Albany International 8-K: Officer Changes & Compensation

TL;DR

**Albany International just filed an 8-K about changes in its executive team and their pay.**

AI Summary

Albany International Corp. /DE/ filed an 8-K on February 29, 2024, reporting on the departure or election of directors or officers and their compensatory arrangements. The filing also covers financial statements and exhibits. The company, based in Rochester, New Hampshire, operates in broadwoven fabric mills and has a CIK of 0000819793.

Why It Matters

This filing signals potential shifts in leadership and executive compensation at Albany International, which could influence future strategic direction and financial performance.

Risk Assessment

Risk Level: low — The 8-K is a routine disclosure about executive changes and compensation, not indicating immediate financial distress or major operational shifts.

Key Players & Entities

• ALBANY INTERNATIONAL CORP /DE/ (company) — Registrant
• Rochester, New Hampshire (location) — Business Address
• 0000819793 (company) — Central Index Key (CIK)
• February 29, 2024 (date) — Date of earliest event reported
• 603-330-5800 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.001 — hich registered Class A Common Stock, $0.001 par value per share AIN The New York
• $927,000 — er Target Cash Amount Gunnar Kleveland $927,000 Robert D. Starr $410,970 Daniel A. Ha
• $410,970 — nar Kleveland $927,000 Robert D. Starr $410,970 Daniel A. Halftermeyer $359,800 Grego
• $359,800 — Starr $410,970 Daniel A. Halftermeyer $359,800 Gregory Harwell $392,843 Joseph M. Ga
• $392,843 — Halftermeyer $359,800 Gregory Harwell $392,843 Joseph M. Gaug $293,458 Performance
• $293,458 — regory Harwell $392,843 Joseph M. Gaug $293,458 Performance goals for the award recip

Filing Documents

• ain-20240229.htm (8-K) — 51KB
• exhibit10lxvirestrictedsto.htm (EX-10.(L)(XVI)) — 40KB
• exhibit10lxviinon-employee.htm (EX-10.(L)(XVII)) — 40KB
• exhibit10mxximulti-yearper.htm (EX-10.(M)(XXI)) — 42KB
• exhibit10nviiiannualperfor.htm (EX-10.(N)(VIII)) — 40KB
• image_01a.jpg (GRAPHIC) — 1KB
• image_0a.jpg (GRAPHIC) — 1KB
• 0000819793-24-000018.txt ( ) — 405KB
• ain-20240229.xsd (EX-101.SCH) — 3KB
• ain-20240229_def.xml (EX-101.DEF) — 15KB
• ain-20240229_lab.xml (EX-101.LAB) — 30KB
• ain-20240229_pre.xml (EX-101.PRE) — 16KB
• ain-20240229_htm.xml (XML) — 3KB

02. Compensatory Arrangements of Certain Officers

Item 5.02. Compensatory Arrangements of Certain Officers. On February 23, 2024, the Board of Directors approved the grant of 2024 Performance Bonus Awards and Restricted Stock Unit Awards under the Registrant's 2023 Incentive Plan (the "2023 Plan") to certain of the Registrant's executives, including certain of the Registrant's named executive officers (as defined by S-K Item 402(a)(3)). Each recipient was granted an Annual Performance Bonus Award, a Multi-Year Performance Bonus Award, and a Restricted Stock Unit Award pursuant to separate award agreements. These are the first awards under the 2023 Plan. Annual Performance Bonus Award For the Annual Performance Bonus Award, each recipient is provided the opportunity to earn a cash bonus. Each recipient, including the named executive officers specified below, was granted a Target Cash Amount. Each award entitles the recipient to receive an amount equal to from 0% to 200% of such target amounts, based upon the extent to which he or she attains certain performance goals during 2024. Success in achieving such goals will be determined during early 2025 by the Compensation Committee. Once such determination is made, the bonuses shall be paid in their entirety in March 2025. A copy of the Form of the Annual Performance Bonus Award Agreement used for such awards is being filed with this report as Exhibit 10(n)(viii), and is incorporated by reference herein. The target amounts for the named executive officers' granted Annual Performance Bonus Awards were as follows: Named Executive Officer Target Cash Amount Gunnar Kleveland $927,000 Robert D. Starr $410,970 Daniel A. Halftermeyer $359,800 Gregory Harwell $392,843 Joseph M. Gaug $293,458 Performance goals for the award recipients, including the named executive officers, are established and measured against performance measurement metrics relating to one or more of the following: adjusted cash flow, adjusted EBITDA, safety, and compliance relative to contro

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. The following exhibit is being furnished herewith: 10(n)(viii) Form of 2024 Annual Performance Bonus Award Agreement 10(m)(xxi) Form of 2024 Multi-Year Performance Bonus Award Agreement 10(l)(xvi) Form of 2024 Restricted Stock Unit Award Agreement 10(l)(xvii) Form of 2024 Non-Employee Director Restricted Stock Unit Award Agreement Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALBANY INTERNATIONAL CORP. By: /s/ Robert D. Starr Name: Robert D. Starr Title: Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: February 29, 2024 EXHIBIT INDEX Exhibit No. Description 10(n)(viii) Form of 2024 Annual Performance Bonus Award Agreement 10(m)(xxi) Form of 2024 Multi-Year Performance Bonus Agreement 10(l)(xvi) Form of 2024 Restricted Stock Unit Award Agreement 10(l)(xvii) Form of 2024 Non-Employee Director Restricted Stock Unit Award Agreement 104 Inline XBRL cover page.

View Full Filing

View this 8-K filing on SEC EDGAR