any similar breach or default thereafter occurring; nor will any
waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or
character on the part of any party of any provisions or conditions of this Agreement, must be in
writing and will be effective only to the extent specifically set forth in such writing. Except as
otherwise set forth herein, all remedies, either under this Agreement or by law or otherwise
afforded to any party, will be cumulative and not alternative.

Section 5.14. Third Party Beneficiaries. This Agreement is intended for the benefit
of the parties hereto and their respective permitted successors and assigns. This Agreement shall
not be construed to confer upon or give to any person other than the parties hereto and their
respective permitted successors and assigns any benefits, rights or remedies under or by reason of,
or any rights to enforce or cause the Company to enforce, the provisions of this Agreement.

Section 5.15. Equitable Relief. The parties hereto recognize that, if such party
fails to perform or discharge any of its obligations under this Agreement, any remedy at law may
prove to be inadequate relief to the other parties. Each party hereto therefore agrees that the
other parties are entitled to seek temporary and permanent injunctive relief and any other
equitable remedy a court of competent jurisdiction may deem appropriate in any such case.

Section 5.16. No Strict Construction. The language used in this Agreement is deemed
to be the language chosen by the parties to express their mutual intent, and no rules of strict
construction will be applied against any party.

Section 5.17. Public Announcements. No public announcements shall be made by any
party hereto relating to the transactions contemplated by this Agreement without the prior written
consent of the Borrower and the Lenders, such consent not to be unreasonably withheld,
except where required by applicable law; provided, however, that in the event of such a legally
required disclosure, the disclosing party will consult with the other consenting party with respect
to the text of such disclosure and will provide the other consenting party with a copy of the
disclosure prior to its publication.

Section 5.18. Expenses. Each party shall bear its own costs and expenses in
connection with the transactions contemplated hereby; provided, however, that the Borrower shall
reimburse the Majority Holder for its reasonable out-of-pocket legal and accounting costs and
expenses incurred in connection with this Agreement, including fees incurred by the Majority Lender
in connection with tax analysis and structuring of the Loan, and any required filing fees to be
made pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, arising out
of this Agreement or the Warrants.

Section 5.19. Exhibits. All exhibits annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full herein.

Section 5.20. Interest. Anything in the Agreement or the Notes to the contrary
notwithstanding, the Lenders shall not charge, take or receive, and Borrower shall not be obligated
to pay, interest in excess of the maximum rate from time to time permitted by applicable law.

[Signatures begin on next page.]

IN WITNESS THEREOF, this Agreement has been executed by the undersigned as of the day, month
and year first above written.

	 	 	 	 	 	 	 
	 
	 	 
	 	 

	 	 
	 	 	Ladenburg Thalmann Financial Services Inc.
 
	 	 	By:  	 	/s/ Richard J. Lampen

	 
	 	 
	 	Name:  

	 	Richard J. Lampen
	 
	 	 
	 	Title:  

	 	President and CEO
	 
	 	 
	 	 

	 	 
	 	 	 

1

[COUNTERPART SIGNATURE PAGE TO LOAN AGREEMENT]

	 	 	 	 	 	 	 
	 	 	LENDER
	 
	 	 
	 	

	 	

	 	 	 
	 	 	[Lender Name]

 
	 	 	 	 	 

	 	 	 	 	 

	 	 	By:  	 	__________________________________  

	 
	 	 
	 	Name:  

	 	

	 
	 	 
	 	Title:  

	 	

	 
	 	 
	 	 Commitment

	 	

	 
	 	 
	 	 Amount:

	 	 $
	 
	 	 
	 	 Address:

	 	

	 
	 	 
	 	

	 	

	 
	 	 
	 	 

	 	

	 
	 	 
	 	Phone:

	 	

	 
	 	 
	 	Facsimile:

	 	

2EX-10.2

NON-NEGOTIABLE PROMISSORY NOTE

$      November 4, 2011

New York, New York

FOR VALUE RECEIVED, LADENBURG THALMANN FINANCIAL SERVICES INC., a Florida corporation
(“Maker”), having an address at 4400 Biscayne Blvd., 12th Floor, Miami, FL 33137, hereby
promises to pay to the order of       , its successors and/or assigns (any of which is
hereinafter referred to as “Holder”), in lawful money of the United States, the sum of      
Dollars and No Cents ($     .00), of which $      shall be paid on December 31, 2014,
$      shall be paid on December 31, 2015 and the balance paid on November 4, 2016 (the
“Maturity Date”).

