Document:

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                                                                    EXHIBIT 10.1

                                 PROMISSORY NOTE

                                                              New York, New York
$1,119,851.64                                                      June 26, 2000

         FOR VALUE RECEIVED, LEXINGTON PRECISION CORPORATION ("Debtor") promises
to pay to the order of THE CIT GROUP/EQUIPMENT FINANCING, INC. ("CIT"), at such
address as CIT may designate, in lawful money of the United States, the
principal sum of ONE MILLION ONE HUNDRED NINETEEN THOUSAND EIGHT HUNDRED
FIFTY-ONE AND 64/100 DOLLARS ($1,119,851.64) in sixty (60) consecutive monthly
installments, commencing on August 1, 2000 with the following installments on
the same day of each month thereafter until payment in full of this Note. The
first fifty-nine (59) monthly installments shall be level payments of principal
each in the amount of $18,664.19, and the sixtieth (60th) and final payment
shall be a payment of principal in the amount of $18,664.43. Debtor shall pay
interest together with such installment of principal, in like money, from the
date hereof until payment in full, on the unpaid principal balance hereof at an
interest rate per annum equal to two and fifty hundredths percent (2.50%) above
the LIBOR Rate. Each payment shall be applied first to the payment of any unpaid
interest on the principal sum and then to payment of principal. Interest shall
be calculated on the basis of a 360-day year and actual number of days elapsed.
Any amount not paid when due under this Note shall bear late charges thereon,
calculated at the Late Charge Rate, from the due date thereof until such amount
shall be paid in full. Any payment received after the maturity of any
installment of principal shall be applied first to the payment of unpaid late
charges, second to the payment of any unpaid interest on said principal, and
third to the payment of principal.

         This Note is one of the Notes referred to in the Loan and Security
Agreement dated as of March 19, 1997 between Debtor and CIT (herein, as the same
may from time to time be amended, supplemented or otherwise modified, called the
"Agreement"), is secured as provided in the Agreement, and is subject to
prepayment only as provided therein, and the holder hereof is entitled to the
benefits thereof.

         Terms defined in the Agreement shall have the same meaning when used in
this Note, unless the context shall otherwise require.

         Except as provided in Section 6 of the Agreement, Debtor hereby waives
presentment, demand of payment, notice of dishonor, and any and all other
notices or demands in connection with the delivery, acceptance, performance,
default or enforcement of this Note and hereby consents to any extensions of
time, renewals, releases of any party to this Note, waivers or modifications
that may be granted or consented to by the holder of this Note.

         Upon the occurrence of any one or more of the Events of Default
specified in the Agreement, the amounts then remaining unpaid on this Note,
together with any interest accrued, may be declared to be (or, with respect to
certain Events of Default, automatically shall become) immediately due and
payable as provided therein.

         In the event that any holder shall institute any action for the
enforcement or the collection of this Note, there shall be immediately due and
payable, in addition to the unpaid balance hereof, all late charges and all
costs and expenses of such action, including reasonable attorneys' fees. In
accordance with the provisions of the Agreement, DEBTOR AND CIT WAIVE TRIAL BY
JURY IN ANY LITIGATION RELATING TO OR IN CONNECTION WITH THIS NOTE IN WHICH THEY
SHALL BE ADVERSE PARTIES, and Debtor hereby waives the right to interpose any
setoff, counterclaim or defense of any nature or description whatsoever, but
Debtor shall have the right to assert in an
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independent action against CIT any such defense, offset or counterclaim
(including any compulsory counterclaim) which it may have which has not
otherwise been waived pursuant to the Agreement.

         Debtor agrees that its liabilities hereunder are absolute and
unconditional without regard to the liability of any other party, and that no
delay on the part of the holder hereof in exercising any power or right
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any power or right hereunder preclude other or further exercise
thereof or the exercise of any other power or right.

         If at any time this transaction would be usurious under applicable law,
then regardless of any provision contained in the Agreement, in this Note or in
any other agreement made in connection with this transaction, it is agreed that
(a) the total of all consideration which constitutes interest under applicable
law that is contracted for, charged or received upon the Agreement, this Note or
any such other agreement shall under no circumstances exceed the maximum rate of
interest authorized by applicable law and any excess shall be credited to Debtor
and (b) if CIT elects to accelerate the maturity of, or if CIT permits Debtor to
prepay the indebtedness described in, this Note, any amounts which because of
such action would constitute interest may never include more than the maximum
rate of interest authorized by applicable law and any excess interest, if any,
shall be credited to Debtor automatically as of the date of acceleration or
prepayment.

         THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.

