Document:

Exhibit 10.35

Schedule of 2007 Bonus for Chairman

          On
February 5, 2008, the Compensation Committee of the Board of Trustees of the
Company met and approved a discretionary bonus for Alvin E. Kite, Jr., the
Company’s chairman, in the amount of $150,000 payable in restricted common
shares of the Company, which will vest ratably over three years.ex4-1.htm

    Exhibit
4.1

     

    AMERICAN
BILTRITE INC.

    K&M
ASSOCIATES L.P.

     

    AMENDED
& RESTATED CREDIT AGREEMENT

     

    Amendment
No. 4

     

    This
Agreement, dated as of December 31, 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 (“Bank of
America”), 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 (“Bank of
America Canada”), 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 and the
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 and waives certain
terms thereof that otherwise would have existed as of December 31,
2007.  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 as of December 31, 2007, the
Credit Agreement is hereby amended as follows:

     

    2.1.           Deletion of
Section 6.5.3.  Section 6.5.3 of the Credit Agreement (“Income
or Loss from Continuing Operations”) is hereby amended and restated to read in
its entirety:  “Intentionally omitted.”

     

    2.2.           Amendment
of Section 6.5.5.  Section 6.5.5 of the Credit Agreement is
hereby amended and restated to read in its entirety as
follows:

     

    
      	
               
      

            	
                      “6.5.5  Consolidated
      Adjusted EBITDA to Consolidated Fixed Charges.  On and
      after September 30, 2006, on the last day of each fiscal quarter of the
      Company, Consolidated Adjusted EBITDA for the period of four consecutive
      fiscal quarters then ending shall exceed 100% of Consolidated Fixed
      Charges for the 12-month period ending on such date; provided,
      however,
      that the $4,000,000 principal payment by the
  Company

            

    

    
      
         

      

      
         

         

      

      
         

      

    

    to
Prudential under the Note Purchase Agreement on August 28, 2006 shall be
excluded for purposes of such calculation; provided
further,
however,
that to the extent deducted in calculating Consolidated Net Income for such
periods, the amounts set forth in the table below shall be added to Consolidated
Adjusted EBITDA for purposes of such calculation in the respective fiscal
quarter of the Company ending on the date set forth opposite each such
amount:

     

    
      	
              Amount
      Added to Consolidated 
Adjusted EBITDA

               

            	
              Fiscal
      Quarter of the 
Company

            
	
              $2,461,000

            	
               December
      31, 2007

            
	
              $2,341,000

            	
               March
      31, 2008

            
	
              $1,596,000

            	
               June
      30, 2008

            
	
              $1,476,000

            	
               September
      30, 2008

            

    

     

    3.           Waiver.  This
Agreement hereby expressly waives the covenant defaults under Sections 6.5.3 and
6.5.5 of the Credit Agreement that may otherwise have existed as of December 31,
2007.

     

    4.           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
shall exist.

     

    5.           Payment of
Fee.  Upon or prior to the effectiveness of this Agreement, the
Domestic Borrower or the Canadian Borrower shall pay to the Domestic Agent, for
the account of the Domestic Lenders and the Canadian Lenders, a fee in the
aggregate amount of $50,000, as a condition to the effectiveness of this
Agreement and the transactions contemplated hereby.

     

    6.           General.  Except
as specifically amended and waived hereby, the Credit Agreement and all of the
Credit Documents are each confirmed as being in full force and effect as so
amended and waived.  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 this Agreement 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.

     

     

     

    [The
remainder of this page intentionally has been left blank.]

    
      
         

      

      
        -2- 

         

      

      
         

      

    

    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-Finance

     

    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. 4 to Credit Agreement

    

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

     

    Canadian
Lender:

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

     

     

    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. 4 to Credit Agreementex4-2.htm

     

    Exhibit
10.2

     

    AMENDMENT
TO BUSINESS RELATIONS AGREEMENT

     

    THIS
AMENDMENT TO BUSINESS RELATIONS AGREEMENT, dated as of March 11,
2008  by and between American Biltrite Inc., a Delaware corporation
(“ABI”) and Congoleum Corporation, a Delaware corporation
(“Congoleum”);

     

    WITNESSETH:

     

    THAT
WHEREAS, ABI and Congoleum are parties to a Business Relations Agreement, dated
as of March 11, 1993 (the “Business Relations Agreement”), as amended August 9,
1997, and as renewed annually through March 11, 2008, pursuant to which
Congoleum granted to ABI the exclusive right and license (except as to Congoleum
itself) to distribute Congoleum’s vinyl, vinyl composition and other floor tile
in Canada, subject to certain terms and conditions set forth in the Business
Relations Agreement, as amended;

     

    NOW,
THEREFORE, in consideration of the agreement set forth herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     

    
      	
              1.  

            	
              Extension
      of Term.  The term of the Business Relations Agreement is
      renewed until the earlier of (a) the effective date of a plan of
      reorganization for Congoleum Corporation, et al., following a final order
      of confirmation, or (b) September 30,
  2008.

            

    

     

    
      	
              2.  

            	
              Ratification.  Each
      of ABI and Congoleum hereby ratifies and confirms all of the terms and
      provisions of the Business Relations Agreement, as amended
      hereby.

            

    

     

    
      	
              3.  

            	
              Counterparts.  This
      Amendment to Business Relations Agreement may be executed in one or more
      counterparts, each of which shall be an original but all of which shall
      collectively constitute a single
  instrument.

            

    

     

    IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Amendment
to Business Relations Agreement as of the date first above
written.

     

    
      	 
      	
              AMERICAN
      BILTRITE INC.

            
	 
      	
               

              By:

            
	 
      	
              /s/
      Richard G. Marcus

            
	 
      	
              Name:  Richard
      G. Marcus

              Title:    President

            
	 
      	 
      
	 
      	
              CONGOLEUM
      CORPORATION

            
	 
      	
              By:

            
	 
      	
              /s/
      Roger S. Marcus

            
	 
      	
              Name:  Roger
      S. Marcus

              Title:    Chief
      Executive Officer

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