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EXHIBIT 10.26

BASE SALARIES OF NAMED EXECUTIVE OFFICERS OF THE REGISTRANT

        As of February 14, 2005, the following are the base salaries (on an
annual basis) of the named executive officers (as defined in Item 402(a)(3) of
Regulation S-K) of Lehman Brothers Holdings Inc.:

Richard S. Fuld, Jr.   $ 750,000   Chairman and Chief Executive Officer      
Jonathan Beyman
 
$
200,000   Chief of Operations and Technology      
Joseph M. Gregory
 
$
450,000   President and Chief Operating Officer      
David Goldfarb
 
$
450,000   Chief Administrative Officer      
Thomas A. Russo
 
$
450,000   Chief Legal Officer      

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EXHIBIT 10.26

BASE SALARIES OF NAMED EXECUTIVE OFFICERS OF THE REGISTRANT