Document:

<PAGE>

                                                                    EXHIBIT 10.1

================================================================================

                               EXCHANGE AGREEMENT

                          Dated as of December 18, 2003

                                  By and Among

                        Lexington Precision Corporation,

                                 Warren Delano,

                                       and

                                Michael A. Lubin

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                   Page
<S>                                                                                                <C>
Section I. Description of Transaction; Exchange of the Junior Subordinated Notes................     1

   1.1      Description of Transaction..........................................................     1
   1.2      Exchange............................................................................     2

Section II. Closing Date; Delivery..............................................................     2

   2.1      Closing Date........................................................................     2
   2.2      Transactions at Closing; Delivery...................................................     2

Section III. Representations and Warranties of the Company......................................     2

   3.1      Organization and Standing; Restated Certificate of Incorporation and By-Laws........     2
   3.2      Corporate Power.....................................................................     3
   3.3      Authorization; Enforceability.......................................................     3
   3.4      Exchange Shares and Warrant Shares..................................................     3
   3.5      Compliance with Other Instruments...................................................     3
   3.6      Amended Exchange Offer..............................................................     3
   3.7      Litigation, Etc.....................................................................     3
   3.8      Governmental Consent, Etc...........................................................     4
   3.9      Disclosure..........................................................................     4
   3.10     Financial Condition.................................................................     4
   3.11     No Change...........................................................................     4
   3.12     Exemption from Registration.........................................................     5

Section IV. Representations and Warranties of the Holders.......................................     5

   4.1      Investment..........................................................................     5
   4.2      Experience and Information..........................................................     5
   4.3      Additional Representation...........................................................     6
   4.4      Title...............................................................................     6
   4.5      No Litigation.......................................................................     6
   4.6      Governmental Consents and Approvals.................................................     6

Section V. Certain Covenants....................................................................     6

   5.1.     Basic Financial Information.........................................................     7
   5.2      Filing of Reports under the 1934 Act................................................     7
   5.3      Assignability of Contractual Rights.................................................     7
   5.4      Obligations upon Merger or Consolidation............................................     7

Section VI. Restriction on Transferability of Securities; Compliance with 1933 Act..............     8

   6.1      Restriction on Transferability......................................................     8
</TABLE>

                                     - i -
<PAGE>

<TABLE>
<S>                                                                                                 <C>
   6.2      Restrictive Legend..................................................................     8

Section VII. Release and Waiver.................................................................     9

   7.1      Release.............................................................................     9
   7.2      Waiver..............................................................................     9
   7.3      Definition..........................................................................     9

Section VIII. Miscellaneous.....................................................................    10

   8.1      Registration Rights.................................................................    10
   8.2      Governing Law; Consent to Forum.....................................................    10
   8.3      Successors and Assigns..............................................................    10
   8.4      Titles..............................................................................    10
   8.5      Severability........................................................................    10
   8.6      Counterparts........................................................................    10
   8.7      Information Confidential............................................................    10
   8.8      Limitation of Remedies..............................................................    11
   8.9      Construction........................................................................    11
   8.10     Several Obligations.................................................................    11
</TABLE>

Exhibit A         Form of New Junior Note
Exhibit B         Form of Warrant Agreement

                                     - ii -
<PAGE>

                               EXCHANGE AGREEMENT

                  THIS EXCHANGE AGREEMENT (this "Agreement") is made as of
December 18, 2003 by and among Lexington Precision Corporation, a Delaware
corporation (the "Company"), Warren Delano ("Delano" or "Holder") and Michael A.
Lubin ("Lubin" or "Holder" and, together with Delano, the "Holders").

                  WHEREAS, Lubin is the holder of record and beneficial owner of
100% of the outstanding principal amount of the Company's Junior Subordinated
Non-Convertible Notes due May 1, 2000 (the "Junior Subordinated Notes"); and

                  WHEREAS, the Company has failed to make to the Holders
quarterly interest payments that were due on its Junior Subordinated Notes and
its Junior Subordinated Convertible Increasing Rate Notes due May 1, 2000
("Junior Subordinated Convertible Increasing Rate Notes" and, together with the
Junior Subordinated Notes, the "Junior Notes") in the aggregate amount of
$235,469.63 (the "Defaulted Interest"); and

                  WHEREAS, as a condition to consummation of the Company's
exchange offer (the "Amended Exchange Offer") for its 12 3/4% Senior
Subordinated Notes due February 1, 2000 (the "12 3/4% Senior Subordinated
Notes"), made pursuant to the Amended Offering Circular dated March 10, 2003
(the "Amended Offering Circular") and the Offering Circular Supplement dated
September 18, 2003 (the "Offering Circular Supplement"), the Company intends to
exchange the Junior Subordinated Notes and the Defaulted Interest in accordance
with the terms of this Agreement (the "Restructuring"); and

                  WHEREAS, the Holders and the Company wish to enter into the
Restructuring on the terms and conditions set forth in this Agreement.

                  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:

                                   Section I.

     Description of Transaction; Exchange of the Junior Subordinated Notes

                  1.1      Description of Transaction.

                           (a)      Junior Subordinated Notes. Lubin proposes to
exchange with the Company, and the Company proposes to exchange with Lubin and
retire, all of the Junior Subordinated Notes upon delivery by the Company of
units (the "Units"), consisting of (i) new junior subordinated notes with a
maturity date of November 1, 2009 and an interest rate of 13% (the "New Junior
Notes"), substantially in the form of Exhibit A hereto, in the principal amount
of $346,667 and (ii) warrants (the "Warrants") to purchase 3,467 shares (the
"Warrant Shares") of common stock of the Company, par value $.25 per share (the
"Common Stock") pursuant to a Warrant Agent Agreement in substantially the form
of Exhibit B hereto (the "Warrant Agreement").

<PAGE>

                           (b)      Defaulted Interested. Each of the Holders
proposes to exchange with the Company, and the Company proposes to exchange with
the Holders and cancel all outstanding Defaulted Interest upon delivery by the
Company of 103,731 shares of Common Stock (the "Exchange Shares," together with
the Units, the "Exchange Consideration").

                  1.2      Exchange. Subject to the terms and conditions hereof,
upon completion of the Amended Exchange Offer, at the Closing provided for in
Section 2.1, (a) the Company shall issue to Lubin, and the Lubin shall acquire
from the Company, the Units in exchange for the Junior Subordinated Notes, (b)
the Company shall issue to the Holders and the Holders shall acquire from the
Company, the Exchange Shares in exchange for the Defaulted Interest, and (c) the
Releases (as hereinafter defined) shall become effective. The Holders hereby
consent to the Restructuring and all such actions to be taken by the Company in
connection therewith.

                                   Section II.

                             Closing Date; Delivery

                  2.1      Closing Date. Subject to the terms and conditions of
this Agreement, the closing of the Restructuring (the "Closing") shall be held
on the date of the consummation of the Amended Exchange Offer (the "Closing
Date") or such later date as the parties may mutually agree upon in writing.

                  2.2      Transactions at Closing; Delivery. At the Closing,
and upon completion of the Amended Exchange Offer, the Company shall deliver to
the Holders, in accordance with Section 1.2 hereof, in exchange for the Junior
Notes and the Defaulted Interest, the Exchange Consideration, which shall be
delivered to each Holder in such amounts as are set forth opposite the name of
such Holder on the signature page hereto.

                                  Section III.

                  Representations and Warranties of the Company

                  The Company hereby represents and warrants to the Holders as
follows:

                  3.1      Organization and Standing; Restated Certificate of
Incorporation and By-Laws. The Company is a corporation validly existing and in
good standing under the laws of the State of Delaware. The Company has all
requisite corporate power and authority to own and operate its properties and
assets and to carry on its business as presently conducted. The Company is
qualified to do business and is in good standing as a foreign corporation in
each jurisdiction in which the ownership, leasing, or operation of its
properties or the nature of its activities makes such qualification necessary,
except where the failure to so qualify would not have a material adverse effect
on the business, operations, or financial condition of the Company and its
subsidiaries taken as a whole (a "Material Adverse Effect"). The Company has
made available to the Holders copies of its Restated Certificated of
Incorporation and By-Laws, as amended. Said copies are true, correct and
complete and contain all amendments thereto.

                                     - 2 -
<PAGE>

                  3.2      Corporate Power. The Company has all requisite
corporate power and authority to execute and deliver this Agreement, to issue
the Exchange Consideration in the manner contemplated by this Agreement, and to
carry out and perform its obligations hereunder.

                  3.3      Authorization; Enforceability. All corporate action
on the part of the Company necessary for the authorization, execution, delivery,
and performance of this Agreement and the consummation of the transactions
contemplated hereby, and for the issuance and delivery of the Exchange
Consideration has been taken. This Agreement is a valid and binding obligation
of the Company, enforceable against the Company in accordance with its terms.
Upon completion of the Closing, the New Junior Notes, the Warrants, and the
Warrant Agreement will be valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms.

                  3.4      Exchange Shares and Warrant Shares. The Exchange
Shares and the Warrant Shares are duly authorized, and upon issuance thereof,
will be validly issued, fully paid and nonassessable. The Company has reserved
such number of shares of the authorized and unissued Common Stock of the Company
as may be necessary to provide for the issuance of all Warrant Shares issuable
from time to time upon the exercise of the Warrants in accordance with their
terms.

                  3.5      Compliance with Other Instruments. The execution,
delivery and performance of this Agreement by the Company, the issuance and
delivery of the Exchange Consideration, and the consummation of the transactions
contemplated hereby, will not (a) as of the Closing Date, result in any
violation of or constitute any default under the Company's Restated Certificate
of Incorporation or By-Laws, any material agreement, instrument or indenture to
which the Company is a party or by which it is bound, or any law, rule or
regulation applicable to the Company or (b) except as expressly provided by this
Agreement or as contemplated in connection with the Restructuring, result in the
creation as of the Closing Date of any mortgage, pledge, lien, encumbrance or
charge upon any of the properties or assets of the Company pursuant thereto.

                  3.6      Amended Exchange Offer. The Company has made
available to the Holders copies of the Amended Offering Circular and the
Offering Circular Supplement (collectively, the "Amended Exchange Offer
Materials") in respect of the Amended Exchange Offer and the New Indenture (as
defined in the Amended Exchange Offer Materials). The Company has all requisite
corporate power and authority to execute and deliver the New Indenture and to
carry out and perform the Amended Exchange Offer and its obligations under the
New Indenture.

