Albany International Corp. Files Definitive Proxy Statement

TL;DR

<b>Albany International Corp. filed its definitive proxy statement for the period ending December 31, 2023, detailing executive compensation and equity awards.</b>

AI Summary

ALBANY INTERNATIONAL CORP /DE/ (AIN) filed a Proxy Statement (DEF 14A) with the SEC on March 28, 2024. Filing is a DEF 14A, a definitive proxy statement filed by Albany International Corp. The filing covers the period ending December 31, 2023. Key individuals mentioned include A. William Higgins and Gunnar Kleveland, identified as Members. The filing details equity awards granted in various years, including 2020, 2021, 2022, and 2023. Specific categories of equity awards include 'EquityAwardAdjustments', 'EquityAwardsGrantedDuringTheYear', 'EquityAwardsGrantedInPriorYearsUnvested', and 'EquityAwardsGrantedInPriorYearsVested'.

Why It Matters

For investors and stakeholders tracking ALBANY INTERNATIONAL CORP /DE/, this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, equity awards, and voting matters, enabling informed decisions at the annual meeting. Understanding the details of equity awards and compensation structures is vital for assessing management's alignment with shareholder interests and the company's long-term performance.

Risk Assessment

Risk Level: low — ALBANY INTERNATIONAL CORP /DE/ shows low risk based on this filing. The filing is a routine proxy statement (DEF 14A) and does not contain new financial performance data or significant operational changes, indicating a low level of immediate risk.

Analyst Insight

Shareholders should review the detailed executive compensation and equity award information to understand management incentives and potential dilution.

Key Numbers

• 2023-12-31 — Period of Report (Conformed Period of Report)
• 2024-03-28 — Filing Date (Filed as of Date)

Key Players & Entities

• ALBANY INTERNATIONAL CORP /DE/ (company) — Filer
• A. William Higgins (person) — Member
• Gunnar Kleveland (person) — Member
• DEF 14A (document) — Form Type
• 2023-12-31 (date) — Period of Report

FAQ

Industry Context

Albany International Corp. operates in the manufacturing sector, specifically in broadwoven fabric mills.

Regulatory Implications

The filing is a DEF 14A, a standard SEC filing required for companies soliciting proxies from shareholders.

What Investors Should Do

1. Review the detailed breakdown of executive compensation packages.
2. Analyze the terms and vesting schedules of equity awards granted to key personnel.
3. Understand the proposals to be voted on at the upcoming shareholder meeting.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure and does not represent a change from previous filings in terms of the type of document.

Key Financial Figures

• $1.15 b — . Revenues grew ~11% year-over-year to ~$1.15 billion, a record for the company. Gross
• $423.7 million — record for the company. Gross Profit of $423.7 million was an increase of ~9%, GAAP Earnings P
• $3.55 — %, GAAP Earnings Per Share - Diluted of $3.55 increased 17%. These results attest to

Filing Documents

• ain-20240325.htm (DEF 14A) — 1406KB
• ain-20240325_g1.jpg (GRAPHIC) — 5KB
• ain-20240325_g2.jpg (GRAPHIC) — 3KB
• ain-20240325_g3.jpg (GRAPHIC) — 7KB
• ain-20240325_g4.jpg (GRAPHIC) — 1KB
• ain-20240325_g5.jpg (GRAPHIC) — 300KB
• ain-20240325_g6.jpg (GRAPHIC) — 295KB
• ain-20240325_g7.jpg (GRAPHIC) — 81KB
• ain-20240325_g8.jpg (GRAPHIC) — 81KB
• 0000819793-24-000021.txt (&nbsp;) — 3836KB
• ain-20240325.xsd (EX-101.SCH) — 4KB
• ain-20240325_def.xml (EX-101.DEF) — 6KB
• ain-20240325_lab.xml (EX-101.LAB) — 8KB
• ain-20240325_pre.xml (EX-101.PRE) — 5KB
• ain-20240325_htm.xml (XML) — 199KB

