Document:

Exhibit 10.22 

	
 

	
 

	
 

	
 

	
PRESIDENTIAL

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
REALTY

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
CORPORATION

	
 

	
180 South Broadway – White
 Plains, N.Y. 10605 – (914) 948-1300

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
September 11,

2007                   
          

	
 

	
 

	
 

	
 

	
 

Arthur Cohen
Trust 

Martin Cohen Trust 

Stephen Silverstein 

Lyla Dolgin 

Dear Partners:

          The
Letter Agreement dated September 16, 2005 (the “Existing Letter Agreement”)
with respect to loans to be made by PDL, Inc. (the “General Partner”) to PDL,
Inc. and Associates Limited Co-partnership (the “Partnership”) is hereby
amended in the following respects. 

	
 

	
 

	
 

	
 

	
1)

	
Presidential
 will lend the Partnership up to an additional $500,000 for the purposes set
 forth in the Existing Letter Agreement, so that the total amount of the Loan
 (as defined in the Existing Letter Agreement) will be a maximum of
 $2,500,000. 

	
 

	
 

	
 

	
 

	
2)

	
The interest
 rate on the last $500,000 to be lent by the General Partner will be 13% per
 annum and otherwise payable under the same terms and conditions as set forth
 in the Existing Letter Agreement. 

	
 

	
 

	
 

	
 

	
3)

	
If the net
 proceeds of a refinancing of the existing first mortgage on the property
 (expected to be accomplished on or before May 1, 2008) are not sufficient to
 repay the Loan in full (including the additional $500,000 advance), then any unpaid
 principal balance of the Loan shall thereafter accrue interest at the rate of
 13% per annum and be otherwise payable in accordance with the terms of the
 Existing Letter Agreement. 

September 11, 2007 

Page 2 of 2 

          Please
sign a copy of this letter in the space provided below for your signature and
return the executed copy to the undersigned in order to evidence your agreement
to the above. 

	
 

	
 

	
 

	
 

	
 

	
 

	
Very truly
 yours, 

	
 

	
 

	
 

	
 

	
 

	
PDL, Inc. 

	
 

	
 

	
 

	
 

	
 

	
By: /s/
 Steven Baruch 

	
 

	
 

	
 

	

	
 

	
 

	
        Steven Baruch

	
 

	
 

	
 

	
 

	
Martin Cohen
 Trust

	
 

	
 

	
 

	
By:  /s/ Alan
 Cohen

	
 

	
 

	

	
 

	
 

	
 

	
Arthur Cohen
 Trust

	
 

	
 

	
 

	
By:  /s/
 Arthur Cohen

	
 

	
 

	

	
 

	
 

	
 

	
/s/ Stephen
 Silverstein

	
 

	

	
 

	
Stephen
 Silverstein

	
 

	
 

	
 

	
/s/ Lyla
 Dolgin

	
 

	

	
 

	
Lyla Dolginex4-4.htm

    Exhibit
4 (4)

    

    

    AMERICAN
BILTRITE INC.

    K&M
ASSOCIATES L.P.

     

    AMENDED
& RESTATED CREDIT AGREEMENT

     

    Amendment No.
3

     

    This
Agreement, dated as of December 14, 2007 (the "Agreement"), is among
American Biltrite Inc., a Delaware corporation (the "Company"), K&M
Associates L.P., a Rhode Island limited partnership ("K&M"; the Company
and K&M being collectively but jointly and severally, the "Domestic Borrower"),
American Biltrite (Canada) Ltd., a corporation governed by the Canada Business
Corporations Act (the "Canadian Borrower"),
the Canadian Lenders and  Domestic Lenders from time to time party
hereto, Bank of America, National Association, successor by merger to Fleet
National Bank, both in its capacity as a Domestic Lender and in its capacity as
domestic administrative agent for the Lenders, and Bank of America, National
Association, acting through its Canada branch, both in its capacity as a
Canadian Lender and in its capacity as Canadian administrative agent for the
Lenders.

