Document:

Exhibit No. 10(25)

                             SPLIT-DOLLAR AGREEMENT

      SPLIT-DOLLAR AGREEMENT (this "Agreement") made and entered into as of this
20th day of November, 2000 by and between American Biltrite Inc., a Delaware
corporation with principal offices and a principal place of business in the
Commonwealth of Massachusetts (the "Corporation"), and Howard N. Feist III, an
individual residing in the State of Massachusetts (the "Employee").

      The Employee is employed by the Corporation as a Vice President-Finance
and Chief Financial Officer.

      The Employee desires that his family be provided life insurance protection
under a policy of life insurance insuring the Employee's life, described in
Exhibit A attached hereto and by this reference made a part hereof (the
"Policy"). The Policy has been issued by John Hancock Life Insurance Company
(the "Insurer").

      The Employee is the owner of the Policy and, as such, possesses all
incidents of ownership in and to the Policy, including without limitation the
right to designate the Policy beneficiary.

      The Corporation is willing to pay a portion of the premiums due on the
Policy as an additional employment benefit for the Employee, on the terms and
conditions hereinafter set forth.

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      The Corporation desires to have the Policy collaterally assigned to it by
the Employee in order to secure the repayment of the amounts which it will pay
toward the premiums on the Policy.

      In consideration of the premises and of the mutual promises contained
herein, the parties hereto agree as follows:

      1.    The Policy. The Policy has a Selected Face Amount (as such term is
            defined in the Policy) of $2,500,000. The parties hereto agree that
            they will take any action which may be necessary to cause the Policy
            to conform to the provisions of this Agreement. The parties hereto
            agree that the Policy shall be subject to the terms and conditions
            of this Agreement and of the related collateral assignment filed
            with the Insurer relating to the Policy.

      2.    Ownership of Policy. The Employee is the sole and absolute owner of
            the Policy. The Employee shall have and may exercise all ownership
            rights granted to the owner of the Policy by its terms, including
            without limitation the right to designate the Policy beneficiary and
            the right to elect and change both the Selected Face Amount and the
            investment options of the Policy, except as may otherwise be
            provided herein.

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      3.    Payment of Premiums.

                  a. On or prior to the date which is 30 days prior to the due
            date of each Policy premium, the Corporation shall notify the
            Employee of the exact amount due from the Employee to the
            Corporation hereunder toward payment of the Planned Annual Premium
            (as such term is defined in the policy), which shall be an amount
            equal to the annual cost of current life insurance protection on the
            life of the Employee, measured by the lower of the P.S. 58 rate, set
            forth in Revenue Ruling 55-747 (or the corresponding applicable
            provision of any future Revenue Ruling), or the Insurer's current
            published premium rate for annually renewable term insurance for
            standard risks. The Employee shall pay such required contribution to
            the Corporation prior to the premium due date. If the Employee fails
            to make such timely payment, the Corporation, in its sole
            discretion, may elect to make such portion of the premium payment,
            which payment shall be recovered by the Corporation as provided
            herein.

                  b. On or before the due date of each Policy premium, or within
            the grace period provided therein, the

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            Corporation shall pay the full amount of the Planned Annual Premium
            to the Insurer and shall, upon request, promptly furnish the
            Employee evidence of timely payment of such premium. Except with the
            consent of the Employee, the Corporation shall not pay less than the
            Planned Annual Premium, but it may, in its discretion, at any time
            and from time to time, subject to acceptance of such amount by the
            Insurer, pay more than the Planned Annual Premium or make other
            premium payments on the Policy. The Corporation shall annually
            furnish the Employee a statement of the amount of income reportable
            by the Employee for federal and state income tax purposes as a
            result of the insurance protection provided to the Policy
            beneficiary.

      4.    Collateral Assignment. To secure repayment to the Corporation of the
            amount of the premiums on the Policy paid by it hereunder, the
            Employee has contemporaneously herewith assigned the Policy to the
            Corporation as collateral, under a form acceptable to the Insurer
            for such assignments. The collateral assignment of the Policy to the
            Corporation hereunder shall not be terminated, altered or amended by
            the Employee without the express written

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            consent of the Corporation. The parties hereto agree to take all
            action necessary to cause such collateral assignment to conform to
            the provisions of this Agreement.

