Document:

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                                                                    Exhibit 10-2

                                    AGREEMENT
             (Junior Subordinated Convertible Increasing Rate Notes)

         This Agreement dated as of October 31, 2000 (the "Agreement"), among
Lexington Precision Corporation, a Delaware corporation (the "Company"), Michael
A. Lubin ("Lubin"), and Warren Delano ("Delano"; Lubin and Delano are sometimes
referred to herein individually as "Holder" and collectively as the "Holders").

         WHEREAS, Lubin and Delano were the holders of certain Junior
Subordinated Convertible Increasing Rate Notes due May 1, 2000, of the Company
in the aggregate original principal amounts of U.S. $505,000 and $495,000,
respectively (individually, a "Note" and collectively, the "Notes");

         WHEREAS, on January 31, 2000, the Holders agreed to defer the payment
of certain Defaulted Interest to May 1, 2000;

         WHEREAS, on April 30, 2000, the Holders agreed to further defer the
payment of such Defaulted Interest to August 1, 2000;

         WHEREAS, on July 31, 2000, the Holders agreed to further defer the
payment of such Defaulted Interest to November 1, 2000;

         WHEREAS, on February 1, 2000, the Holders converted the Notes into
shares of common stock, par value $.25 per share, of the Company;

         WHEREAS, the Company and Holders desire to, among other things, further
defer the payment of such Defaulted Interest and provide for the waiver of
certain events of default, all on and subject to the terms hereof;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto intending to be legally
bound, hereby agree as follows:

         1. WAIVER. Subject to paragraph 2 hereof, each Holder hereby waives any
Event of Default under the Notes resulting solely from the failure of the
Company to pay any principal or interest due on February 1, 2000, in respect of
the Company's 12 3/4% Senior Subordinated Notes due February 1, 2000 (the "Other
Indebtedness").

         2. RESCISSION OF WAIVERS. The waivers in paragraph 1(b) hereof shall be
automatically rescinded, without notice to the Company, in the event that the
holders of the Other Indebtedness, or the trustee in respect thereof, seeks to
accelerate the maturity of any such Other Indebtedness or to enforce or exercise
any remedies in respect thereof.

         3. MODIFICATION OF ORIGINAL NOTES.

            Notwithstanding anything to the contrary in the Notes, the Company
and each Holder hereby agree that the interest on the Notes that is due and
payable on November 1, 2000 (the "November 2000 Interest Payment"), will be
deemed to be Defaulted Interest but will be payable on the

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earlier of (i) February 1, 2001, or (ii) a date that is substantially
contemporaneous with the amendment of the Other Indebtedness, as contemplated by
the Company's Consent Solicitation Statement dated December 28, 1999.

         4. EFFECTIVE DATE; APPLICABILITY; LEGEND.

            This Agreement shall be deemed effective as of October 31, 2000.
This Agreement shall modify each Note and each replacement note issued upon
transfer of, in exchange for, or in lieu of any Note or any replacement note.
Each Holder agrees that the Holder will cause the following legend to be placed
prominently on each Note and that any replacement note or notes issued by the
Company upon transfer of, in exchange for, or in lieu of the Note or any
replacement note shall have such legend placed thereon:

                  THIS NOTE HAS BEEN MODIFIED PURSUANT TO THOSE CERTAIN
         AGREEMENTS DATED AS OF JANUARY 31, 2000, APRIL 30, 2000, JULY 31, 2000,
         AND OCTOBER 31, 2000, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT
         THE OFFICES OF THE COMPANY AT 767 THIRD AVENUE, 29TH FLOOR, NEW YORK,
         NEW YORK, AND REFERENCE SHOULD BE MADE THERETO FOR THE TERMS THEREOF.

         5. REPRESENTATIONS AND WARRANTIES. Each of the parties represents and
warrants that: (a) the execution, delivery and performance of this Agreement
have been duly authorized by all requisite action on his or its part; and (b)
this Agreement has been duly executed and delivered by him or it and constitutes
his or its legal, valid, and binding agreement, enforceable against him or it in
accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws
affecting the enforceability of creditors' rights generally or general equitable
principles.

