ALBANY INTERNATIONAL CORP. (NYSE:AIN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Compensatory Arrangements of Certain Officers
On August 28, 2018, the Compensation Committee of the Registrant’s Board of Directors granted a Restricted Stock Units award under the Registrant’s 2003 Amended and Restated Restricted Stock Unit Plan to the Registrant’s President – Global MC, Mr. Daniel Halftermeyer, a named executive officer as defined by S-K Item 402(a)(3). A copy of the Form of Restricted Unit Award Agreement used for such award is being filed with this report as Exhibit 10(l) (xi), and is incorporated by reference herein.
The award consists of a grant of 12,853 restricted stock units (RSUs). Upon vesting, each RSU is paid in full in cash, in an amount equal to the average closing price of one share of the Company’s Class A Common Stock during a specified period preceding the vesting/payment date. No shares of Class A Common Stock are issued or issuable under the RSU Plan. There is no exercise price. In lieu of cash dividends, a holder of RSUs is credited with additional RSUs equal to the number of shares of Class A Common Stock having the same value on the dividend payment date as the aggregate dividends that would be payable on shares of Class A Common Stock equal in number to the RSUs held by such holder. This RSU awards vests (and is immediately paid in cash) as to one-third of the awarded units on each of the vesting dates, but only if the holder is then employed by the Company or a subsidiary, or upon termination following a change of control as defined in the award agreement. In the event of termination of employment, all unvested RSUs terminate without payment, except that, in the case of death, disability, or involuntary termination, one-half of all unvested RSUs automatically vest and are paid at termination. Moreover, in the event of a voluntary termination of employment prior to the final vesting date, the named executive officer is obligated to repay the registrant fifty percent (50%) of all amounts paid to the award agreement prior to the date of such voluntary termination. The vesting dates are as follows: September 1, 2019, September 1, 2020 and September 1, 2021.
ALBANY INTERNATIONAL CORP /DE/ ExhibitEX-10.L(XI) 2 e2040ex10lix.htm FORM OF RESTRICTED UNIT AWARD AGREEMENT Exhibit 10(l)(xi) RESTRICTED UNIT AWARD AGREEMENT Pursuant to the ALBANY INTERNATIONAL CORP. 2003 RESTRICTED STOCK UNIT PLAN * * * * * Participant: Daniel Halftermeyer Award Date: August 28,…To view the full exhibit click
About ALBANY INTERNATIONAL CORP. (NYSE:AIN)
Albany International Corp. is a textiles and materials processing company. The Company operates through two segments: Machine Clothing (MC) and Albany Engineered Composites (AEC). Its MC segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and various other industrial applications. The segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. Its AEC segment includes Albany Safran Composites, LLC (ASC), in which its customer SAFRAN Group owns interest and provides engineered, advanced composite structures based on its technology to customers in the aerospace and defense industries. The segment also designs, develops and manufactures advanced composite parts for aerospace and other applications, using a range of core technologies. It operates approximately 20 plants in over 10 countries.