      5.    Limitations on Employee's Rights in Policy.

                  a. Except as otherwise provided herein, the Employee shall not
            sell, assign, transfer, borrow against or withdraw from the cash
            surrender value of the Policy, surrender or cancel the Policy,
            change the beneficiary designation provision thereof or increase or
            decrease the Selected Face Amount without, in any such case, the
            express written consent of the Corporation.

                  b. Notwithstanding any provision hereof to the contrary, the
            Employee shall have the sole authority to direct the manner in which
            the Separate Account (as such term is defined in the Policy)
            established pursuant to the terms of the Policy shall be allocated
            among the various investment options from time to time available
            under the Policy and to change such allocation from time to time, as
            provided for in the Policy; provided, however, that at least

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            50% of the annual premium paid must at all times be allocated to one
            or more of the following: the Guaranteed Principal Account (as such
            term is defined in the Policy); a short-term government bond fund;
            or a money market account.

                  c. The Corporation shall have the right to borrow that portion
            of the loan value of the Policy equal in amount to the total amount
            of the premiums advanced by the Corporation on behalf of the
            Employee hereunder, reduced by any then outstanding indebtedness
            secured by the Policy which was incurred by the Corporation,
            including any interest due on such indebtedness (the "net
            premiums"). Interest on such Policy loan shall be the responsibility
            of the Corporation as such interest becomes due. The Employee shall
            have the right to borrow that portion of the loan value of the
            Policy equal in amount to the net premiums for the sole purpose of
            paying such amount to the Corporation under Section 8.a. of this
            Agreement if it is terminated during the lifetime of the Employee.
            In the event of any such borrowing, the loan proceeds shall be paid
            by the Insurer directly to the Corporation, and such payment shall
            discharge completely

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            all obligations owing from the Employee to the Corporation under
            this Agreement with respect to the Policy. Interest on any such
            Policy loan shall be the responsibility of the Employee as such
            interest becomes due.

      6.    Collection of Death Proceeds.

                  a. Upon the death of the Employee, the Corporation and the
            Policy beneficiary shall cooperate to take whatever action is
            necessary to collect the death benefit provided under the Policy.
            When such benefit has been collected and paid as provided herein,
            this Agreement shall thereupon terminate.

                  b. Upon the death of the Employee, the Corporation shall have
            the unqualified right to receive a portion of such death benefit
            equal to the net premiums paid by it. The balance of the death
            benefit provided under the Policy, if any, shall be paid directly to
            the Policy beneficiary in the manner and in the amount or amounts
            provided in the beneficiary designation provision of the Policy. In
            no event shall the amount payable to the Corporation hereunder
            exceed the Policy proceeds payable as a result of the maturity of
            the Policy as a death claim. No amount shall be paid from such death
            benefit to the

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            Policy beneficiary until the full amount due the Corporation
            hereunder has been paid.

                  c. Notwithstanding any provision hereof to the contrary, in
            the event that, for any reason whatsoever, no death benefit is
            payable under the Policy upon the death of the Employee and in lieu
            thereof the Insurer refunds all or any part of the premiums paid for
            the Policy, the Corporation shall have the unqualified right to such
            premiums in an amount not to exceed the net premiums paid by it.

      7.    Termination of this Agreement During the Lifetime of the Employee.

                  a. This Agreement shall terminate during the lifetime of the
            Employee, without notice, upon the occurrence of any of the
            following events: (a) total cessation of the Corporation's business;
            (b) liquidation or dissolution of the Corporation; or (c)
            termination of the Employee's employment by the Corporation for
            Cause (as defined below). For the purposes of this Section 7.a.,
            "Cause" shall mean: (i) conviction of the Employee for any felony or
            for fraud or embezzlement; (ii) the Employee's willful and continued
            refusal to substantially perform reasonably assigned duties with the
            Corporation (other than

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            any such refusal resulting from incapacity due to physical or mental
            illness or disability) after a written demand for substantial
            performance is delivered to the Employee identifying the manner in
            which the Corporation believes that the Employee has willfully and
            continuously refused to substantially perform his duties; or (iii)
            other willful misconduct by the Employee which is materially
            injurious to the Corporation. For the purposes of this Section 7.a.,
            no act or failure to act shall be considered "willful" unless done
            or omitted to be done not in good faith and without reasonable
            belief that such action or omission was in the best interest of the
            Corporation.

                  b. The Corporation may terminate this Agreement at any time
            after the date which is 16 years after the Issue Date (as such term
            is defined in the Policy) by written notice to the Employee. Such
            termination shall be effective as of the date of such notice.

                  c. In addition, the Employee may terminate this Agreement
            during the lifetime of the Employee and while no premium under the
            Policy is overdue, by written notice to the Corporation. Such
            termination shall be effective as of the date of such notice.