         6. NO OTHER AMENDMENTS.

            Except as expressly amended, waived, modified, and supplemented
hereby, each Note shall remain in full force and effect in accordance with its
terms. Without limiting the generality of the foregoing, except as set forth in
Section 1, 2 or 3 of this Agreement, nothing herein shall constitute a waiver of
any rights or remedies of any Holder upon the occurrence of any Event of
Default.

         7. GENERAL PROVISIONS.

            (a) DEFINED TERMS. Capitalized terms used herein, unless otherwise
defined herein, shall have the meaning ascribed thereto in the Notes.

            (b) COUNTERPARTS. This Agreement may be executed by the parties in
any number of counterparts and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. This Agreement may be signed
by facsimile transmission of the relevant signature pages hereof.

            (c) GOVERNING LAW. This Agreement shall be governed by, and
construed and interpreted in accordance with, the internal laws of the State of
New York.

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            (d) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the heirs, successors, and assigns of the parties hereto
and any and all transferees and holders of the Notes or any replacement note.

            (e) HEADINGS. The paragraph headings of this Agreement are for
convenience of reference only and are not to be considered in construing this
Agreement.

IN WITNESS WHEREOF, the Company and each Holder have caused this Agreement to be
duly executed and delivered as of the date first written above.

                                     LEXINGTON PRECISION CORPORATION

                                     By:       Michael A. Lubin
                                        ---------------------------------
                                     Name:     Michael A. Lubin
                                          -------------------------------
                                     Title:    Chairman of the Board
                                           ------------------------------

                                                    Michael A. Lubin
                                     ------------------------------------
                                                    Michael A. Lubin

                                                     Warren Delano
                                     ------------------------------------
                                                     Warren Delano

                                      -3-<PAGE>   1
                                                                    Exhibit 10-3

                                 NOTE AMENDMENT
                         (10 1/2% Senior Unsecured Note)

         This Amendment No. 4 to Note dated as of October 31, 2000 (the
"Amendment"), between Lexington Precision Corporation, a Delaware corporation
(the "Company"), and Tri-Links Investment Trust, a Delaware trust (as
successor-in-trust to Nomura Holding America, Inc.) ("Tri-Links").

         WHEREAS, Tri-Links is the holder of that certain 10 1/2% Senior
Unsecured Note due November 1, 2000, of the Company in the original principal
amount of the U.S. $7,500,000, dated October 27, 1997, No. SU-1, as amended by
Amendment No. 1 dated as of January 31, 2000, Amendment No. 2 dated as of April
30, 2000, and Amendment No. 3 dated as of July 31, 2000 (the "Note");

         WHEREAS, the Company and Tri-Links desire to amend the Note on and
subject to the terms hereof;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and for other good and valuable consideration, the receipt and adequacy
of which are hereby acknowledged, the parties hereto intending to be legally
bound, hereby agree as follows:

         1. AMENDMENT OF NOTE.

            The first paragraph on page 1 of the Note is hereby amended to
extend the maturity date of the Note from November 1, 2000, to February 1, 2001,
by replacing the reference to "November 1, 2000," with "February 1, 2001."

         2. WAIVER.

            Subject to paragraph 3, hereof, Tri-Links hereby waives, until
February 1, 2001, any Event of Default under the Note resulting solely from the
failure of the Company to pay any principal or interest due on February 1, 2000
in respect of the Company's 12 3/4% Senior Subordinated Notes due February 1,
2000 ("Other Indebtedness").

         3. RESCISSION OF WAIVER.

            The foregoing waiver shall be automatically rescinded, without
notice to the Company, in the event that the holders of the Other Indebtedness,
or the trustee in respect thereof, seek to enforce or exercise any remedies in
respect thereof.

         4. EFFECTIVE DATE.

            This Amendment shall be deemed effective as of October 31, 2000.
Tri-Links hereby waives any Default or Event of Default as a result of the
failure to pay the principal amount of the Note on November 1, 2000. The Company
and Tri-Links agree that, during the period from November 1, 2000 through
January 31, 2001, the provisions of paragraph 4(b) of the Note shall apply with
respect to the entire principal amount of the Note and interest shall be payable
at the rate provided in paragraph 4(b).

                                      - 1 -
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         5. APPLICABILITY; LEGEND.

