UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 1, 2007
ALBANY INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-16214 14-0462060
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1373 Broadway, Albany, New York 12204
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 445-2200
None
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13a-4(c))
Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On November 22, 2006, Company had announced that Dieter Polt, Group Vice
President of Albany Door Systems and Applied Technologies, would be retiring
from the Company on March 1, 2007, his 64th birthday. Mr. Polt's actual
retirement date was March 2, 2007. In connection with his departure from the
Company, the Company and Mr. Polt entered into a separation agreement, pursuant
to which the Company agreed that Mr. Polt would receive a one-time, lump sum
payment of (euro)327,856, to be paid on or about March 15, 2007. In addition,
the Company agreed that Mr. Polt would remain eligible to receive an annual cash
bonus for his 2006 performance, as determined by the Compensation Committee in
accordance with the terms of the Company's top-management cash bonus program. In
exchange, Mr. Polt released the Company from any further obligations related to
his departure. A copy of the agreement is attached as an exhibit to this report.
On September 22, 2006, the Company had announced that Thomas H. Curry,
Group Vice President-PMC Americas, would be retiring on March 1, 2007, at which
time Michael J. Joyce, Vice President, Sales & Marketing-Americas Business
Corridor, would be promoted to succeed Mr. Curry. Mr. Curry did retire, and was
replaced by Mr. Joyce, on March 1.
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/ Christopher J. Connally
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Name: Christopher J. Connally
Title: Corporate Treasurer
Date: March 7, 2007
Index to Exhibits
Exhibit No. Description
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10(o)(vii) Separation Agreement between Albany International Corp. and
Dieter Polt