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      8.    Disposition of the Policy on Termination of this Agreement During
            the Lifetime of the Employee.

                  a. For 60 days after the date of the termination of this
            Agreement during the lifetime of the Employee under Section 7 of
            this Agreement, the Employee shall have the option of obtaining the
            release of the collateral assignment of the Policy to the
            Corporation. To obtain such release, the Employee shall repay to the
            Corporation an amount equal to the total amount of the net premiums
            paid by the Corporation. Upon receipt of such amount, the
            Corporation shall release the collateral assignment of the Policy by
            the execution and delivery of an appropriate instrument of release.

                  b. If the Employee fails to exercise such option within such
            60-day period, then, at the request of the Corporation, the Employee
            shall execute any document or documents required by the Insurer to
            transfer all interests of the Employee in the Policy, including
            without limitation the Employee's right to designate the Policy
            beneficiary, to the Corporation. Alternatively, the Corporation may
            enforce its right to be repaid the amount due it hereunder from the
            cash surrender value of the Policy under the

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            collateral assignment of the Policy; provided, however, that in the
            event the cash surrender value of the Policy exceeds the amount due
            the Corporation hereunder, such excess shall be paid to the
            Employee. Thereafter, neither the Employee nor the Employee's
            successors, assigns or beneficiaries shall have any further interest
            in and to the Policy under the terms thereof or under this
            Agreement.

      9.    Insurer Not a Party. The Insurer shall be fully discharged from its
            obligations under the Policy by payment of the Policy death benefit
            to the beneficiary or beneficiaries named in the Policy, subject to
            the terms and conditions of the Policy. In no event shall the
            Insurer be considered a party to this Agreement or any modification
            or amendment hereof. No provision of this Agreement nor of any
            modification or amendment hereof shall in any way be construed as
            enlarging, changing, varying or in any other way affecting the
            obligations of the Insurer as expressly provided in the Policy,
            except insofar as the provisions hereof are made a part of the
            Policy by the collateral assignment executed by the Employee and
            filed with the Insurer in connection herewith.

      10.   Named Fiduciary, Determination of

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            Benefits, Claims Procedure and Administration.

                  a. The Corporation is hereby designated as the named fiduciary
            under this Agreement. The named fiduciary shall have authority to
            control and manage the operation and administration of this
            Agreement, and it shall be responsible for establishing and carrying
            out a funding policy and method consistent with the objectives of
            this Agreement. The Corporation may allocate to others certain
            aspects of the management and operational responsibilities of this
            Agreement, including by the employment of advisors and the
            delegation of any ministerial duties to qualified individuals.

                  b. (1) Claim.

            A person who believes that he or she is being denied a benefit to
            which he or she is entitled under this Agreement (hereinafter
            referred to as a "Claimant") may file a written request for such
            benefit with the Corporation, setting forth his or her claim. The
            request must be addressed to the President of the Corporation at its
            then principal place of business.

                  (2) Claim Decision.

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            Upon receipt of a claim, the Corporation shall advise the Claimant
            that a reply will be forthcoming within 90 days and shall, in fact,
            deliver such reply within such 90-day period. Upon written notice
            prior to the expiration of the 90-day reply period, the Corporation
            may, however, extend the reply period for an additional 90 days for
            reasonable cause. If the claim is denied in whole or in part, the
            Corporation shall adopt a written opinion, using language calculated
            to be understood by the Claimant, setting forth: (A) the specific
            reason or reasons for such denial; (B) the specific reference to
            pertinent provisions of this Agreement on which such denial is
            based; (C) a description of any additional material or information
            necessary for the Claimant to perfect his or her claim and an
            explanation why such material or such information is necessary; (D)
            appropriate information as to the steps to be taken if the Claimant
            wishes to submit the claim for review; and (E) the time limits for
            requesting a review under subsection (3) and for review under
            subsection (4) of this Section 10.b. If a notice of denial is not
            received within the reply period, the claim shall be deemed denied
            and the Claimant shall be permitted to request review, as set forth
            below.

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                  (3) Request for Review.

            Within 60 days after the receipt by the Claimant of the written
            opinion described above (or, in the case of a deemed denial, within
            60 days after the end of the reply period), the Claimant may request
            in writing that the Secretary of the Corporation (the "Secretary")
            review the determination of the Corporation. Such request must be
            addressed to the Secretary, at the Corporation's then principal
            place of business. The Claimant or his or her duly authorized
            representative may, but need not, review the pertinent documents and
            submit issues and comments in writing for consideration by the
            Secretary. If the Claimant does not request a review by the
            Secretary of the Corporation's determination within such 60-day
            period, he shall be barred and estopped from challenging the
            Corporation's determination, except as may be otherwise provided
            herein.

