EXHIBIT 10.3.1

Schedule of Omitted Documents in the Form of Exhibit 10.3, Including Material
Detail in Which Such Documents Differ From Exhibit 10.3

1.       Stock Option Agreement, dated as of May 7, 2001, between Ladenburg
         Thalmann Financial Services Inc. and Howard M. Lorber.

2        Stock Option Agreement, dated as of May 7, 2001, between Ladenburg
         Thalmann Financial Services Inc. and Bennett S. LeBow.

3.       Stock Option Agreement, dated as of May 7, 2001, between Ladenburg
         Thalmann Financial Services Inc. and Phillip Frost, M.D.

4.       Stock Option Agreement, dated as of May 7, 2001, between Ladenburg
         Thalmann Financial Services Inc. and Henry C. Beinstein.

5.       Stock Option Agreement, dated as of May 7, 2001, between Ladenburg
         Thalmann Financial Services Inc. and Robert J. Eide.

         The form of the documents listed above does not differ in material
detail from the form of exhibit 10.3 except with respect to the identity of the
director.