     

    1.           Credit Agreement;
Definitions.  Reference is made to the Amended and Restated
Credit Agreement dated as of September 26, 2006 (as amended and in effect prior
to giving effect to this Agreement, the "Credit Agreement")
among the Company, K&M, the Canadian Borrower to Canadian Lenders and the
Domestic Lenders from time to time party thereto, Bank of America, as Domestic
Agent, and Bank of America Canada, as Canadian Agent.  This Agreement
amends the Credit Agreement.  Terms defined in the Credit Agreement as
amended hereby and not otherwise defined herein are used with the meaning so
defined.

     

    2.           Amendment of Credit
Agreement.  Effective upon the date hereof Section 2.4.1 of the
Credit Agreement is hereby amended by deleting therefrom the limit of
"$1,000,000" and replacing it with "$1,500,000".

     

    3.           Representations and
Warranties.  In order to induce the Lenders to enter into this
Agreement, each of the Borrowers jointly and severally represents and warrants
that, immediately after giving effect to this Agreement, no Default
exists.

     

    4.           General.  The
Credit Agreement and all of the Credit Documents are each confirmed as being in
full force and effect.  This Agreement, the Credit Agreement and the
other Credit Documents referred to herein or therein constitute the entire
understanding of the parties with respect to the subject matter hereof and
thereof and supersede all prior and current understandings and agreements,
whether written or oral.  Each of this Agreement and the Credit
Agreement is a Credit Document and may be executed in any number of counterparts
(including by way of facsimile transmission), which together shall constitute
one instrument, and shall bind and inure to the benefit of the parties and their
respective successors and assigns, including as such successors and assigns all
holders of any Credit Obligation.  This Agreement shall be governed by
and construed in accordance with the laws (other than the conflict of law rules)
of The Commonwealth of Massachusetts.

     

    
      
         

      

      
         

         

      

      
         

      

    

    Each of
the undersigned has caused this Agreement to be executed and delivered by its
duly authorized officer as an agreement under seal as of the date first above
written.

     

    AMERICAN
BILTRITE INC.

    

    

    By 
/s/ Howard N. Feist
III

    Name: Howard N. Feist III

    Title: Vice President -
Finance

     

    K&M
ASSOCIATES L.P.

     

    By:  AIMPAR,
INC., its General Partner

     

     

    
      By 
/s/ Howard N. Feist
III

      Name: Howard N. Feist III

      Title: Vice President

       

    

    AMERICAN
BILTRITE (CANADA) LTD.

    
       

      
        By 
/s/ Richard G.
Marcus

        Name: Richard G. Marcus

        Title: President

         

      

    

    Domestic
Lender:

    BANK OF
AMERICA, NATIONAL ASSOCIATION

    

    
       

      
        By 
/s/ Jean S.
Manthorne

        Name: Jean S.
Manthorne

        Title: Senior Vice
President

         

      

    

    Bank of
America, N.A.

    Massachusetts
Middle Market Division

    100
Federal Street

    Boston,
Massachusetts 02110

    Facsimile:
(617) 434-8102

    

    

    
      
        
          Signature
Page to Amendment No. 2 to Credit Agreement

          

        

         

      

      
         

         

      

      
         

      

    

    Canadian
Lender:

    BANK OF
AMERICA, NATIONAL ASSOCIATION, 
ACTING THROUGH ITS CANADA
BRANCH0

    

    
       

      
        By 
/s/ Nelson Lam

        Name: Nelson Lam

        Title: Vice President

         

      

    

    Bank of
America, N.A., acting through its Canada branch

    200 Front
Street, Suite 2700

    Toronto,
Ontario

    M5V 3L2
Canada

    

     

    
      
        
          Signature
Page to Amendment No. 2 to Credit Agreementex10-29.htm

    Exhibit
10(29)

     

     

    FORM
OF

    STOCK
OPTION AGREEMENT

    

    STOCK OPTION AGREEMENT (this "Option
Agreement") made this __ day of ____________, _____, between American
Biltrite Inc., a Delaware corporation (the "Company"), and _______________ (the
"Optionee").

    

    Pursuant to the American Biltrite Inc.
1993 Stock Award and Incentive Plan, as amended and
restated as of March 4, 1997 (as it may be further amended from time to time,
the "Plan"), on ____________, _____(the "Date of Grant"), the Committee
granted the Optionee, on the terms and conditions set forth herein (and subject
to the terms and provisions of the Plan), a nonqualified stock option (an
"Option") to purchase Stock.  This Option Agreement memorializes that
Option grant.  Capitalized terms which are not defined in this Option
Agreement will have the meanings set forth in the Plan.