            This Amendment shall amend the Note and each replacement note issued
upon transfer of, in exchange for or in lieu of the Note. Tri-Links agrees that
it will cause the following legend to be placed prominently on the Note and that
any replacement notes issued by the Company upon transfer of, in exchange for,
or in lieu of the Note shall have such legend placed thereon:

                  THIS NOTE HAS BEEN AMENDED PURSUANT TO THAT CERTAIN AMENDMENT
         NO. 4 TO NOTE DATED AS OF OCTOBER 31, 2000, A COPY OF WHICH IS
         AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY AT 767 THIRD
         AVENUE, 29TH FLOOR, NEW YORK, NEW YORK, AND REFERENCE SHOULD BE MADE
         THERETO FOR THE TERMS THEREOF.

         6. REPRESENTATIONS AND WARRANTIES. Each of the parties represents and
warrants that: (a) the execution, delivery and performance of this Amendment
have been duly authorized by all requisite action on its part; and (b) this
Amendment has been duly executed and delivered by it and constitutes its legal,
valid, and binding agreement, enforceable against it in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the
enforceability of creditors' rights generally or general equitable principles.

         7. NO OTHER AMENDMENTS.

            Except as expressly amended, waived, modified, and supplemented
hereby, the Note shall remain in full force and effect in accordance with its
terms.

         8. GENERAL PROVISIONS.

            (a) DEFINED TERMS. Capitalized terms used herein, unless otherwise
defined herein, shall have the meaning ascribed thereto in the Note.

            (b) COUNTERPARTS. This Amendment may be executed by the parties in
any number of counterparts and all of said counterparts taken together shall be
deemed to constitute one and the same instrument. This Amendment may be signed
by facsimile transmission of the relevant signature pages hereof.

            (c) GOVERNING LAW. This Amendment shall be governed by, and
construed and interpreted in accordance with, the internal laws of the State of
New York.

            (d) SUCCESSORS AND ASSIGNS. This Amendment shall be binding upon and
inure to the benefit of the successors and assigns of the parties hereto and any
and all transferees and holders of the Note or any replacement note.

            (e) HEADINGS. The paragraph headings of this Amendment are for
convenience of reference only and are not to be considered in construing this
Amendment.

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            IN WITNESS WHEREOF, the Company and Tri-Links have caused this
Amendment to be duly executed and delivered by their respective proper and duly
authorized officers effective as of the first date written above.

                                      LEXINGTON PRECISION CORPORATION

                                      By:      Michael A. Lubin
                                           -----------------------------
                                      Name:    Michael A. Lubin
                                             ---------------------------
                                      Title:   Chairman of the Board
                                              --------------------------

                                      TRI-LINKS INVESTMENT TRUST
                                      by Wilmington Trust Company
                                      as Owner Trustee

                                      By:      David A. Vanaskey, Jr.
                                           -----------------------------
                                      Name:    David A. Vanaskey, Jr.
                                             ---------------------------
                                      Title:   Vice President
                                              --------------------------

                                     CONSENT
                                     -------

         The undersigned, Lexington Rubber Group, Inc. (formerly Lexington
Components, Inc.), a Delaware corporation, hereby consents to Amendment No. 4 to
Note (the "Amendment") dated and effective as of October 31, 2000, between
Lexington Precision Corporation (the "Company") and Tri-Links Investment Trust
(as successor-in-interest to Nomura Holding America, Inc.), which amends the
Company's 10 1/2% Senior Unsecured Note due November 1, 2000 (the "Note"), as
amended by Amendment No. 1 dated as of January 31, 2000, Amendment No. 2 dated
as of April 30, 2000, and Amendment No. 3 dated as of July 31, 2000, and hereby
confirms and agrees that its Guarantee of the Note shall continue to be in full
force and effect and shall apply to the Note as amended by the Amendment and
that all references in said Guarantee to "Note" or "Notes" shall refer to the
Note as amended by the Amendment.

                                      LEXINGTON RUBBER GROUP, INC.

                                      By:      Michael A. Lubin
                                           -----------------------------
                                      Name:    Michael A. Lubin
                                             ---------------------------
                                      Title:   Chairman of the Board
                                              --------------------------

                                      -3-

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