EX-10.7 Description of 2004 Compensation Arrangement
Contract Categories:
Human Resources
- Compensation Agreements
EX-10.7 2 l12616aexv10w7.txt EX-10.7 DESCRIPTION OF 2004 COMPENSATION ARRANGEMENT Exhibit 10-7 DESCRIPTION OF 2004 COMPENSATION ARRANGEMENTS WITH LUBIN, DELANO & COMPANY During 2004, 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 $700,000, 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.