: ELECTION OF DIRECTORS

ITEM 1: ELECTION OF DIRECTORS 14 DIRECTOR COMPENSATION 18 AUDIT COMMITTEE REPORT 20

: RATIFICATION OF INDEPENDENT AUDITORS

ITEM 2: RATIFICATION OF INDEPENDENT AUDITORS 21 COMPENSATION COMMITTEE REPORT 24 COMPENSATION DISCUSSION AND ANALYSIS 24 Executive Summary 24

- Overview

PART I - Overview 24

- 2022 EXECUTIVE COMPENSATION EARNED

PART II - 2022 EXECUTIVE COMPENSATION EARNED 33

- REQUIRED COMPENSATION TABLES

PART III - REQUIRED COMPENSATION TABLES 37 Summary Compensation Table 37 Grants of Plan-Based Awards 41 Outstanding Equity Awards at Fiscal Year-End 42 Option Exercises and Stock Vested 44 Pension Benefits 45 Payments on Termination 46

: ADVISORY VOTE ON EXECUTIVE COMPENSATION

ITEM 3: ADVISORY VOTE ON EXECUTIVE COMPENSATION 51 Pay versus Performance (PvP) Disclosures 52 SHARE OWNERSHIP 55 Shareholder communications 57 Available Information 57 Certain Business Relationships and Related Person Transactions 57 STOCKHOLDER PROPOSALS 58 OTHER MATTERS 58 Exhibit A - Supplement to Compensation and Analysis 59 4 SUMMARY OF SHAREHOLDER VOTING MATTERS Voting Matters Board Vote Recommendation See Page

Election of Directors FOR EACH NOMINEE 14

Item 1 Election of Directors FOR EACH NOMINEE 14

Ratification of Independent Auditors FOR 21

Item 2 Ratification of Independent Auditors FOR 21

Advisory Vote on Executive Compensation FOR 51

Item 3 Advisory Vote on Executive Compensation FOR 51 DIRECTOR NOMINEES Name Age Director Since Experience Committee Membership Other Public Company Boards John R. Scannell 60 2012 Former Chief Executive Officer of Moog, Inc.; current Chairman of the Board of Moog, Inc. Compensation Moog, Inc., M&T Bank (retiring) Katharine L. Plourde 72 2013 Former principal and analyst at investment banking firm Donaldson, Lufkin & Jenrette, Inc. Governance (Chair), Audit Kenneth W. Krueger 67 2016 Former interim President and Chief Executive Officer of Manitowoc Company, Inc.; former Chief Operating Officer of Bucyrus International, Inc. Audit (Chair), Governance Manitowoc Company, Inc., Douglas Dynamics, LLC Mark J. Murphy 56 2019 Chief Financial Officer of Micron Technology, Inc.; former CFO, Qorvo, Inc.; former CFO, Delphi Automotive, PLC; former President, Praxair Surface Technologies Governance, Audit J. Michael McQuade 68 2020 Strategic advisor to the President, Carnegie Mellon University; former Vice President for Research at Carnegie Mellon University; former Senior Vice President, Science & Technology at United Technologies Company Compensation (Chair), Governance Christina M. Alvord 56 2022 Former President, Southern and Gulf Coast Division, Vulcan Materials Company; former President, Middle River Aircraft Systems (GE Aviation) Compensation, Audit Apogee Enterprises, Piedmont Lithium Russell E. Toney 54 2022 President, Nortek Air Solutions; former President, Specialty Products Group, Dover Corporation Compensation, Audit Gunnar Kleveland 54 2023 President & Chief Executive Officer of Albany International Corp.; former President and Chief Executive Officer of Textron Specialized Vehicles Inc.; former President of TRU Simulation + Training Inc. Bonnie C. Lind 65 2024 Former Sr. Vice President, CFO & Treasurer of Neenah Inc.; former Assistant Treasurer of Kimberly-Clark Corporation Audit Hubbell Incorporated, Mission Produce 5 EXECUTIVE SUMM

View Full Filing

View this DEF 14A filing on SEC EDGAR