     

    1.    Number of
Shares of Stock and Purchase Price.  The
Option is exercisable for the purchase of up to ___________ shares of Stock (the
"Option Shares") at a purchase price equal to __________ per Share (the "Option
Price"), pursuant to the terms of this Option Agreement and the provisions of
the Plan.

     

    2.    Period of
Option and Conditions of Exercise.

     

    (a)    Unless the Option is previously terminated
pursuant to this Option Agreement or the Plan, the Option shall terminate upon
the expiration of ten (10) years from the Date of Grant (the "Expiration
Date").  Upon the termination of the Option, all rights of the
Optionee hereunder shall
cease.

     

    (b)    Subject to the provisions of the Plan
and this Option Agreement, the Option shall become exercisable as to twenty
percent (20%) of the Option
Shares on each of the first five (5) anniversaries of the Date of Grant;
provided that, all Options shall become fully vested
and exercisable upon the occurrence of a Change in Control.

     

    3.    Termination of
Employment

     

    (a)    Except as provided
in this Section 3, Options
may not be exercised, and such Options shall terminate, beginning on the date
the Optionee has ceased to be employed by the Company or an
Affiliate.  In the event that an Optionee ceases to be employed by the
Company or an Affiliate, any Options held by such Optionee may
be exercised and shall terminate as follows:

     

    (i)    if the Optionee's termination of
employment is due to retirement, Disability (as hereinafter defined), dismissal
without Cause (as hereinafter defined) or voluntary termination with the consent of the
Company or Affiliate by which the 

     

    
      
         

      

      
         

         

      

      
         

      

    

     

    Optionee was employed, the Optionee may,
at any time within 30 days after such termination of employment (or, if earlier, until the Expiration
Date), exercise any Options
to the extent that the
Optionee was entitled to exercise such Options on the date of the Optionee's
termination of employment; and

     

    (ii)    if the Optionee dies while employed by
the Company or an Affiliate or within 30 days after the termination of his
employment by reason of
retirement, Disability, dismissal without Cause or voluntary termination with
the consent of the Company or Affiliate by which the Optionee was employed, the
Optionee's legal representative may, at any time within nine months after the
Optionee's death (or, if earlier, until the Expiration
Date), exercise any Options
granted to the Optionee to the extent that the Optionee was entitled to exercise
such Options on the day of the Optionee's death.

     

    (b)    For purposes of this Option Agreement, the Optionee's employment will have terminated by reason
of "Disability" if, as a result of the Optionee's incapacity due to physical or
mental illness, the Optionee shall have been absent from his or her duties on a
full-time basis for the entire period of six consecutive months, and within thirty (30) days
after written notice is given by the Company to the Optionee (which may occur
before or after the end of such six-month period), the Optionee shall not have
returned to the performance of his or her duties on a full-time basis.

     

    (c)    For purposes of this Option Agreement,
"Cause" shall mean (i) the willful and continued failure by the Optionee to
substantially perform his duties with the Company (other than any such failure
resulting from the Optionee's incapacity due to physical or mental illness), after
demand for substantial performance is delivered by the Company that specifically
identifies the manner in which the Company believes the Optionee has not
substantially performed his duties, or (ii) conviction for the commission of a felony or a crime involving
moral turpitude.  For purposes of this paragraph, no act, or failure
to act, on the Optionee's part shall be considered "willful" unless done, or
omitted to be done, by him not in good faith and without reasonable
belief that his action or omission was in
the best interest of the Company.  Notwithstanding the foregoing, the
Optionee shall not be deemed to have been terminated for Cause without delivery
to the Optionee of a "Notice of Termination" (as hereinafter defined), from the Board finding that in the
good faith opinion of all of the members of the Board the Optionee was guilty of
conduct set forth above in clause (i) or (ii) hereof, and specifying the
particulars thereof in detail.  For purposes of this
paragraph, a "Notice of Termination" shall mean a
notice (communicated to the Optionee in accordance with Section 5(d)) which shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Optionee's employment for
Cause.