                  (4) Review of Decision.

            Within 60 days after the Secretary's receipt of a request for
            review, he or she will review the Corporation's determination. After
            considering all materials presented by the Claimant, the Secretary
            will render a written opinion, using

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            language calculated to be understood by the Claimant, setting forth
            the specific reasons for the decision and containing specific
            references to the pertinent provisions of this Agreement on which
            the decision is based. If special circumstances require that the
            60-day time period be extended, the Secretary will so notify the
            Claimant and will render the written opinion as soon as possible,
            but no later than 120 days after receipt of the request for review.
            If the written opinion on review is not rendered within the 60-day
            period (or the 120-day period, if an extension is granted), the
            claim shall be deemed denied on review.

                  (5) Payment of Claim.

            If and when a claim is determined to be payable, the Corporation
            will promptly issue a check to the Claimant.

                  (6) Other Remedies.

            After exhaustion of the claims procedures set forth in this Section
            10.b., nothing shall prevent any person from pursuing any other
            legal or equitable remedy otherwise available, including without
            limitation legal action in federal court.

      11.   Amendment. This Agreement may not be amended, altered or modified,
            except by a written instrument signed

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            by the parties hereto or their respective successors or assigns, and
            may not be otherwise terminated except as provided herein.

      12.   Binding Effect; No Third-party Beneficiary.

            This Agreement shall be binding upon and inure to the benefit of the
            Corporation and its successors and assigns and the Employee and his
            respective successors, assigns, heirs, executors, administrators and
            beneficiaries. This Agreement shall not confer any rights or
            remedies upon any person other than the parties hereto and their
            respective successors and assigns.

      13.   Notice. Any notice, consent or demand required or permitted to be
            given under the provisions of this Agreement shall be in writing and
            shall be signed by the party giving or making the same. Any such
            notice, consent or demand mailed to a party hereto shall be sent by
            United States certified mail, postage prepaid, or sent by a
            nationally recognized overnight delivery service, charges prepaid,
            in each case addressed to such party's last known address as shown
            on the records of the Corporation. The

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            date of such mailing shall be deemed the date of notice, consent or
            demand.

      14.   Governing Law. This Agreement, and the rights of the parties
            hereunder, shall be governed by and construed in accordance with the
            laws of the Commonwealth of Massachusetts.

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      IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in
duplicate, as of the day and year first above written.

                                            By /s/ Howard N. Feist
                                               -------------------
                                               Howard N. Feist III

ATTEST:                                     AMERICAN BILTRITE INC.

/s/  Henry W. Winkleman                     By /s/  William M. Marcus
-----------------------                        ----------------------------
Secretary                                      Name: William M. Marcus
                                               Title: Executive Vice President

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                                    EXHIBIT A

      The following life insurance policy is subject to the attached
Split-Dollar Agreement:

Insurer: John Hancock Life Insurance Company
         -----------------------------------------------------------------------

Insured: Howard N. Feist III
         -----------------------------------------------------------------------

Policy Number: 58490001
               -----------------------------------------------------------------

Selected Face Amount of Insurance: $2,500,000
                                   ---------------------------------------------

Issue Date: November 20, 2000
            --------------------------------------------------------------------

                                       92SUBSCRIPTION AGREEMENT

                             Birch Financial, Inc.
                               15722 Kadota St.
                           Sylmar, California 91342

     THIS SUBSCRIPTION AGREEMENT made this ____ day of ______________, 2001,
by and between Birch Financial, Inc., a Nevada corporation (the "Issuer" or
the "Company"), and _____________________________ (the "Subscriber"), who,
for, and in consideration of the mutual promises and covenants set forth
herein, do hereto agree as follows:

1.  Subscription.  The Subscriber hereby subscribes for ______ shares of $0.01
par value Common Stock (the "Shares") of the Issuer at $1.25 pre share and
herewith tenders a subscription to the Issuer in the amount of
______________________________________________ Dollars ($_______________)
which the Subscriber has tendered herewith as payment for the Shares.  This
Subscription Agreement ("Subscription") is an irrevocable offer by the
Subscriber to subscribe for the Shares offered by the Issuer, and, subject to
the terms hereof, shall become a contract for the sale of said Shares upon the
acceptance thereof by the Issuer, and, subject to the terms hereof, shall have
become a contract for the sale of said Shares upon the acceptance thereof by
the Issuer.