                  3.7      Litigation, Etc. There are no actions or proceedings
pending or, to the knowledge of the Company, threatened against the Company or
its subsidiaries or any of their respective properties which relate to or call
into question the validity or legality of this Agreement, the issuance and
delivery of the Exchange Consideration, or the other transactions contemplated
hereby, which either individually or in the aggregate can reasonably be expected
to have a Material Adverse Effect.

                                     - 3 -
<PAGE>

                  3.8      Governmental Consent, Etc.

                           (a)      Except for the filing of a current report on
Form 8-K, as set forth in paragraph 3.8(b) hereof and as contemplated by Section
VI hereof, no consent, approval, license, or authorization of, or designation,
declaration, notification, registration, qualification, or filing with (each, an
"Approval") any governmental authority on the part of the Company is required in
connection with the valid execution, delivery and performance of this Agreement,
the issuance and delivery of the Exchange Consideration, or the consummation of
any other transaction contemplated hereby.

                           (b)      Any required Approval under applicable
federal securities laws and state Blue Sky laws of the issuance and delivery of
the Exchange Consideration and the 12% Senior Subordinated Notes due November 1,
2009, and Warrants being issued pursuant to the Amended Exchange Offer has been
obtained or made on or before the date hereof or will have been obtained or made
prior to the Closing or within the applicable period for obtaining such
Approval.

                  3.9      Disclosure. Neither this Agreement, nor any of the
Company's periodic reports or forms, as amended, filed with the Securities and
Exchange Commission (the "Commission"), as of the respective dates thereof after
giving effect to any subsequent amendments thereof, contained any untrue
statement of a material fact or omitted to state any material fact necessary in
order to make the statements contained herein or therein not misleading in light
of the circumstances under which such statements were made.

                  3.10     Financial Condition. Assuming the ability of the
Company to continue as a going concern, the consolidated balance sheets of the
Company and its subsidiaries as at December 31, 2001 and 2002, and the related
consolidated statements of operations, of common stockholders' equity, and of
cash flows (together with the notes thereto) for the fiscal years ended on such
dates, reported on by Ernst & Young LLP, and the unaudited consolidated balance
sheet of the Company as of September 30, 2003, and the related unaudited
consolidated statements of operations and cash flows (together with the notes
thereto) for the period then ended, copies of which have heretofore been
furnished to the Holders, present fairly (in each case, after giving effect to
any subsequent amendments thereto and subject, in the case of the interim
statements described above, to normal year-end adjustments) the consolidated
financial condition of the Company as at such dates, and the consolidated
results of operations and consolidated cash flows of the Company and its
subsidiaries for the fiscal periods then ended. Assuming the ability of the
Company to continue as a going concern, all such consolidated financial
statements, as amended, including the related schedules and notes thereto, have
been prepared in accordance with generally accepted accounting principles
("GAAP") applied consistently throughout the periods involved.

                  3.11     No Change. Since September 30, 2003, there has been
no material adverse change in the business, operations, or financial condition
(other than those changes affecting generally the economy or any industry in
which the Company operates) of the Company or its subsidiaries except as set
forth on Schedule 3.11 hereto.

                                     - 4 -
<PAGE>

                  3.12     Exemption from Registration. Based upon the
representations and warranties of the Holders contained in Section IV of this
Agreement, and assuming compliance by the Holders and any transferee thereof
with the terms of this Agreement and with the transfer restrictions set forth on
the Warrants and in the Warrant Agent Agreement, the issuance of the Exchange
Consideration is exempt from the registration requirement of Section 5 of the
Securities Act of 1933, as amended (the "1933 Act").

                                   Section IV.

                  Representations and Warranties of the Holders

                  Each of the Holders hereby severally (and not jointly and
severally) represents and warrants to the Company that:

                  4.1      Investment. The Exchange Consideration and the
Warrant Shares underlying the Warrants (together with any securities issued in
respect thereof upon any stock split, stock dividend, recapitalization, or
similar event, the "Restricted Securities"), will be acquired for his own
account, and he has no present intention of selling, granting participations in,
or otherwise distributing any of the Restricted Securities to be issued to him
in any transaction that would be in violation of the securities laws of the
United States of America or any state or other jurisdiction thereof. Such Holder
acknowledges that the Restricted Securities will not be registered under the
1933 Act, on the basis that the issuance of securities hereunder is exempt from
registration under the 1933 Act, and that the Company's reliance on such
exemption is predicated on the representations set forth in this Section IV. In
the absence of an effective registration statement under the 1933 Act covering
any of the Restricted Securities, he will sell, transfer or otherwise dispose of
such securities only in compliance with applicable law and then only in
accordance with the provisions of Section VI of this Agreement, the terms of the
Warrants, and the Warrant Agent Agreement. Such Holder understands that the
Restricted Securities may not be sold, transferred, or otherwise disposed of
without registration under the 1933 Act or the availability of an exemption
therefrom and that in the absence of such registration or exemption, the
Restricted Securities must be held indefinitely. Such Holder is aware that the
Company is making no representation that the applicable conditions of Rule 144
promulgated under the 1933 Act or any other exemption from registration under
the 1933 Act will be met in the future.

                  4.2      Experience and Information. Such Holder (a) is an
"accredited investor" within the meaning of Rule 501(a) promulgated under the
1933 Act and an executive officer and director of the Company; (b) has reviewed
this Agreement, including all Exhibits hereto, and has reviewed all of the
Company's periodic reports and amendments thereto and forms and amendments
thereto prepared for filing with the Commission that have been made available to
such Holder and the financial statements included in such periodic reports and
forms and the Amended Exchange Offer Materials; and (c) has had, during the
course of the transactions contemplated hereby and prior to his receipt of the
Exchange Consideration, the opportunity to ask questions of, and has received
answers from, the Company concerning the transactions contemplated hereby and to
obtain any additional information that the Company possesses or could acquire
without unreasonable effort or expense; provided, however, that, except as set
forth in Section 8.8, no such investigation by any Holder shall limit, diminish,
or constitute a

                                     - 5 -
<PAGE>

waiver of any representation or warranty made under this Agreement by the
Company or impair any rights that such Holder may have with respect thereto.

                  4.3      Additional Representation. Such Holder has all
requisite power and authority to execute and deliver this Agreement and to carry
out and perform his obligations hereunder. The execution, delivery, and
performance by such Holder of this Agreement and the consummation of the
transactions contemplated hereby will not result in any violation of, or
conflict with, any term or condition of any material agreement, instrument, or
indenture to which such Holder is a party or by which he is bound or any law,
rule, or regulation applicable to him. This Agreement has been duly executed and
delivered by such Holder and constitutes a valid and binding obligation of such
Holder enforceable against such Holder in accordance with its terms. Such Holder
has not assigned or otherwise conveyed, and no person or entity is the successor
to, any of such Holder's rights in, to, or under the Junior Subordinated Notes
or the Junior Subordinated Convertible Notes beneficially owned by him and such
Holder is the only person presently entitled to exercise any of his rights in,
to or under such Junior Subordinated Notes or Junior Subordinated Convertible
Notes.

                  4.4      Title. Such Holder is the lawful owner of record of
the principal amount of Junior Subordinated Notes and Defaulted Interest set
forth opposite his name on the signature page hereof and has full right, power
and authority to enter into and perform this Agreement and forever relinquish,
forego, release and discharge his right to receive the Defaulted Interest in
accordance with the terms of this Agreement, which right is owned by such Holder
free and clear of any security interests, pledges, mortgages, liens, claims,
charges and encumbrances of any nature whatsoever.

                  4.5      No Litigation. There are no actions, suits,
proceedings, or investigations pending or, to the knowledge of such Holder,
threatened against such Holder that, either individually or in the aggregate,
question the validity of this Agreement, or any action taken or to be taken in
connection herewith or in connection with the execution, delivery, and
performance by such Holder of this Agreement and the consummation of the
transactions contemplated hereby.

                  4.6      Governmental Consents and Approvals. No consent,
approval, order, or authorization of, or registration, qualification, or filing
with, any court or governmental authority is required to be obtained by such
Holder in connection with the execution, delivery, and performance of this
Agreement and/or the consummation of the transactions contemplated hereby.

                                   Section V.

                                Certain Covenants

                  The Company hereby covenants and agrees that from and after
the Closing Date so long as any of the New Junior Notes shall remain
outstanding:

                                     - 6 -
<PAGE>

                  5.1.     Basic Financial Information. So long as Lubin is a
holder, beneficially or of record, of any of the New Junior Notes, the Company
will furnish or make available the following reports to Lubin:

                           (a)      As soon as practicable after the end of each
fiscal year, and in any event within 90 days thereafter, consolidated balance
sheets of the Company and its subsidiaries as of the end of such fiscal year,
and consolidated statements of operations, stockholders' equity, and cash flows
of the Company and its subsidiaries for such year, prepared in accordance with
GAAP consistently applied and setting forth in comparative form the
corresponding figures for the previous fiscal year, all in reasonable detail,
accompanied by a report of an independent public accounting firm of nationally
recognized standing selected by the Company;

                           (b)      As soon as practicable after the end of the
first, second and third quarterly accounting periods in each fiscal year of the
Company and its subsidiaries and in any event within 45 days thereafter,
consolidated balance sheets of the Company and its subsidiaries as of the end of
each such quarterly period, and consolidated statements of operations,
stockholders' equity, and cash flows of the Company and its subsidiaries for
such period and for the current fiscal year to date, prepared in accordance with
GAAP consistently applied and setting forth in comparative form the
corresponding figures for the corresponding periods of the previous fiscal year,
all in reasonable detail; and

                           (c)      As soon as practicable, copies of all
financial statements, proxy materials, or reports sent to the stockholders of
the Company and all reports or financial registration statements, including
accompanying prospectuses, filed with the Commission pursuant to the 1933 Act.

                  5.2      Filing of Reports under the 1934 Act. To the extent
applicable, the Company shall comply with all reporting requirements of the
Securities Exchange Act of 1934 Act, as amended (the "1934 Act"), and shall
comply with all other public information reporting requirements of the
Commission and take such further action, all to the extent required from time to
time as a condition to the availability of an exemption from the 1933 Act (under
Rule 144 thereof (as amended from time to time) or any similar or successor rule
thereto or otherwise) for the sale by the Holders of any of the Restricted
Securities. Upon request of the Holders, the Company will promptly furnish a
written statement as to its compliance with such requirements. The Company shall
cooperate with the Holders in supplying such information as may be necessary for
the Holders to complete and file any information reporting forms presently or
hereafter required by the Commission as a condition to the availability of an
exemption from the 1933 Act (under Rule 144 thereof or otherwise) for the sale
by the Holders of any Restricted Securities.

