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) August 29, 2008
ALBANY INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 1-10026 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 1.01 Entry into a Material Definitive Agreement
On August 29, 2008, the Compensation Committee of the Registrant's Board of
Directors revised target 2008 cash bonuses under the Registrant's Annual Bonus
Program for certain named officers to reflect changes in their duties and
responsibilities. The revised targets are as follows:
Officer 2008 Target Bonus (in $US)
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Daniel A. Halftermeyer 194,597
Ralph M. Polumbo 130,521
The Committee had already determined that cash bonuses for the Registrant's top
management, including the above-named officers, for 2008 would be based on one
or more of: consolidated operating income, adjusted corridor or segment
operating income, corridor or segment net sales of other functional metrics and
individual performance criteria. A cash bonus equal to the target amount will
generally be paid if the Committee determines that appropriate performance
levels in each of these areas has been achieved. Lesser bonuses may be paid if
such performance is not achieved and larger bonuses if performance exceeds such
levels. The Committee further determined, however, that it would reserve the
right to exercise its discretion, after the close of the 2008 fiscal year, as in
prior years, to determine to what extent cash bonuses had been earned, and
reserved the right to take individual performance factors (including, for
example, the possible adverse impact during the year of cost-reduction, plant
closings or downsizings and other restructuring-related activities in specific
divisions, regions or business lines) into account, and to employ both objective
and subjective criteria in determining the final bonuses.
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/ Michael C. Nahl
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Name: Michael C. Nahl
Title: Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Date: September 5, 2008