2.  Acceptance.  This Subscription Agreement is made subject to the Company's
discretionary right to accept or reject the subscription herein, and the
Subscriber will be notified upon closing of the offering (the "Acceptance
Date") whether the subscription has been accepted.  If the Issuer shall for
any reason reject this Subscription, the Subscription will be refunded in
full, without interest, and this Subscription Agreement shall be null, void
and of no effect.  Acceptance of this subscription by the Issuer will be
evidenced by the execution hereof by an officer of the Issuer.

3.  Subscriber Representations.  The Subscriber hereby represents and warrants
that in connection with this offering the Subscriber has received a
prospectus from the Company which the Subscriber has reviewed and is familiar
with the contents thereof.

4.  Governing Law.  This Subscription shall be governed by the laws of the
State of Nevada.

5.  Entire Agreement.  This Subscription Agreement together with the other
documents executed contemporaneously herewith, constitute the entire agreement
between the parties with respect to the matters covered thereby, and may only
be amended by a writing executed by all parties hereto.

6.  Survival of Representations.  The representations, warranties,
acknowledgments and agreements made by the Subscriber shall survive the
acceptance of this Subscription and run in favor of, and for the benefit of,
the Company.

7.  Power of Attorney of Spouse.  If the Subscriber is a married person, the
Subscriber agrees to cause the Subscriber's spouse to execute this Agreement
at the space provided for that spouse's signature immediately following the
signature of the Subscriber, and by such signature hereto said spouse
certifies that the said spouse is the spouse of the person who signed this
Agreement, that said spouse has read and approves the provisions hereof and
hereby consents and agrees to this Agreement and agrees to be bound by and
accept such provisions of this Agreement in lieu of all other interests said
spouse may have in the Company, whether such interest be community property or
otherwise.  Said spouse grants to the subscriber irrevocable power of attorney
to represent said spouse in all matters connected with the Company to the end
that, in all cases, the Company may rely on any approval, direction, vote or
action taken by the Subscriber, as said spouse's attorney-in-fact.  Such power
of attorney is, and shall be deemed to be, coupled with an interest so that
the authority granted hereby may continue during the entire period of the
Company and regardless of the death or incapacity of the spouse granting the
same.  Said spouse further agrees to execute, acknowledge and deliver such
other and further instruments and documents as may be required to evidence
such power of attorney.

<PAGE>

8.  No waiver of modification of any of the terms of this Agreement shall be
valid unless in writing.  No wavier of a breach of, or default under, any
provision hereof shall be deemed a waiver of such provision or of any
subsequent breach or default of the same or similar nature or of any other
provision or condition of this Agreement.

9.  Counterparts.  This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall be
deemed an original, but all of which together shall constitute one and the
same instrument.

10. Notices.  Except as otherwise required in this Agreement, any notice
required or permitted under this Agreement shall be given in writing and shall
be deemed effectively given upon personal delivery or upon deposit with the
United States Post Office, by registered or certified mail, postage prepaid,
addressed to the last known address of the party.

11. Non-Assignability.  The obligations of the Subscriber hereunder shall not
be delegated or assigned to any other party without the prior written consent
of the Company.

12. Expenses.  Each party shall pay all of its costs and expenses that it
incurs with respect to the negotiation, execution and delivery of this
Agreement.

13. Form of Ownership.  Please indicate the form of ownership that the
Subscriber desires for the Shares:

     _____ Individual

     _____ Joint Tenants with Right of Survivorship

     _____ Tenants in Common

     _____ Community Property

     _____ Trust

     _____ Corporation

     _____ Partnership

     _____ Other: ________________________

<PAGE>

     By signing this agreement the subscriber has not waived any rights under
the Securities Act of 1933 and the Securities Exchange Act of 1934.

INDIVIDUAL(S) SIGN HERE:

     SUBSCRIBER:

     -----------------------------------     ---------------------------
     Signature                               Date

     -----------------------------------     ---------------------------
     Printed Name

     -----------------------------------
     Address

     -----------------------------------
     City                State     Zip

     -------------------------               ---------------------------
     Social Security No.                     Number of Shares Subscribed
                                             For Purchase

     SPOUSE OF SUBSCRIBER:

     -----------------------------------
     Signature

ORGANIZATION(S) SIGN HERE:

     SUBSCRIBER:

     -----------------------------------     ---------------------------
     Print name of organization              Date

     By
       --------------------------------

     Title
          -----------------------------

     -----------------------------------
     Address

     -----------------------------------
     City

     -----------------------------------     ---------------------------
     Federal ID Number (EIN)                 Number of Shares Subscribed
                                             for Purchase

ACCEPTED: Birch Financial

     By --------------------------------     ---------------------------
        Efraim Donitz                        Date

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