                  5.3      Assignability of Contractual Rights. Except with
respect to Section 5.4 hereof, the Holders' rights under this Section V are not
assignable or otherwise transferable.

                  5.4      Obligations upon Merger or Consolidation. In the
event of a merger or consolidation of the Company with or into another
corporation in which the Company is not the surviving corporation (the surviving
corporation to such merger or consolidation hereinafter being referred to as the
"Surviving Corporation") and in which securities of the Surviving

                                     - 7 -
<PAGE>

Corporation are issued to Holders in respect of the then outstanding shares of
Common Stock issued pursuant to this Agreement that are Restricted Securities,
the Company shall ensure that the Surviving Corporation shall assume all
obligations of the Company under this Agreement.

                                   Section VI.

     Restriction on Transferability of Securities; Compliance with 1933 Act

                  6.1      Restriction on Transferability. The Restricted
Securities shall not be transferable except upon compliance with the conditions
specified in this Section VI.

                  6.2      Restrictive Legend.

                           (a)      Each certificate representing any of the New
Junior Notes and the Exchange Shares shall be stamped or otherwise imprinted
with a legend in substantially the following form (in addition to any legend
required under applicable state securities laws):

                  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE
                  EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED
                  THERETO, AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO
                  THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR RECEIPT OF A NO-ACTION
                  LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION. THESE
                  SECURITIES SHALL NOT BE TRANSFERRED OR PLEDGED EXCEPT IN
                  ACCORDANCE WITH SECTION VI OF A CERTAIN EXCHANGE AGREEMENT
                  DATED AS OF DECEMBER 18, 2003 WITH THE COMPANY.

                           (b)      Each certificate representing any of the
Warrants or the Warrant Shares shall be stamped or otherwise imprinted with a
legend in substantially the form as provided in the Warrants or the Warrant
Agreement (in addition to any legend required under applicable state securities
laws).

                           (c)      An appropriate "stop transfer" order may be
placed with the Company's transfer agent to each such certificate referenced in
Sections 6.2(a) or 6.2(b).

                           (d)      Any legend endorsed on an instrument
pursuant to Sections 6.2(a) or 6.2(b) hereof and the stop transfer instructions
with respect to such Restricted Securities shall be removed, and the Company
shall issue an instrument without such legend to the holder of such Restricted
Securities, if (i) such Restricted Securities are registered under the 1933 Act
and a prospectus meeting the requirements of the 1933 Act is available (provided
that, if all of the shares represented by the certificate(s) have not been sold
by the conclusion of the offering period, the holder of the Restricted
Securities shall submit to the Company all certificates representing securities
from which the legends were removed but that were not sold in the offering, and
the Company shall, with respect to those remaining securities, reissue
certificates

                                     - 8 -
<PAGE>

representing them but with an appropriate restrictive legend and stop transfer
order, all in accordance with Sections 6.2(a), 6.2(b) or 6.2(c) hereof), or (ii)
such holder provides the Company with an opinion of counsel who shall be
reasonably satisfactory to the Company, in form and substance reasonably
satisfactory to the Company, that a public sale, transfer, or assignment of such
Restricted Securities may be sold to the public without registration, or (iii)
such Restricted Securities may be sold to the public without restriction
pursuant to Rule 144 promulgated under the 1933 Act or any similar provision.

                                  Section VII.

                               Release and Waiver

                  7.1      Release. (a) Effective upon the Closing and without
any further action or writing on the part of either Holder, each of the Holders,
for himself and on behalf of his respective heirs, personal representatives, and
assigns (all, collectively referred to in this Section VII as "Releasors"), does
hereby irrevocably and unconditionally release and forever discharge the
Company, and its present or former affiliates, and each of their respective
stockholders, directors, officers, employees, advisors, attorneys, and
controlling persons, and all persons acting by, through, under, in concert,
and/or in combination with any of them, as well as their respective successors,
heirs, and assigns (all, collectively referred to in this Section VII as
"Releasees"), from any and all manner of claims, actions, causes of action,
suits at law, in equity or otherwise, known or unknown, suspected or
unsuspected, fixed or contingent, and equitable or ownership interests
(hereinafter called "Claims"), that each of the Releasors now has or hereafter
can, shall, or may have against any one or all of the Releasees by reason of any
action, omission, conduct, transaction, matter, cause, or thing whatsoever from
the beginning of the world to the Closing Date, arising out of or in any way
related to the Defaulted Interest. Each of the Holders, for himself and on
behalf of his related Releasors, acknowledges that he understands that a general
release may not extend to Claims that the Holder or the other related Releasors
do not know or suspect to exist in their favor at the time of executing this
Agreement, which if known by them might have materially affected the Holder's
decision to consummate the Restructuring and to execute and deliver this
Agreement and agree to the release contained herein. Each of the Holders, for
himself and on behalf of his related Releasors, being so advised, hereby
expressly waives any rights such Releasors may have with respect to such unknown
Claims.

                  7.2      Waiver. Effective upon the Closing and without any
further action or writing on the part of either Holder, each of the Holders
hereby waives any and all defaults and events of default on the part of the
Company and/or its directors or officers existing at the Closing (and any and
all rights of the Holders in respect thereof) in respect of the Junior Notes,
including, without limitation, the Defaulted Interest.

                  7.3      Definition. For purposes of this Agreement, the
releases set forth in Section 7.1 hereof and the waiver set forth in Section 7.2
hereof shall be collectively referred to as the "Releases."

                                     - 9 -
<PAGE>

                                  Section VIII.

                                  Miscellaneous

                  8.1      Registration Rights. The Restricted Securities shall
be entitled to the registration rights existing under that that certain
Recapitalization Agreement, dated as of April 27, 1990, between the Company and
L&D Woolens Limited Partnership (the "Recapitalization Agreement"), which rights
were assigned to the Holders pursuant to that certain Restructuring Agreement,
dated as of December 10, 1993, among the Company and each of the Holders, and
such Restricted Securities shall constitute "Registrable Securities" as defined
therein.

                  8.2      Governing Law; Consent to Forum. Except to the extent
that the General Corporation Law of the State of Delaware may govern this
Agreement by virtue of the fact that the Company is incorporated under the laws
of the State of Delaware, this Agreement shall be governed in all respects by
the internal laws of the State of New York without reference to its principles
of conflict of laws. Any action or suit in connection with this Agreement may be
brought in a court of record of the State of New York or a United States
District Court situated in the State of New York, the parties to this Agreement
hereby consenting to the nonexclusive jurisdiction of each thereof.

                  8.3      Successors and Assigns. Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors and assigns of the parties hereto. In the event of
the distribution of any of the New Junior Notes then held by Lubin to any
person(s), upon delivery to the Company of a written instrument (reasonably
satisfactory in form and in substance to the Company pursuant to which such
person(s) agree to remain subject to the obligations of Lubin hereunder), the
provisions hereof (except as otherwise expressly provided herein) shall inure to
the benefit of, and be binding upon, such person(s) as if such person(s)
constituted Lubin.

                  8.4      Titles. The titles of the sections of this Agreement
are for convenience of reference only and are not to be considered in construing
this Agreement.

                  8.5      Severability. Any provision or provisions hereof
found to be unenforceable or prohibited by law will be ineffective only to the
extent of such unenforceability or prohibition and no other provision of this
Agreement will be invalidated thereby.

                  8.6      Counterparts. This Agreement may be executed in any
number of counterparts, each of which shall be an original, but all of which
together shall constitute one instrument.

                  8.7      Information Confidential. Each Holder acknowledges
that certain of the information received or to be received by him pursuant
hereto may be confidential and proprietary and for his use only, and such Holder
will not use such confidential or proprietary information in violation of the
1934 Act or any other law, rule or regulation and will use its reasonable
efforts to maintain the confidentiality of any confidential information so
received by it which is otherwise not available from other sources.

                                     - 10 -
<PAGE>

                  8.8      Limitation of Remedies. No Holder shall have any
right or remedy in respect of any breach of representation or warranty of which
he had actual knowledge as of the date of this Agreement.

                  8.9      Construction. The language used in this Agreement
shall be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party.
This Agreement is the joint drafting project of the parties hereto and each
provision has been subject to negotiation and agreement and shall not be
construed for or against any party as drafter thereof.

                  8.10     Several Obligations. The obligations of Holders
hereunder shall be several (and not joint and several).

                           [SIGNATURE PAGE TO FOLLOW]

                                     - 11 -
<PAGE>

                  IN WITNESS WHEREOF, the Company and each of the Holders have
caused this Agreement to be duly executed and delivered in its name and on its
behalf, all as of the date first written above.