                                                 LEXINGTON PRECISION CORPORATION

                                                  By: Warren Delano
                                                      --------------------------

                                                  Title: President
                                                         -----------------------<PAGE>   1
                                                                    EXHIBIT 10.2

                 AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT

         This Amendment No. 4 (the "Amendment") dated as of June 26, 2000 to
Loan and Security Agreement by and between THE CIT GROUP/EQUIPMENT FINANCING,
INC. (`Lender"), Lexington Precision Corporation ("LPC").

         WHEREAS, Lender and LPC are parties to a Loan and Security Agreement
dated as of March 19, 1997, including Rider A thereto (the "Agreement").

         WHEREAS, LPC and Lender desire to amend the Agreement as provided
herein.

         NOW, THEREFORE, in consideration of the premises and the mutual
promises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by the parties hereto,
the parties hereto hereby agree as follows:

         1. Capitalized terms used herein, unless otherwise defined herein,
shall have the meaning ascribed thereto in the Agreement.

         2. Section 2 of Rider A to the Agreement is hereby amended in its
entirety to read as follows:

         "2. LOAN AND COMMITMENT. The aggregate principal amount of all Loans
         shall not exceed the lesser of (a) $8,500,000 and (b) 100% of the Cost
         of new items of Equipment and 90% of the Cost of used items of
         Equipment. Each Loan shall be in a principal amount of not less than
         $300,000, and CIT shall not make more than six (6) Loans. Each Loan
         shall be amortized in sixty (60) level payments of principal. Interest
         on the unpaid principal balance shall be payable at the rate specified
         in the Notes. Interest shall be payable monthly on the first day of
         each calendar month commencing with the second calendar month after the
         day the Loan is made. CIT's Commitment shall terminate on June 30,
         2000. The proceeds of each Loan shall be to finance the purchase of, or
         reimburse Debtor for the cost of, the Equipment."

         3. Except as specifically amended herein, the Agreement remains in
effect in accordance with its terms.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed and delivered by their respective duly authorized officers as of
the day and year first written above.

                                THE CIT GROUP/EQUIPMENT FINANCING, INC.

                                By:     Fritz Brown
                                        ---------------------------------

                                Title:  Assistant Vice President/Credit
                                        ---------------------------------

                                LEXINGTON PRECISION CORPORATION

                                By:     Warren Delano
                                        ---------------------------------

                                Title:  President
                                        ---------------------------------<PAGE>   1

                                                                    EXHIBIT 10.3

                                    AGREEMENT
                         (14% Junior Subordinated Notes)

         This Agreement dated as of July 31, 2000 (the "Agreement"), between
Lexington Precision Corporation, a Delaware corporation (the "Company"), and
Michael A. Lubin ("Holder").

         WHEREAS, Holder is the holder of certain 14% Junior Subordinated Notes
due August 1, 2000, of the Company in the aggregate original principal amount of
the U.S. $346,666.67 (individually, a "Note" and collectively, the "Notes");

         WHEREAS, the Company and Holder desire to, among other things, extend
the maturity date of the Notes, defer the payment of certain interest on the
Notes, and provide for the waiver of certain events of default, all on and
subject to the terms hereof;

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

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

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

         3. MODIFICATION OF NOTES.

         Notwithstanding anything to the contrary in the Notes, the Company and
the Holder hereby agree that (a) the maturity date of the Notes is extended to
November 1, 2000, and (b) the interest on the Notes that is due and payable on
August 1, 2000 (the "August 2000 Interest Payment"), will be deemed to be
Defaulted Interest but will be payable on the earlier of (i) November 1, 2000,
or (ii) a date that is substantially contemporaneous with the amendment of the
Other Indebtedness, as contemplated by the Company's Consent Solicitation
Statement dated December 28, 1999.

         4. EFFECTIVE DATE; APPLICABILITY; LEGEND.

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

                  THIS NOTE HAS BEEN MODIFIED PURSUANT TO THOSE CERTAIN
         AGREEMENTS DATED AS OF JANUARY 31, 2000, APRIL 30, 2000, AND JULY 31,
         2000, COPIES OF WHICH ARE AVAILABLE FOR INSPECTION AT THE OFFICES OF
         THE

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         COMPANY AT 767 THIRD AVENUE, 29TH FLOOR, NEW YORK, NEW YORK, AND
         REFERENCE SHOULD BE MADE THERETO FOR THE TERMS THEREOF.

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

         6. NO OTHER AMENDMENTS.

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

         7. GENERAL PROVISIONS.

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

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

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

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

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

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

                                       LEXINGTON PRECISION CORPORATION

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

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

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