This Note is one of a series of promissory notes (the “Notes”) containing identical terms and
conditions issued pursuant to the terms of a Loan Agreement (“Loan Agreement”) dated of even date
herewith between the Maker and Holder. Terms used but not defined herein shall have their
respective meanings assigned in the Loan Agreement. Reference herein to the Loan Agreement shall
in no way impair the absolute and unconditional obligation of the Maker to pay both principal and
interest as provided herein.

Beginning on the issuance date of this Note, the outstanding principal balance of this Note
shall bear interest at a rate per annum equal to eleven percent (11.0%), payable quarterly in
arrears on January 1, April 1, July 1 and October 1 of each year (each, an “Interest Payment
Date”), commencing December 31, 2011, and on the Maturity Date. Interest shall be computed on the
basis of a 360-day year of twelve (12) 30-day months. Except as expressly provided herein to the
contrary, all interest due and owing by the Maker on this Note shall either (i) be paid in cash on
each Interest Payment Date and the Maturity Date or (ii) be added to the then outstanding principal
balance of this Note, thereby increasing the principal sum outstanding hereunder by the amount of
such payment-in-kind (the “PIK”); provided, however, that the consent of the Majority Lender shall
be required to pay the interest in PIK for its note and for all Notes in an initial principal
amount of less than $15 million and the consent of any holder of a Note in an initial principal
amount of $15 million or more (other than the Majority Lender) shall also be required to pay
interest in PIK on such Note. Notwithstanding the foregoing, Maker shall be permitted to pay four
percent (4.0%) of the eleven percent (11.0%) of the interest owed on this Note by PIK without the
consent of the Majority Lender, the Holder or any other holder of a Note on each Interest Payment
Date until November 4, 2013.

This Note may be prepaid at any time without the consent of the Holder.

So long as any amount under this Note remains outstanding and unpaid, Maker will not, unless
otherwise consented to in writing by the Holder, create, incur, assume or suffer to exist (other
than indebtedness existing on the date hereof as the same may be amended or extended or trade
payables incurred in the ordinary course) any indebtedness for borrowed funds (institutional or
otherwise) which is not subordinated in all respects to the indebtedness under this Note.

Holder may, with or without notice to Maker or any guarantor or other party liable herefor,
extend or renew this Note, or extend the time for making payment of any amount provided for herein,
or accept any amount in advance, all without affecting the liability of Maker or any other party or
guarantor liable herefor.

Upon the occurrence of a default, the whole sum of principal shall become due immediately at
the option of Holder. Default shall mean: (i) failure to make any payment hereunder at the time
prescribed for payment and such payment is not made within ten (10) business days after Maker
receives notice from the Holder of the occurrence thereof; (ii) filing, as to the Maker or any
guarantor or endorser of this Note, of an involuntary petition which is not dismissed within sixty
(60) days or of a voluntary petition under the provisions of the Federal Bankruptcy Code or any
state statute for the relief of debtors; (iii) default in the payment of principal or interest on
any obligation in excess of $100,000 for borrowed money beyond the period of grace, if any,
provided with respect thereto or default in the performance or observance of any other term,
condition or agreement contained in any such obligation or in any agreement relating thereto, if
the effect thereof is to cause, or permit the holder or holders of such obligation (or a trustee on
behalf of such holder or holders) to cause such obligation to become due prior to its stated
maturity and such default remains unremedied for a period of 10 days; (iv) final judgment for the
payment of money in excess of $100,000 shall be rendered against Maker and the same shall remain
undischarged for a period of thirty (30) days during which execution of such judgment shall not be
effectively stayed; or (v) any breach or other default by the Maker under this Note which is not
cured within ten (10) business days after the Maker receives notice from the Holder of the
occurrence thereof.