                                     LEXINGTON PRECISION CORPORATION

                                     By:   /s/ Dennis J. Welhouse
                                        ------------------------------------
                                        Dennis J. Welhouse
                                        Senior Vice President
                                        and Chief Financial Officer

<TABLE>
<CAPTION>
 Principal Amount                                Number
     of Junior                Number          of Shares of
Subordinated Notes         of Warrants        Common Stock
------------------         -----------        ------------
<S>                        <C>                <C>                <C>
       -0-                     -0-                 7,632           /s/ Warren Delano
                                                                 ------------------------
                                                                 Warren Delano

    $346,667                  3,467               96,099           /s/ Michael A. Lubin
                                                                 ------------------------
                                                                 Michael A. Lubin
</TABLE>

                                     - 12 -
<PAGE>

                                    Exhibit A

                             Form of New Junior Note

<PAGE>

                                    Exhibit B

                            Form of Warrant Agreement

<PAGE>

                                  Schedule 3.11

                                    No Change<PAGE>

                                                                    EXHIBIT 10.2

================================================================================

                         LEXINGTON PRECISION CORPORATION

                                       and

                            WILMINGTON TRUST COMPANY

                         --------------------------------

                             WARRANT AGENT AGREEMENT

                          Dated as of December 18, 2003

================================================================================

<PAGE>

                             WARRANT AGENT AGREEMENT
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                               Page
                                                                                               ----
<S>                                                                                            <C>
SECTION 1.   Appointment of Warrant Agent....................................................     1

SECTION 2.   Warrant Certificates............................................................     2

SECTION 3.   Execution of Warrant Certificates...............................................     2

SECTION 4.   Registration and Countersignature...............................................     2

SECTION 5.   Registration of Transfers and Exchanges.........................................     2

                   (a)     Transfer..........................................................     2
                   (b)     Exchange..........................................................     3
                   (c)     Countersignature..................................................     3

SECTION 6.   Terms and Release of Warrants...................................................     3

                   (a)     Terms of Warrants.................................................     3
                   (b)     Exercise of Warrants..............................................     3
                   (c)     Cancellation of Warrants..........................................     3
                   (d)     Inspection by Holders.............................................     4

SECTION 7.   Payment of Taxes................................................................     4

SECTION 8.   Mutilated or Missing Warrant Certificates.......................................     4

SECTION 9.   Reservation of Warrant Shares...................................................     4

SECTION 10.  Adjustment of Number of Warrant Shares..........................................     4

                   (a)     Notice of Adjustment..............................................     4
                   (b)     Warrant Agent's Disclaimer........................................     5

SECTION 11.   Fractional Interests...........................................................     5

SECTION 12.   Notices to Warrant holders; No Rights as Shareholders..........................     5

SECTION 13.   Merger, Consolidation, or Change of Name of Warrant Agent......................     5

SECTION 14.   Warrant Agent..................................................................     6

                   (a)     Correctness of Statements.........................................     6
                   (b)     Breach of Covenants...............................................     6
                   (c)     Reliance on Counsel...............................................     6
                   (d)     Reliance on Documents.............................................     6
                   (e)     Compensation......................................................     6
                   (f)     Legal Proceedings.................................................     7
                   (g)     Other Transactions in Securities of the Company...................     7
</TABLE>

                                     - i -
<PAGE>

<TABLE>
<S>                                                                                              <C>
                   (h)     Liability of Warrant Agent........................................     7
                   (i)     Adjustment of Exercise Price......................................     7
                   (j)     Written Instructions..............................................     8
                   (k)     Proper Execution..................................................     8

SECTION 15.   Change of Warrant Agent........................................................     8

SECTION 16.   Notices to Company and Warrant Agent...........................................     8

SECTION 17.   Supplements and Amendments.....................................................     9

SECTION 18.   Successors.....................................................................     9

SECTION 19.   Termination....................................................................     9

SECTION 20.   Governing Law..................................................................     9

SECTION 21.   Benefits of This Agreement.....................................................    10

SECTION 22.   Counterparts...................................................................    10
</TABLE>

Exhibits

Exhibit A     Form of Warrant Certificate

                                     - ii -
<PAGE>

                  WARRANT AGENT AGREEMENT dated as of December 18, 2003 between
Lexington Precision Corporation, a Delaware corporation (the "COMPANY"), and
Wilmington Trust Company, a Delaware banking corporation, as Warrant Agent (the
"WARRANT AGENT").

                  WHEREAS, the Company intends to issue common stock purchase
warrants (the "WARRANTS") to holders of the Company's 12 3/4% Senior
Subordinated Notes due February 1, 2000 (the "OLD NOTES"), which, in the
aggregate, entitle the holders thereof to purchase up to [423,923] shares of
common stock of the Company, par value $.25 per share (the "COMMON STOCK"),
during the period from August 1, 2005, through August 1, 2009 (the Common Stock
issuable on exercise of the Warrants being referred to herein as the "WARRANT
SHARES"), in connection with an Exchange Offer (the "EXCHANGE OFFER"), whereby
the Company is seeking tenders of the Old Notes in exchange for units,
consisting of new 12% Senior Subordinated Notes due August 1, 2009 (the "NEW
NOTES"), and the Warrants (collectively with the New Notes, the "UNITS").

                  WHEREAS, the Company intends to issue Warrants to holders of
the Company's 14% Junior Subordinated Notes due August 1, 2001 (the "OLD JUNIOR
NOTES"), which in the aggregate, entitle the holders thereof to purchase up to
3,467 Warrant Shares during the period from August 1, 2005, through August 1,
2009, in connection with the Exchange Offer, whereby the Exchange Offer will not
be consummated unless, prior to or simultaneous therewith, as one of the
conditions to the Exchange Offer, the Company's Old Junior Notes have been
exchanged for units, consisting of new 13% Junior Subordinated Notes due
November 1, 2009 (the "NEW JUNIOR NOTES") and Warrants (collectively with the
New Junior Notes, the "JUNIOR NOTE UNITS").

                  WHEREAS, prior to August 1, 2005, the Warrants and the New
Notes or the New Junior Notes will be transferable only as a Unit or Junior Note
Unit. If any or all of the New Notes or the New Junior Notes are redeemed by the
Company prior to August 1, 2005, the Warrants attached to those New Notes or New
Junior Notes, respectively will revert to the Company for no further
consideration and will be cancelled.

                  WHEREAS, the terms and conditions of the Exchange Offer are as
set forth in an Amended Offering Circular dated March 7, 2003, as amended on
September 18, 2003, and as otherwise extended, amended or supplemented through
the date of this Warrant Agent Agreement (the "OFFERING CIRCULAR") and the
related Letter of Transmittal. Capitalized terms used and not otherwise defined
herein shall have the meanings ascribed to them in the Offering Circular.

                  WHEREAS, the Company desires the Warrant Agent to act on
behalf of the Company, and the Warrant Agent is willing so to act, in connection
with the issuance, transfer, exchange, and exercise of Warrants and other
matters as provided herein;

                  NOW, THEREFORE, in consideration of the premises and the
mutual agreements herein set forth, the parties hereto agree as follows:

                  SECTION 1. Appointment of Warrant Agent. The Company hereby
appoints the Warrant Agent to act as agent for the Company in accordance with
the instructions set forth hereinafter in this Agreement, and the Warrant Agent
hereby accepts such appointment.

<PAGE>

                  SECTION 2. Warrant Certificates. The certificates evidencing
the Warrants (the "WARRANT CERTIFICATES") to be delivered pursuant to this
Agreement shall be in registered form only and shall be substantially in the
form set forth in Exhibit A attached hereto.

                  SECTION 3. Execution of Warrant Certificates. Warrant
Certificates shall be signed on behalf of the Company by its Chairman of the
Board or its President or a Vice President and by its Secretary or an Assistant
Secretary. Each such signature upon the Warrant Certificates may be in the form
of a facsimile signature of the present or any future Chairman of the Board,
President, Vice President, Secretary, or Assistant Secretary and may be
imprinted or otherwise reproduced on the Warrant Certificates and for that
purpose the Company may adopt and use the facsimile signature of any person who
shall have been Chairman of the Board, President, Vice President, Secretary, or
Assistant Secretary, notwithstanding the fact that at the time the Warrant
Certificates shall be countersigned and delivered he or she shall have ceased to
hold such office.

                  In case any officer of the Company who shall have signed any
of the Warrant Certificates shall cease to be such officer before such Warrant
Certificates shall have been countersigned by the Warrant Agent, such Warrant
Certificates nevertheless may be countersigned and delivered as though such
person had not ceased to be such officer of the Company; and any Warrant
Certificate may be signed on behalf of the Company by any person who, at the
actual date of the execution of such Warrant Certificate, shall be a proper
officer of the Company to sign such Warrant Certificate, although at the date of
the execution of this Warrant Agent Agreement any such person was not such
officer.

                  SECTION 4. Registration and Countersignature. The Warrant
Agent shall number and register the Warrants in a Warrant Register, to be
maintained by the Warrant Agent as Warrants are issued.

                  Warrant Certificates shall be manually countersigned by the
Warrant Agent and shall not be valid for any purpose unless so countersigned.
The Warrant Agent shall, upon written instructions of the Chairman of the Board,
the President, a Vice President, the Treasurer, or the Chief Financial Officer
of the Company, initially countersign, issue, and deliver Warrant Certificates
collectively for all Warrants outstanding entitling the holders thereof to
purchase not more than the number of Warrant Shares referred to above in the
first recital hereof and shall countersign and deliver Warrants as otherwise
provided in this Agreement.

                  The Company and the Warrant Agent may deem and treat the
registered holder(s) of each Warrant Certificate as the absolute owner(s)
thereof (notwithstanding any notation of ownership or other writing thereon made
by anyone), for all purposes, and neither the Company nor the Warrant Agent
shall be affected by any notice to the contrary.

                  SECTION 5. Registration of Transfers and Exchanges.

                  (a)      Transfer. The Warrant Agent shall, subject to the
limitations of Section 6 hereof and upon satisfaction of the terms and
conditions set forth in the Warrant Certificate, register the transfer of any
outstanding Warrant Certificate in the Warrant Register. Upon any such
registration of transfer, a new Warrant Certificate shall be issued to the
transferee(s) and the

                                     - 2 -
<PAGE>

surrendered Warrant Certificate shall be cancelled by the Warrant Agent.
Cancelled Warrant Certificates shall thereafter be disposed of by the Warrant
Agent in its customary manner.

                  (b)      Exchange. Subject to the terms of this Agreement,
Warrant Certificates may be exchanged at the option of the holder(s) thereof,
when surrendered to the Warrant Agent at its principal office, for another
Warrant Certificate or other Warrant Certificates of like tenor and representing
in the aggregate a like number of Warrants. Any holder desiring to exchange a
Warrant Certificate shall deliver a written request to the Warrant Agent, and
shall surrender, duly endorsed or accompanied (if so required by the Warrant
Agent) by a written instrument or instruments of transfer in form satisfactory
to the Warrant Agent, the Warrant Certificate or Warrant Certificates to be so
exchanged. Warrant Certificates surrendered for exchange shall be cancelled by
the Warrant Agent. Such cancelled Warrant Certificates shall then be disposed of
by the Warrant Agent in its customary manner.

                  (c)      Countersignature. The Warrant Agent is hereby
authorized to countersign, in accordance with the provisions of this Section 5
and of Section 4 hereof, the new Warrant Certificates required pursuant to the
provisions of this Section 5.

                  SECTION 6. Terms and Release of Warrants.

                  (a)      Terms of Warrants. The terms of the Warrants shall be
as set forth in the Warrant Certificate.

