2001 Compensation Arrangement with Lubin, Delano & Company for Lexington Precision Corporation Executives

Summary

Lexington Precision Corporation agreed to compensate its Chairman, Michael A. Lubin, and President, Warren Delano, through payments to their investment banking firm, Lubin, Delano & Company. For 2001, the firm received a basic fee of $500,000, with the potential for additional incentive fees if the company met certain profit targets, and possible transaction fees for services related to acquisitions, divestitures, or financings, as agreed upon by both parties.

EX-10.6 3 l93049aex10-6.txt EXHIBIT 10-6 Exhibit 10-6 DESCRIPTION OF 2001 COMPENSATION ARRANGEMENTS WITH LUBIN, DELANO & COMPANY During 2001, Lexington Precision Corporation (the "Company") compensated Michael A. Lubin, its Chairman of the Board, and Warren Delano, its President, indirectly through payments to Lubin, Delano & Company, an investment banking firm of which they are the only partners. These compensation arrangements provided for payment to Lubin, Delano & Company of a basic fee of $500,000, and provided for a possible incentive fee based upon attaining an operating profit target for the Company and possible transaction fees as might be agreed upon by the Company and Lubin, Delano & Company in connection with acquisitions, divestitures, financings and other similar transactions.