2003 Compensation Agreement Between Lexington Precision Corporation and Lubin, Delano & Company

Summary

Lexington Precision Corporation agreed to compensate its Chairman and President, Michael A. Lubin and Warren Delano, through payments to their investment banking firm, Lubin, Delano & Company, in 2003. The arrangement included a basic fee of $500,000, with potential additional incentive fees if the company met certain profit targets, and possible transaction fees for services related to acquisitions, divestitures, or financings, as mutually agreed upon.

EX-10.6 3 l05645bexv10w6.txt EXHIBIT 10.6 Exhibit 10-6 DESCRIPTION OF 2003 COMPENSATION ARRANGEMENTS WITH LUBIN, DELANO & COMPANY During 2003, 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.