                  (b)      Exercise of Warrants. A Warrant may be exercised by
the holder thereof as set forth in the Warrant Certificate. In the event that a
certificate evidencing Warrants is exercised in respect of fewer than all of the
Warrant Shares issuable on such exercise at any time prior to the date of
expiration of the Warrants, a new Warrant Certificate evidencing the remaining
Warrant or Warrants will be issued, and the Warrant Agent is hereby irrevocably
authorized to countersign and to deliver the required new Warrant Certificate or
Certificates pursuant to the provisions of this Section 6 and of Section 4
hereof, and the Company, whenever required by the Warrant Agent, shall supply
the Warrant Agent with Warrant Certificates duly executed on behalf of the
Company for such purpose. The Warrant Agent may assume that any Warrant
presented for exercise is permitted to be so exercised under applicable law and
shall have no liability for acting in reliance on such assumption.

                  (c)      Cancellation of Warrants. (i) All Warrant
Certificates surrendered upon exercise of Warrants shall be canceled by the
Warrant Agent. Such canceled Warrant Certificates shall then be disposed of by
the Warrant Agent in its customary manner. The Warrant Agent shall account to
the Company promptly with respect to Warrants exercised and concurrently pay to
the Company all monies received by the Warrant Agent for the purchase of the
Warrant Shares through the exercise of such Warrants.

                  (ii)     Additionally, if any or all of the New Notes or the
New Junior Notes are redeemed by the Company prior to August 1, 2005, the
Warrants attached to those New Notes or New Junior Notes, respectively, will
revert to the Company for no further consideration and will be canceled.

                                     - 3 -
<PAGE>

                  (d)      Inspection by Holders. The Warrant Agent shall keep
copies of this Agreement and any notices given or received hereunder available
for inspection by the holders with reasonable prior written notice during normal
business hours at its office. The Company shall supply the Warrant Agent from
time to time with such number of copies of this Agreement as the Warrant Agent
may request.

                  SECTION 7. Payment of Taxes. The Company will pay all
documentary stamp taxes attributable to the initial issuance of Warrant Shares
upon the exercise of Warrants; provided, however, that the Company shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issue of any Warrant Certificates or any certificates for
Warrant Shares in a name other than that of the registered holder of a Warrant
Certificate surrendered upon the exercise of a Warrant, and the Company shall
not be required to issue or deliver such Warrant Certificates unless or until
the person or persons requesting the issuance thereof shall have paid to the
Company the amount of such tax or shall have established to the satisfaction of
the Company that such tax has been paid.

                  SECTION 8. Mutilated or Missing Warrant Certificates. In case
any of the Warrant Certificates shall be mutilated, lost, stolen, or destroyed,
the Company shall issue and the Warrant Agent shall countersign a new Warrant
Certificate upon the terms and conditions set forth in the Warrant Certificate.

                  SECTION 9. Reservation of Warrant Shares. The Company will
reserve and keep available, as set forth in the Warrant Certificate, a number of
shares of Common Stock sufficient for the exercise of the Warrants. The Warrant
Agent shall have no duty to verify availability of such shares set aside by the
Company.

                  The Company will keep a copy of this Agreement on file with
the transfer agent for the Common Stock (the "TRANSFER AGENT") and with every
subsequent transfer agent for the Common Stock. The Warrant Agent is hereby
authorized to requisition from time to time from the Transfer Agent the stock
certificates required to honor outstanding Warrants upon exercise thereof in
accordance with the terms of this Agreement. The Company will supply the
Transfer Agent with duly executed certificates for such purpose and will provide
or otherwise make available any cash that may be payable as provided in Section
11 hereof. The Company will furnish to the Transfer Agent a copy of all notices
of adjustments and certificates related thereto, transmitted to each holder
pursuant to Section 13 hereof.

                  SECTION 10. Adjustment of Number of Warrant Shares. The number
of Warrant Shares issuable upon the exercise of each Warrant, the exercise price
(the "Exercise Price"), and the kind of securities purchasable upon exercise of
the Warrants is subject to adjustment from time to time as set forth in the
Warrant Certificate and upon the occurrence of the events seth forth therein.

                  (a)      Notice of Adjustment. Whenever the number of shares
of Common Stock issuable upon exercise of each Warrant is adjusted, the Company
shall provide notices thereof as required by the Warrant Certificate.

                                     - 4 -
<PAGE>

                  (b)      Warrant Agent's Disclaimer. The Warrant Agent has no
duty to determine when an adjustment under this Section 10 should be made, how
it should be made, or what it should be. The Warrant Agent makes no
representation as to the validity or value of any securities or assets issued
upon exercise of Warrants. The Warrant Agent shall not be responsible for the
Company's failure to comply with this Section.

                  SECTION 11. Fractional Interests. The Company shall not be
required to issue fractional Warrant Shares on the exercise of Warrants except
as set forth in the Warrant Certificates.

                  SECTION 12. Notices to Warrant holders; No Rights as
Shareholders . Upon any adjustment of the Exercise Price pursuant to Section 10
herein, the Company shall give notice of such adjustment as set forth in the
Warrant Certificate. The Warrant Agent shall be fully protected in relying on
any such notice provided to it pursuant to this Section 12 and on any adjustment
therein contained and shall not be deemed to have knowledge of such adjustment
unless and until it shall have received such notice.

                  In the event:

                  (a)      the Company shall declare any dividend or
distribution payable to the holders of its Common Stock; or

                  (b)      there shall be any capital reorganization or
reclassification of the capital stock of the Company, or any consolidation or
merger of the Company with, or sale of all or substantially all of the assets of
the Company to, another corporation or business organization; or

                  (c)      of the voluntary or involuntary dissolution,
liquidation, or winding up of the Company,

then the Company shall provide notice to the Warrant Agent and the holders of
the Warrant Certificates as set forth in the Warrant Certificates.

                  The holders of the Warrants shall have no rights as
shareholders of the Company, except as set forth in the Warrant Certificates.

                  SECTION 13. Merger, Consolidation, or Change of Name of
Warrant Agent. Any corporation into which the Warrant Agent may be merged or
with which it may be consolidated, or any corporation resulting from any merger
or consolidation to which the Warrant Agent shall be a party, or any corporation
succeeding to the business of the Warrant Agent, shall be the successor to the
Warrant Agent hereunder without the necessity for the execution or filing of any
document or any further act on the part of any of the parties hereto, provided
that such corporation would be eligible for appointment as a successor warrant
agent under the provisions of Section 15. In case at the time such successor to
the Warrant Agent shall succeed to the agency created by this Agreement, any of
the Warrant Certificates shall have been countersigned but not delivered, any
such successor to the Warrant Agent may adopt the countersignature of the
original Warrant Agent; and in case at that time any of the Warrant Certificates
shall not have been countersigned, any successor to the Warrant Agent may
countersign such Warrant Certificates either in the name of the predecessor
Warrant Agent or in

                                     - 5 -
<PAGE>

the name of the successor to the Warrant Agent; and in all such cases such
Warrant Certificates shall have the full force and effect provided in the
Warrant Certificates and in this Agreement.

                  In case at any time the name of the Warrant Agent shall be
changed and at such time any of the Warrant Certificates shall have been
countersigned but not delivered, the Warrant Agent whose name has been changed
may adopt the countersignature under its prior name, and in case at that time
any of the Warrant Certificates shall not have been countersigned, the Warrant
Agent may countersign the Warrant Certificates either in its prior name or in
its changed name, and in all such cases such Warrant Certificates shall have the
full force and effect provided in the Warrant Certificates and in this
Agreement.

                  SECTION 14. Warrant Agent. The Warrant Agent undertakes the
duties and obligations imposed by this Agreement (and no implied duties or
obligations shall be read into this Agreement against the Warrant Agent) upon
the following terms and conditions, by all of which the Company and the holders
of Warrants, by their acceptance thereof, shall be bound:

                  (a)      Correctness of Statements. The statements contained
herein and in the Warrant Certificates shall be taken as statements of the
Company and the Warrant Agent assumes no responsibility for the correctness of
any of the same except such as describe the Warrant Agent or action taken or to
be taken by it. The Warrant Agent assumes no responsibility with respect to the
distribution of the Warrant Certificates except as otherwise provided herein.

                  (b)      Breach of Covenants. The Warrant Agent shall not be
responsible for any failure of the Company to comply with any of the covenants
contained in this Agreement or in the Warrant Certificates to be complied with
by the Company.

                  (c)      Reliance on Counsel. The Warrant Agent may consult at
any time with counsel of its own selection (who may be counsel for the Company)
and the Warrant Agent shall incur no liability or responsibility to the Company
or to any holder of a Warrant Certificate in respect of any action taken,
suffered, or omitted by it hereunder in good faith and in accordance with the
opinion or the advice of such counsel.

                  (d)      Reliance on Documents. The Warrant Agent shall incur
no liability or responsibility to the Company or to any holder of any Warrant
Certificate for any action taken in reliance on any Warrant Certificate,
certificate of shares, notice, resolution, waiver, consent, order, certificate,
or other paper, document, or instrument (whether in its original or facsimile
form) believed by it to be genuine and to have been signed, sent, or presented
by the proper party or parties.

                  (e)      Compensation. The Company agrees to pay to the
Warrant Agent such compensation for all services rendered by the Warrant Agent
while this Agreement is in effect in the administration and execution of this
Agreement as set forth in Schedule I attached hereto, to reimburse the Warrant
Agent for all expenses, taxes, and governmental charges and other charges of any
kind and nature incurred by the Warrant Agent in the execution of this Agreement
(including the reasonable fees and expenses of its counsel) and to indemnify the
Warrant Agent, defend it from and save it harmless against any and all claims
(whether asserted by the Company, a registered holder, or any other person),
damages, losses, expenses (including taxes

                                     - 6 -
<PAGE>

other than taxes based on the income of the Warrant Agent), liabilities,
including judgments, costs, and reasonable counsel fees and expenses, for
anything done or omitted by the Warrant Agent in the execution of this Agreement
except as a result of the Warrant Agent's gross negligence or willful
misconduct. The provisions of this Section 14(e) shall survive the expiration of
the Warrants, the termination of this Agreement and the resignation or removal
of the Warrant Agent, such that the Warrant Agent shall continue to enjoy the
provisions of this Section 14(e) if it resigns or is removed.