     

    
      
         

      

      
        2

         

      

      
         

      

    

     

    4.    Exercise of
Option.

     

    (a)    The Option shall be exercised in the
following manner:  the Optionee, or the person or persons having the
right to exercise the Option upon the death or Disability of the Optionee, shall
deliver to the Company written notice, in substantially the form of the
notice attached hereto, specifying the number of Option Shares which the
Optionee elects to purchase.  The Optionee must include with the
notice full payment for any Option Shares being purchased under an
Option.

     

    (b)    Payment of the Option Price for any
Option Shares being purchased must be made in cash, by certified or cashier's
check, or by delivering to the Company Stock which the Optionee already owns or
by a cashless exercise procedure.  If the Optionee pays by
delivering Stock, the
Optionee must include with the notice of exercise the certificates for such
Stock either duly endorsed for transfer or accompanied by an appropriately
executed stock power in favor of the Company.  The Stock delivered by
the Optionee will be valued by the Company at its Fair
Market Value on the day preceding the date of exercise of the Option, and if the
value of the Stock delivered by the Optionee exceeds the amount required to be
paid pursuant to this Section 4, the Company will provide to the Optionee, as soon as
practicable, cash or a check in an amount equal to the value, as so determined,
of any fractional portion of a share of Stock, and will issue a certificate to
the Optionee for any whole share(s) of Stock, exceeding the number of shares of Stock required to pay the
Option Price.

     

    (c)    Not less than 100 Option Shares may be
purchased at any time upon the exercise of an Option, unless the number of
Option Shares so purchased constitutes the total number of Option Shares then
purchasable under the
Option.  The Option may be exercised only to purchase whole shares of
Stock, and in no case may a fractional share be purchased.  The right
of the Optionee to purchase shares of Stock with respect to which the Option has
become exercisable may be exercised, in whole or in part at
any time or from time to time, prior to the Expiration Date or such earlier date
on which the Option terminates.

     

    (d)    The Company may require an Optionee to
pay, prior to the delivery of any Option Shares to which such Optionee shall be entitled upon
exercise of any Option, an amount equal to the federal, state, local and foreign income taxes and other amounts required
by law to be withheld by the Company with respect to any
Option.  Alternatively, the Optionee may authorize the Company to withhold from the
number of Option Shares he or she would otherwise receive upon exercise of an
Option, that number of Option Shares having a Fair Market Value equal to the
amount of such required tax.

     

    
      
         

      

      
        3

         

      

      
         

      

    

     

    5.    Miscellaneous.

     

    (a)    Entire Agreement.  This Option Agreement and
the Plan contain all of the understandings and agreements between the Company
and the Optionee concerning this Option and supersedes all earlier negotiations
and understandings, written or oral, between the parties with respect thereto.  The Company
and the Optionee have made no promises, agreements, conditions or
understandings, either orally or in writing, that are not included in this
Option Agreement or the Plan.

     

    (b)    Captions.  The captions and section
numbers appearing in this
Option Agreement are inserted only as a matter of convenience.  They
do not define, limit, construe or describe the scope or intent of the provisions
of this Option Agreement.

     

    (c)    Counterparts.  This Option Agreement may
be executed in counterparts
each of which when signed by the Company or the Optionee will be deemed an
original and all of which together will be deemed the same agreement.

     

    (d)    Notices.  Any notice or communication
having to do with this Option Agreement must be given by personal delivery or by certified mail, return
receipt requested, addressed, if to the Company or the Committee, to the
attention of the Secretary of the Company at the principal office of the Company
and, if to the Optionee, to the Optionee's last known address contained in the personnel or other
records of the Company.

     

    (e)    Succession and Transfer.  Each and all of the
provisions of this Option Agreement are binding upon and inure to the benefit of
the Company and the Optionee and their respective estate, successors and assigns; provided, however, that the Option shall not be
transferable by the holder thereof other than by will or by the laws of descent
and distribution and may be exercised, during the lifetime of the Optionee, only
by the Optionee or by his or her guardian, custodian or legal
representative.

     

    (f)    Amendments.  Subject to the provisions
of the Plan, this Option Agreement may be amended or modified at any time by an
instrument in writing signed by the parties hereto.