The times for the payment of the principal sum as herein stated are of the essence of this
Note. Upon the occurrence of a default, the amount of the principal sum hereunder, plus reasonable
attorneys fees and expenses, shall bear interest from the date thereof to the actual date of
payment (whether such payment is made voluntarily or as a result of legal process) at the maximum
rate of interest permitted by law or 18% per annum, whichever is lower, from the date of the
default to the date of actual payment.

The Maker shall not consolidate or merge into, or transfer or lease all or substantially all
of its assets to, any person unless (i) the person is a corporation, (ii) the person assumes in a
writing reasonably acceptable to the Holder all the obligations of the Maker under this Note and

(iii) immediately after the transaction, no default exists. The surviving transferee or lessee
corporation shall be the successor Maker, but the predecessor Maker in the case of a transfer or
lease shall not be released from the obligation to pay the principal of and interest of this Note.

Maker and each other party liable herefor, whether principal, endorser, guarantor or
otherwise, jointly and severally hereby (i) waive presentment, demand, protest, notice of dishonor
and/or protest, notice of non-payment and all other notices or demands in connection with the
delivery, acceptance, performance, default, enforcement or guaranty of this Note, (ii) waive
recourse to suretyship defenses generally, including extensions of time, releases of security and
other indulgences which may be granted from time to time by Holder to Maker or any party liable
herefor, and (iii) agree to pay all costs and expenses, including reasonable attorneys fees, in
connection with the enforcement or collection of this Note.

Nothing contained in this Note or in any other agreement between Maker and Holder shall
require Maker to pay, or Holder to accept, interest in an amount which would subject Holder to any
penalty or forfeiture under applicable law. In no event shall the total of all charges payable
hereunder, whether of interest or of such other charges which may or might be characterized as
interest, exceed the maximum rate permitted to be charged under applicable law. Should Holder
receive any payment which is or would be in excess of that permitted to be charged under such
applicable law, such payment shall have been and shall be deemed to have been made in error and
shall automatically be applied to reduce the principal balance outstanding on this Note.

Holder shall not, by any act, delay, omission or otherwise, be deemed to have waived any of
its rights and/or remedies hereunder, and no waiver whatsoever shall be valid unless in writing,
signed by Holder, and then only to the extent therein set forth. The making of any demands or the
giving of any notices by Holder or a waiver by Holder of any right and/or remedy hereunder on any
one occasion shall not be construed as a bar to or waiver of any right and/or remedy which Holder
would otherwise have on any future occasion. All rights and remedies of Holder shall be cumulative
and may be exercised singly or concurrently.

This Note is non-negotiable and may not be assigned by Holder without consent of the Maker
except to any person controlling, controlled by or under common control with the Holder or to any
affiliate of the Holder on notice to Maker and only upon surrender of this Note by Holder to the
Maker and reissuance by the Maker in the name of the Holder’s permitted transferee.

The terms and provisions hereof shall survive the payment, cancellation or surrender of this
Note. Any instrument taken by Holder in payment of, or for application against, any obligation of
Maker or any other party liable herefor shall not operate as a discharge of such obligation until
the instrument is finally paid, notwithstanding the fact that a bank may be the maker, drawer or
acceptor of such instrument.

This Note shall be governed and construed in accordance with the law of the State of Florida
without giving effect to choice of law principles. MAKER AND EACH OTHER PARTY LIABLE HEREFOR, IN
ANY LITIGATION IN WHICH HOLDER SHALL BE AN ADVERSE PARTY, WAIVES TRIAL BY JURY AND WAIVES THE RIGHT
TO INTERPOSE ANY DEFENSE, SETOFF OR COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. ANY SUCH LITIGATION
SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE STATE OR FEDERAL COURTS LOCATED IN MIAMI-DADE
COUNTY, FLORIDA.

LADENBURG THALMANN FINANCIAL SERVICES INC.

By:

Name:

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]