                  (f)      Legal Proceedings. The Warrant Agent shall be under
no obligation to institute any action, suit, or legal proceeding or to take any
other action likely to involve expense unless the Company or one or more
registered holders of Warrant Certificates shall furnish the Warrant Agent with
security and indemnity reasonably satisfactory to it for any costs and expenses
that may be incurred, but this provision shall not affect the power of the
Warrant Agent to take such action as it may consider proper, with or without any
such security or indemnity. All rights of action under this Agreement or under
any of the Warrants may be enforced by the Warrant Agent without the possession
of any of the Warrant Certificates or the production thereof at any trial or
other proceeding relative thereto, and any such action, suit, or proceeding
instituted by the Warrant Agent shall be brought in its name as Warrant Agent
and any recovery of judgment shall be for the ratable benefit of the registered
holders of the Warrants, as their respective rights or interests may appear.

                  (g)      Other Transactions in Securities of the Company. The
Warrant Agent, and any of its stockholders, directors, officers or employees,
may buy, sell, or deal in the Warrants or any other securities of the Company or
become pecuniarily interested in any transaction in which the Company may be
interested, or contract with or lend money to the Company, or otherwise act as
fully and freely as though it were not Warrant Agent under this Agreement.
Nothing herein shall preclude the Warrant Agent from acting in any other
capacity for the Company or for any other legal entity.

                  (h)      Liability of Warrant Agent. The Warrant Agent shall
act hereunder solely as agent for the Company, and its duties shall be
determined solely by the provisions hereof. The Warrant Agent shall not be
liable for anything that it may do or refrain from doing in connection with this
Agreement except for its own gross negligence or willful misconduct.

                  (i)      Adjustment of Exercise Price. The Warrant Agent shall
not at any time be under any duty or responsibility to any holder of a Warrant
Certificate to make or cause to be made any adjustment of the Exercise Price or
the number of Warrant Shares or other securities or property deliverable as
provided in this Agreement, or to determine whether any facts exist that may
require any such adjustment, or with respect to the nature or extent of any such
adjustments, when made, or with respect to the method employed in making the
same. The Warrant Agent shall not be accountable with respect to the validity or
value or the kind or amount of Warrant Shares or any other securities or
property that may at any time be issued or delivered upon the exercise of a
Warrant or with respect to whether any Warrant Shares or any such other
securities or property will, when issued, be validly issued, fully paid, and
nonassessable, and makes no representation with respect thereto.

                                     - 7 -
<PAGE>

                  (j)      Written Instructions. Any application by the Warrant
Agent for written instructions from the Company may, at the option of the
Warrant Agent, set forth in writing any action proposed to be taken or omitted
by the Warrant Agent under this Agreement and the date on and/or after which
such action shall be taken or such omission shall be effective. The Warrant
Agent shall not be liable for any action or any omission to act in accordance
with a proposal included in such application on or after the date specified in
such application (which date shall not be less than three Business Days after
the date any officer of the Company actually receives such application, unless
any such officer shall have consented in writing to any earlier date) unless
prior to acting or omitting to take any action, the Warrant Agent shall have
received written instructions in response to such application specifying the
action to be taken or omitted.

                  (k)      Proper Execution. In addition to the foregoing, the
Warrant Agent shall be protected and shall incur no liability for, or in respect
of, any of its actions or omissions to act in connection with its administration
of this Agreement if such acts or omissions are in reliance upon (i) the proper
execution of the form of Notice of Exercise and the form of Investment
Representation Statement and attached as Exhibits 1 and 2, respectively, to
Exhibit A hereto, unless the Warrant Agent shall have actual knowledge that, as
executed, such certificate is untrue, or (ii) the non-execution of such
certificate including, without limitation, any refusal to honor any otherwise
permissible assignment or election by reason of such non-execution.

                  SECTION 15. Change of Warrant Agent. If the Warrant Agent
shall become incapable of acting as Warrant Agent, it may resign by giving 30
days written notice to the Company and the Company shall appoint a successor to
the Warrant Agent. If the Company shall fail to make such appointment within a
period of 30 days after it has been notified in writing of such incapacity by
the Warrant Agent, the registered holder of any Warrant Certificate may apply to
any court of competent jurisdiction for the appointment of a successor to the
Warrant Agent. Pending appointment of a successor to the Warrant Agent, either
by the Company or by such a court, the duties of the Warrant Agent shall be
carried out by the Company. The Company shall be entitled, upon 30 days prior
written notice to the Warrant Agent, to remove the Warrant Agent and appoint a
successor to the Warrant Agent. After appointment, the successor to the Warrant
Agent shall be vested with the same powers, rights, duties, and responsibilities
as if it had been originally named as Warrant Agent without further act or deed;
but the former Warrant Agent shall promptly deliver and transfer to the
successor to the Warrant Agent any property at the time held by it hereunder and
execute and deliver any further assurance, conveyance, act, or deed necessary
for the purpose. Failure to give any notice provided for in this Section 15,
however, or any defect therein, shall not affect the legality or validity of the
appointment of a successor to the Warrant Agent.

                  SECTION 16. Notices to Company and Warrant Agent. Any notice
or demand authorized by this Agreement to be given to or made on the Company by
the Warrant Agent or by the registered holder of any Warrant Certificate shall
be sufficiently given or made when and if deposited in the mail, first class or
registered, postage prepaid, addressed (until another address is filed in
writing by the Company with the Warrant Agent), as follows:

                                     - 8 -
<PAGE>

                  Lexington Precision Corporation
                  767 Third Avenue
                  New York, New York 10017
                  Attention: President

                  The Company shall promptly notify the Warrant Agent in the
event the Company ceases to maintain such office or agency and of any change in
the location thereof. In case the Company shall fail to maintain such office or
agency or shall fail to give such notice of the location or of any change in the
location thereof to any registered holder, presentations may be made and notices
and demands may be served at the principal office of the Warrant Agent.

                  Any notice pursuant to this Agreement to be given to the
Warrant Agent by the Company or by the registered holder(s) of any Warrant
Certificate shall be sufficiently given when and if deposited in the mail,
first-class or registered, postage prepaid, addressed (until another address is
filed in writing by the Warrant Agent with the Company) to the Warrant Agent as
follows:

                  Wilmington Trust Company
                  1100 North Market Street
                  Rodney Square North
                  Wilmington, Delaware 19890-1615
                  Attention: Corporate Trust Administration

                  SECTION 17. Supplements and Amendments. The Company and the
Warrant Agent may from time to time supplement or amend this Agreement without
the approval of the holders of Warrant Certificates in order to cure any
ambiguity or to correct or supplement any provision contained herein that may be
defective or inconsistent with any other provision herein, or to make any other
provisions in regard to matters or questions arising hereunder that the Company
and the Warrant Agent may deem necessary or desirable and that shall not in any
way adversely affect the interests of the holders of the Warrant Certificates.
Notwithstanding anything in this Agreement to the contrary, the prior written
consent of the Warrant Agent must be obtained in connection with any supplement
or amendment that alters the rights or duties of the Warrant Agent. The Company
and the Warrant Agent may amend any provision herein with the consent of the
holders of Warrants exercisable for a majority of the Warrant Shares issuable on
exercise of all outstanding Warrants.

                  SECTION 18. Successors. All the covenants and provisions of
this Agreement by or for the benefit of the Company or the Warrant Agent shall
bind and inure to the benefit of their respective successors and assigns
hereunder.

                  SECTION 19. Termination. This Agreement will terminate on
August 1, 2009, or if earlier, the date on which all of the Warrants shall have
been exercised. The provisions of Section 14 hereof shall survive such
termination.

                  SECTION 20. Governing Law. This Agreement and each Warrant
Certificate issued hereunder shall be deemed to be a contract made under the
laws of the State of New York and for all purposes shall be construed in
accordance with the internal laws of said state.

                                     - 9 -
<PAGE>

                  SECTION 21. Benefits of This Agreement. Nothing in this
Agreement shall be construed to give to any person or corporation other than the
Company, the Warrant Agent, and the registered holders of the Warrant
Certificates any legal or equitable right, remedy, or claim under this
Agreement, and this Agreement shall be for the sole and exclusive benefit of the
Company, the Warrant Agent, and the registered holders of the Warrant
Certificates.

                  SECTION 22. Counterparts. This Agreement may be executed in
any number of counterparts, each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.

                                     - 10 -
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed, as of the day and year first above written.

                                        LEXINGTON PRECISION CORPORATION

                                        By:    /s/ Michael A. Lubin
                                           -------------------------------------
                                        Name:  Michael A. Lubin
                                        Title: Chairman

                                        WILMINGTON TRUST COMPANY

                                        By:    /s/ James J. McGinley
                                           -------------------------------------
                                        Name:  James J. McGinley
                                        Title: Authorized Signer

<PAGE>

                                                                       EXHIBIT A

CUSIP: 529529 12 5                                           WARRANT NO. LW- ___

         [The following legend is to be inserted only in the Warrant to be
issued to Cede & Co.:

         UNLESS THIS WARRANT IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO LEXINGTON PRECISION CORPORATION OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY WARRANT ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUIRED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT
HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

         [The following legend is to be inserted only upon issuance or transfer
of the warrant to an affiliate of the Company or upon receipt by the Warrant
Agent of documentation from the Company stating that the holder is believed to
be an affiliate of the Company:

         THIS WARRANT AND ANY SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE
HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO
SALE OR DISPOSITION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE
COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND
EXCHANGE COMMISSION. THIS WARRANT SHALL NOT BE TRANSFERRED OR PLEDGED EXCEPT IN
ACCORDANCE WITH SECTION 9 HEREOF.]

         THIS WARRANT, AND THE NOTE ATTACHED HERETO, SHALL CONSTITUTE A UNIT.
THIS WARRANT WILL NOT BE DETACHABLE FROM THE NOTE UNTIL AUGUST 1, 2005, AND THIS
WARRANT AND THE NOTE WILL ONLY BE TRANSFERABLE AS A UNIT PRIOR TO THAT TIME. IF
THE NOTE IS REDEEMED BY THE COMPANY PRIOR TO AUGUST 1, 2005, THIS WARRANT WILL
REVERT TO THE COMPANY FOR NO FURTHER CONSIDERATION AND WILL BE CANCELED. THE
UNIT MAY NOT BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, HYPOTHECATED,
MORTGAGED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF SECTION 9 HEREOF.