     

    (g)    Governing Law.  This Option Agreement and the rights of all persons
claiming hereunder will be construed and determined in accordance with the laws
of the State of Delaware without giving effect to the choice of
law principles thereof.

     

    (h)    Benefits of this Agreement.  Nothing in this
Option Agreement shall be
construed to give to any person or entity other than the Company and the
Optionee any legal or equitable right, remedy or claim under this Option
Agreement; but this Option Agreement shall be for the sole and exclusive benefit
of the Company and the
Optionee.

     

    
      
         

      

      
        4

         

      

      
         

      

    

     

    (i)    Option Agreement Subject to
Plan.  This
Option Agreement is made under and subject to the provisions of the Plan, and
all of the provisions of the Plan are hereby incorporated herein as provisions
of this Option Agreement.  If there is a conflict
between the provisions of this Option Agreement and the provisions of the Plan,
the provisions of the Plan will govern.  By signing this Option Agreement, the Optionee confirms that he
or she has received a copy of the Plan and has had an opportunity to review the
contents thereof.

     

    IN WITNESS WHEREOF, the parties have
executed this Stock Option Agreement on the date and year first above
written.

    

    

     

    AMERICAN
BILTRITE INC.

     

     

    By: 
_________________________

    Name:

    Title:

    

    

    

    OPTIONEE

     

    

    ______________________________

    Name:

    

    
      
         

      

      
        5

         

      

      
         

      

    

    AMERICAN
BILTRITE INC.

    STOCK
OPTION AGREEMENT

    NOTICE OF
EXERCISE

    _______________,
_____

    

    

    American
Biltrite Inc.

    57 River
Street

    Wellesley
Hills, Massachusetts 02481-2047

    

    Attn:  Secretary

    

    Gentlemen:

    

    On ______________, _____, I was granted
an option by American Biltrite Inc. (the "Company") under the Company's 1993
Stock Award and Incentive Plan (the "Plan"), which was memorialized in a stock
option agreement, between myself and the Company, dated as of _________________,
_____ (the "Option Agreement").  This letter is to notify you that I
wish to purchase Option Shares under the Option Agreement as set forth
below.

    

    Exercise
of Stock Option(s)

    

    1.    I wish to
purchase __________ Option Shares at the current exercise price of $__________
per share for a total cost of $__________

    

    2.    I am paying
for these Option Shares as follows:

    

    
      	 
      	
              ___

            	
              By
      enclosing cash and/or a certified or cashier's check payable to the
      Company in the amount of $__________.

            
	 
      	 
      	 
      
	 
      	
              ___

            	
              By
      enclosing a stock certificate duly endorsed for transfer or accompanied by
      an appropriately executed stock power in favor of the Company,
      representing __________ shares of Common Stock of the Company
      ("Stock").

            
	 
      	 
      	 
      
	 
      	
              ___

            	
              By
      cashless exercise procedure.

            

    

    

    
      
         

      

      
         

         

      

      
         

      

    

    3.    I am paying
the local, state and federal withholding taxes and/or all other taxes that the
Company has advised me are due as follows:

    

    
      	 
      	
              ___

            	
              By
      enclosing cash and/or a certified or cashier's check payable to the
      Company in the amount of $__________.

            
	 
      	 
      	 
      
	 
      	
              ___

            	
              By
      enclosing a stock certificate duly endorsed for transfer or accompanied by
      an appropriately executed stock power in favor of the Company,
      representing __________ shares of Stock.

            
	 
      	 
      	 
      
	 
      	
              ___

            	
              By
      authorizing the Company to withhold from the number of Option Shares I
      would otherwise receive that number having a fair market value equal to
      the tax amount due.

            

    

    

    

    
      	 
      	
              Very
      truly yours,

            
	 
      	 
      
	 
      	
               

            
	 
      	
              Optionee's
      Signature

            
	 
      	 
      
	
              Name
      and Address

            	
               

            
	
              (please
      print)

            	 
      
	 
      	
               

            
	 
      	 
      
	 
      	
              
                 

              

            
	 
      	 
      
	 
      	
               

            
	 
      	 
      
	
              Telephone
      Number

            	
              (    
      )

            
	 
      	 
      
	
              Social
      Security Number

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