                                      A-1
<PAGE>

                         LEXINGTON PRECISION CORPORATION

                        WARRANT TO PURCHASE COMMON STOCK

                               ($3.50 Per Share*)

         This certifies that, for value received, ____________________ (the
"holder") is entitled to subscribe for and purchase up to __________ shares* of
fully paid and nonassessable Common Stock of Lexington Precision Corporation, a
Delaware corporation (the "Company"), at the price specified in Section 2 (the
"Warrant Price"), subject to the provisions and upon the terms and conditions
hereinafter set forth.

         This Warrant is issued under and in accordance with a Warrant Agent
Agreement dated as of December __, 2003, between the Company and Wilmington
Trust Company, as Warrant Agent (the "Warrant Agent Agreement"), and is subject
to the terms and provisions contained in the Warrant Agent Agreement. By
acceptance of this Warrant the Holder hereof consents to all the terms and
provision contained in the Warrant Agent Agreement. A copy of the Warrant Agent
Agreement may be obtained by the Holder of the Warrant upon written request to
the Warrant Agent.

         As used herein, the term "Common Stock" shall mean the Company's
presently authorized Common Stock, par value $0.25 per share, as adjusted from
time to time in accordance with Section 5.

                  SECTION 1. TERM OF WARRANT. The purchase right represented by
this Warrant is exercisable, in whole or in part, at any time subsequent to 9:30
a.m., New York City Time, on or after August 1, 2005 (the "Detachment Date"),
and prior to 5:00 p.m., New York City Time, on August 1, 2009; provided,
however, that if the 12% Senior Subordinated Note of the Company (the "Note")
with which this Warrant comprises a Unit or the 13% Junior Subordinated Note of
the Company (the "Junior Note") with which this Warrant comprises a Junior Note
Unit issued in connection with an exchange offer (the "Exchange Offer") made
pursuant to the Company's Offering Circular Supplement dated September 18, 2003,
as amended or supplemented, is redeemed prior to the Detachment Date, this
Warrant shall revert to the Company for no further consideration.

                  SECTION 2. WARRANT PRICE. The Warrant Price is $3.50 per
share, as adjusted from time to time pursuant to the provisions of Section 5;
provided, however, that in no event shall the Warrant Price be less than the par
value of the Company's presently authorized Common Stock.

                  SECTION 3. METHOD OF EXERCISE; PAYMENT; ISSUANCE OF NEW
WARRANT.

                  (a)      Subject to Section 1 and Section 8, the purchase
right represented by this Warrant may be exercised by the holder, in whole or in
part, by the surrender of this Warrant together with the Notice of Exercise and
the Investment Representation Statement, each

----------------------
*    Subject to adjustment from time to time pursuant to the provisions of
     Section 5.

                                      A-2
<PAGE>

completed and duly executed in the form attached hereto as Exhibit A and Exhibit
B, respectively, to the Company at the principal office of the Warrant Agent and
by the payment to the Warrant Agent, for the account of the Company, by
certified check or wire transfer of federal or other immediately available
funds, of an amount equal to the then applicable Warrant Price per share
multiplied by the number of shares then being purchased.

                  (b)      The Company and Warrant Agent agree that the shares
so purchased shall be deemed to be issued to the holder as the record owner of
such shares as of the close of business on the date on which this Warrant,
together with the completed and duly executed Notice of Exercise and the
Investment Representation Statement, shall have been surrendered and payment
made for such shares as aforesaid. In the event of any exercise of the rights
represented by this Warrant, certificates for the shares of Common Stock so
purchased shall be delivered to the holder promptly thereafter and, unless this
Warrant has been fully exercised or expired, a new Warrant representing the
unexercised and unexpired portion of this Warrant, shall also be issued to the
holder promptly.

                  SECTION 4. STOCK FULLY PAID; RESERVATION OF SHARES. All shares
of Common Stock that may be issued upon the exercise of the rights represented
by this Warrant will, upon issuance, be fully paid and nonassessable, and free
from all taxes, liens, and charges with respect to the issue thereof, other than
restrictions upon transfer referred to herein or required under applicable
federal or state securities laws. During the period within which the rights
represented by this Warrant may be exercised, the Company will, at all times,
have authorized and reserved for the purpose of the issuance upon exercise of
the purchase rights evidenced by this Warrant, a sufficient number of shares of
its Common Stock to provide for the exercise of the rights represented by this
Warrant.

                  SECTION 5. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES.
The kind of securities purchasable upon the exercise of this Warrant, the
Warrant Price, and the number of shares purchasable upon exercise of this
Warrant shall be subject to adjustment from time to time upon the occurrence of
certain events as follows:

                  (a)      Reclassification, Consolidation, or Merger. In case
of any reclassification or change of outstanding securities of the class
issuable upon exercise of this Warrant (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a
result of a subdivision or combination), or in case of any consolidation or
merger of the Company with or into another corporation, other than a merger with
another corporation in which the Company is the continuing corporation and that
does not result in any reclassification or change of outstanding securities
issuable upon exercise of this Warrant, or in case of any sale of all or
substantially all of the assets of the Company, the Company, or such successor
or purchasing corporation, as the case may be, and the Warrant Agent shall
execute a new Warrant, providing that the holder of this Warrant shall have the
right to exercise such new Warrant and procure upon such exercise, in lieu of
each share of Common Stock theretofore issuable upon exercise of this Warrant,
the kind and amount of shares of stock, other securities, money, and/or property
receivable upon such reclassification, change, consolidation, merger, or sale by
a holder of one share of Common Stock. Such new Warrant shall provide for
adjustments that shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Section 5. The

                                      A-3
<PAGE>

provisions of this Section 5(a) shall similarly apply to successive
reclassifications, changes, consolidations, mergers, and sales.

                  (b)      Subdivision or Combination of Shares. If, at any time
while this Warrant remains outstanding and unexpired, the Company shall
subdivide or combine its Common Stock, the Warrant Price shall be
proportionately decreased in the case of a subdivision or increased in the case
of a combination.

                  (c)      Stock Dividends. If, at any time while this Warrant
remains outstanding and unexpired, the Company shall pay a dividend with respect
to Common Stock payable in, or make any other distribution to holders of Common
Stock (except any distribution specifically provided for in Section 5(a) or
Section 5(b)) of, additional shares of Common Stock, the Warrant Price shall be
adjusted, from and after the record date for the determination of stockholders
entitled to receive such dividend or distribution, to that price determined by
multiplying the Warrant Price in effect immediately prior to such record date by
a fraction (i) the numerator of which shall be the total number of shares of
Common Stock outstanding immediately prior to such dividend or distribution, and
(ii) the denominator of which shall be the total number of shares of Common
Stock outstanding immediately after such dividend or distribution and the number
of shares of Common Stock purchasable upon the exercise of the rights
represented by this Warrant shall be adjusted by dividing the number of shares
of Common Stock purchasable immediately prior to such record date by the same
fraction. In the case of issuance of shares of Common Stock as a dividend, the
shares shall be deemed to have been issued at the close of business on the
dividend record date. If no dividend record date is fixed, the day on which the
Board of Directors of the Company adopts the resolution authorizing the dividend
shall be treated as the dividend record date.

                  SECTION 6. NOTICE OF ADJUSTMENTS. Whenever the Warrant Price
shall be adjusted pursuant to Section 5, the Company shall prepare promptly a
certificate signed by its chief financial officer setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the
method by which such adjustment was calculated, the Warrant Price after giving
effect to such adjustment and the number of shares then purchasable upon
exercise of this Warrant, and shall cause copies of such certificate to be
mailed (by first class mail, postage prepaid) to the Warrant Agent and to the
holder at the addresses specified in Section 10(d), or at such other address as
may be provided to the Company in writing by the holder.

                  SECTION 7. FRACTIONAL SHARES. The Company shall not be
required to issue any fractional shares of Common Stock in connection with any
exercise hereunder. In the event the Company elects not to issue such fractional
shares, the Company shall make a cash payment in lieu of such fractional shares
upon the basis of the Warrant Price then in effect.

                  SECTION 8. COMPLIANCE WITH SECURITIES ACT. The holder, by
acceptance hereof, agrees that (a) the shares of Common Stock issuable upon
exercise hereof and, (b) this Warrant are being acquired solely for the holder's
own account and not as a nominee for any other party, for investment purposes
only, and that it will not offer, sell, assign, transfer, pledge, hypothecate,
mortgage, encumber, or otherwise dispose of any of the shares of Common Stock
issuable upon exercise hereof or, if the holder is an "affiliate" (as defined in
Rule 144(a) promulgated under the

                                      A-4
<PAGE>

Securities Act of 1933, as amended (the "Act")) of the Company, this Warrant
except under circumstances that will not result in a violation of the Act, or
any applicable state securities laws. Upon exercise of this Warrant, the holder
shall, if requested by the Company or the Warrant Agent, confirm in writing, in
a form satisfactory to the Company and the Warrant Agent, that the shares of
Common Stock so purchased are being acquired solely for the holder's own account
and not as a nominee for any other party, for investment, and not with a view
toward distribution or resale in any transaction that would be in violation of
the Act or any applicable state securities laws, subject, however, to the
disposition of the holder's property being at all times within their control.
All shares of Common Stock issued upon exercise of this Warrant (unless
registered under the Act) shall be stamped or imprinted with a legend
substantially in the following form:

                  THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE
                  SECURITIES LAWS OF ANY STATE. NO SALE OR DISPOSITION
                  MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
                  STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL
                  FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT
                  SUCH REGISTRATION IS NOT REQUIRED UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED, OR RECEIPT OF A
                  NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE
                  COMMISSION STATING THAT SUCH REGISTRATION IS NOT
                  REQUIRED. THIS SECURITY AND ANY SECURITY RECEIVED
                  UPON THE EXERCISE HEREOF SHALL NOT BE TRANSFERRED OR
                  PLEDGED EXCEPT IN ACCORDANCE WITH SECTION 9 OF A
                  CERTAIN WARRANT ISSUED BY THE COMPANY AS OF DECEMBER
                  __, 2003.

                  SECTION 9. TRANSFER.

                  (a)      The holder shall not offer, sell, assign, transfer,
pledge, hypothecate, mortgage, encumber, or otherwise dispose of (a) all or any
of the securities issuable upon exercise of this Warrant, or (b) if the holder
is an affiliate of the Company, this Warrant, except in compliance with
applicable federal and state securities laws (including the delivery by the
transferor and the transferee of investment representation letters and legal
opinions reasonably satisfactory to the Company and the Warrant Agent, if such
are requested by the Company or the Warrant Agent).

                  (b)      Subject to compliance with the terms of Section 8 and
Section 9(a), this Warrant and all rights hereunder are transferable, in whole
or in part, at the office of the Warrant Agent by the holder in person or by its
duly authorized attorney, upon surrender of this Warrant properly endorsed;
provided, however, that prior to August 1, 2005, this Warrant shall only be
transferable together with the Note or Junior Note with which this Warrant
comprises a Unit or a Junior Note Unit, respectively issued in connection with
the Exchange Offer. Each taker and holder of this Warrant, by taking or holding
the same, consents and agrees that this Warrant, when endorsed in blank, shall
be deemed negotiable; provided, however, that the last holder of

                                      A-5
<PAGE>

this Warrant, as registered on the warrant register (the "Warrant Register")
maintained by the Warrant Agent, may be treated by the Company, the Warrant
Agent, and all other persons dealing with this Warrant as the absolute owner
hereof for any purposes and as the person entitled to exercise the rights
represented by this Warrant, any notice to the contrary notwithstanding, unless
and until such holder seeks to transfer registered ownership of this Warrant on
the Warrant Register and such transfer is effected.

                  SECTION 10. MISCELLANEOUS.

                  (a)      No Rights as Stockholder. No holder of a Warrant
shall be entitled to vote or receive dividends on or be deemed for any other
purpose the holder of any Common Stock or any other securities of the Company
that may at any time be issuable upon the exercise hereof, nor shall anything
contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a stockholder of the Company or any right to vote for
the election of directors or upon any matter submitted to stockholders at any
meeting thereof, or to give or withhold consent to any corporate action (whether
upon any recapitalization, issuance of stock, reclassification of stock, change
of par value or change of stock to no par value, consolidation, merger,
conveyance, or otherwise) or to receive notice of meetings, or to receive
dividends or subscription rights, or otherwise until this Warrant shall have
been exercised and the shares purchasable upon the exercise hereof shall have
become deliverable, as provided herein.

                  (b)      Replacement. Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of loss, theft, or destruction, upon delivery of
an indemnity agreement or bond reasonably satisfactory in form and amount to the
Company or, in the case of mutilation, upon surrender and cancellation of this
Warrant, the Company, at its expense, will execute and deliver, and the Warrant
Agent will countersign, in lieu of this Warrant, a new Warrant of like tenor.

                  (c)      Notice of Capital Changes. In the event:

                           (i)      The Company shall declare any dividend or
distribution payable to the holders of its Common Stock;

                           (ii)     There shall be any capital reorganization or
reclassification of the capital stock of the Company, or any consolidation or
merger of the Company with, or sale of all or substantially all of its assets
to, another corporation or business organization; or

                           (iii)    There shall be a voluntary or involuntary
dissolution, liquidation, or winding up of the Company;

then, in any one or more of said cases, the Company shall give the holder and
the Warrant Agent written notice, in the manner set forth in Section 10(d), of
the date on which a record shall be taken for such dividend or distribution or
for determining stockholders entitled to vote upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation, or
winding up and of the date on which any such transaction shall take place, as
the case may be. Such written notice shall be given at least 20 days prior to
the transaction in question and not less than 10 days prior to the record date
in respect thereof.

                                      A-6
<PAGE>

                  (d) Notices. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or
certified mail, postage prepaid, or otherwise delivered by hand or by a
nationally recognized overnight courier, as follows:

                  If to the Company:

                           Lexington Precision Corporation
                           767 Third AVE
                           New York, NY  10017
                           Attention:  President

                  If to the holder:

                           at  the  address  of  the   registered
                           holder then  maintained on the Warrant
                           Register.

                  If to the Warrant Agent:

                           (i)      by registered or certified mail:

                           Wilmington Trust Company
                           DC-1615
                           Reorg Services
                           P.O. Box 8861
                           Wilmington, DE 19899-8861
                           Attention: Aubrey Rosa

                           (ii)     by hand delivery or overnight courier:

                           Wilmington Trust Company
                           Reorg Services
                           1100 North Market ST
                           Rodney Square North
                           Wilmington, DE 19890-1615
                           Attention: Aubrey Rosa

All such notices (other than notices of exercise of this Warrant, which shall be
deemed to have been received only upon actual receipt thereof by the Warrant
Agent) and communications shall be deemed to have been received (i) in the case
of personal delivery, on the date of such delivery, (ii) in the case of a
nationally recognized overnight courier, on the next business day after the date
when sent, and (iii) in the case of mailing, on the third business day following
the date on which the piece of mail containing such communication has been
deposited in a regularly maintained receptacle for the deposit of the United
States mail, addressed and mailed as aforesaid.

                  (e)      No Impairment. The Company will not, by amendment of
its Certificate of Incorporation or through any reorganization, transfer of
assets, consolidation, merger,

                                      A-7
<PAGE>

dissolution, issuance or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions in this Warrant.

                  (f)      Governing Law. Except to the extent that the General
Corporation Law of the State of Delaware may govern this Warrant by virtue of
the fact that the Company is incorporated under the laws of the State of
Delaware, this Warrant shall be governed by and construed under the laws of the
State of New York without regard to its conflict of laws rules or principles.

                  (g)      Countersignature. This Warrant shall not be valid or
obligatory for any purpose until it shall have been countersigned by the Warrant
Agent.

                                      A-8
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officers thereunto duly authorized.

Dated: _____________

                                          LEXINGTON PRECISION CORPORATION

                                          By:___________________________________
                                          Name:_________________________________
                                          Title: _______________________________

                                                     - and -

                                          By:___________________________________
                                          Name:_________________________________
                                          Title: _______________________________

COUNTERSIGNED:

WILMINGTON TRUST COMPANY
as Warrant Agent

By: _______________________________
Name: _____________________________
Title: ____________________________

                                      A-9
<PAGE>

                                   Exhibit A to Warrant to Purchase Common Stock

                               NOTICE OF EXERCISE

TO:  Lexington Precision Corporation

                  1.       The undersigned hereby elects to purchase ________
shares of the Common Stock of Lexington Precision Corporation pursuant to the
terms of the attached Warrant, and tenders herewith payment of the purchase
price of such shares in full.

                  2.       Please issue a certificate or certificates
representing said shares of Common Stock in the name of the undersigned or in
such other name as is specified below:

                         ______________________________
                                     (Name)

                         ______________________________
                         ______________________________
                                    (Address)

                  3.       The undersigned represents that the aforesaid shares
of Common Stock are being acquired for the account of the undersigned for
investment and not with a view to, or for resale in connection with, the
distribution thereof and that the undersigned has no present intention of
distributing or reselling such shares.

_____________________________                   ________________________________
                   (Date)                           (Name of Warrant Holder)

                                                By:_____________________________

                                                Title:__________________________

                                      A-10
<PAGE>

                                   Exhibit B to Warrant to Purchase Common Stock

                       INVESTMENT REPRESENTATION STATEMENT

                  The undersigned hereby represents to Lexington Precision
Corporation (the "Company") and to Wilmington Trust Company, as Warrant Agent,
as follows:

                  The securities to be received upon the exercise of the Warrant
to which this Statement is an exhibit (the "Warrant") will be acquired for
investment for its own account, not as a nominee or agent, and not with a view
to the sale or distribution of any part thereof, and the undersigned has no
present intention of offering, selling, granting participation in, or otherwise
distributing the same in any transaction that would be in violation of
applicable federal or state securities laws, but subject to any requirement of
law that the disposition of its property shall at all times be within its
control. By executing this Statement, the undersigned further represents that it
does not have any contract, undertaking, agreement, or arrangement with any
person to offer, sell, transfer, grant participations in, or otherwise
distribute to such person or to any third person any securities issuable upon
exercise of the Warrant.

                  The undersigned acknowledges that the securities issuable upon
exercise of the Warrant at the time of issuance may not be registered under the
Securities Act of 1933, as amended (the "Act"), or any applicable state
securities laws on the ground that the issuance of such securities is exempt
pursuant to Section 4(2) of the Act and state law exemptions relating to offers
and sales not by means of a public offering, and that the Company's reliance on
such exemptions is predicated on the undersigned's representations set forth
herein. The undersigned represents that it is an "accredited investor" within
the meaning of Rule 501 of Regulation D under the Act as presently in effect or
a "qualified institutional buyer" within the meaning of Rule 144A under the Act
as presently in effect.

                  The undersigned agrees that in no event will it make a
disposition of any securities acquired upon the exercise of the Warrant unless
and until (a) it shall have notified the Company of the proposed disposition and
shall have furnished to the Company a statement of the circumstances surrounding
the proposed disposition, and (b) it shall have furnished the Company with an
opinion of counsel satisfactory to the Company to the effect that (i)
appropriate action necessary for compliance with the Act and any applicable
state securities laws has been taken and an exemption from the registration
requirements of the Act and such laws is available, and (ii) the proposed
transfer will not violate any of said laws.

                  The undersigned acknowledges that an investment in the Company
is highly speculative and represents that it is able to fend for itself in the
transactions contemplated by this Statement, that it has such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risks of their investments, and that it has the ability to bear the
economic risks (including the risk of a total loss) of its investment. The
undersigned represents that it has had the opportunity to ask questions of the
Company concerning the Company's business and assets and to obtain any
additional information that it considered necessary to verify the accuracy of or
to amplify on the Company's disclosures, and that it has had all questions asked
by it satisfactorily answered by the Company.

                                      A-11
<PAGE>

                  The undersigned acknowledges that the securities issuable upon
exercise of the Warrant must be held indefinitely unless subsequently registered
under the Act or an exemption from such registration is available. The
undersigned is aware of the provisions of Rule 144 promulgated under the Act
that permit limited resale of securities purchased in a private placement
subject to the satisfaction of certain conditions, including, among other
things, the existence of a public market for such securities, the availability
of certain current public information about the Company, the resale occurring
not less than one year after a party has purchased and paid for the securities,
the sale being executed through a "broker's transaction" or in transactions
directly with "market makers" (as provided by Rule 144(f)) and the number of
securities being sold during any three-month period not exceeding specified
limitations.

_____________________________                   ________________________________
                   (Date)                           (Name of Warrant Holder)

                                                By:_____________________________

                                                Title:__________________________

                                      A-12
<PAGE>

                                   SCHEDULE I
                          COMPENSATION OF WARRANT AGENT

                                      A-13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]