<SEC-DOCUMENT>0000891092-11-007316.txt : 20111101
<SEC-HEADER>0000891092-11-007316.hdr.sgml : 20111101
<ACCEPTANCE-DATETIME>20111101161925
ACCESSION NUMBER:		0000891092-11-007316
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111028
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111101
DATE AS OF CHANGE:		20111101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALBANY INTERNATIONAL CORP /DE/
		CENTRAL INDEX KEY:			0000819793
		STANDARD INDUSTRIAL CLASSIFICATION:	BROADWOVEN FABRIC MILS, MAN MADE FIBER & SILK [2221]
		IRS NUMBER:				140462060
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0218

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10026
		FILM NUMBER:		111171671

	BUSINESS ADDRESS:	
		STREET 1:		1373 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12204
		BUSINESS PHONE:		5184452200

	MAIL ADDRESS:	
		STREET 1:		1373 BROADWAY
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALBINT INC
		DATE OF NAME CHANGE:	19870924
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e46021_8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
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        <P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
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    <TD COLSPAN="5" STYLE="font: bold 11pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center">CURRENT REPORT</TD></TR>
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    <TD COLSPAN="5" STYLE="padding-right: 2.85pt; padding-left: 2.85pt">
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 OR 15(d) of the Securities
        Exchange Act of 1934</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
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    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt">Date of Report (Date of earliest event reported)</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt">October 28, 2011</TD></TR>
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    <TD COLSPAN="5" STYLE="border-bottom: windowtext 1pt solid; padding-right: 2.85pt; padding-left: 2.85pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ALBANY INTERNATIONAL CORP.</B></P></TD></TR>
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    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center">(Exact name of registrant as specified in its charter)<BR>
<BR>
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    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"><B>Delaware</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"><B>1-10026</B>&#9;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"><B>14-0462060</B></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">(State or other jurisdiction <BR> of incorporation)</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">(Commission<BR> File Number)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">(I.R.S. Employer<BR> Identification No.)</TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: windowtext 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center"><B>216 Airport Drive, Rochester, NH</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center">03867</TD></TR>
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    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center">(Zip Code)</TD></TR>
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    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt"><BR>
Registrant&rsquo;s telephone number, including area code &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518) 445-2200<BR>
<BR>
</TD></TR>
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    <TD COLSPAN="5" STYLE="border-bottom: windowtext 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-left: 2.85pt; text-align: center">None</TD></TR>
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    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 2.85pt; padding-bottom: 3pt; padding-left: 2.85pt; text-align: center">(Former name or former address, if changed since last report.)<BR>
</TD></TR>
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    <TD COLSPAN="5" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 2pt; padding-bottom: 2pt">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:</TD></TR>
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    <TD STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; padding-top: 3pt; padding-left: 0.25in; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
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    <TD STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; padding-top: 3pt; padding-left: 0.25in; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
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    <TD STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; padding-top: 3pt; padding-left: 0.25in; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
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    <TD STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; padding-top: 3pt; padding-left: 0.25in; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Wingdings">&uml;</FONT>&nbsp;&nbsp;</TD>
    <TD COLSPAN="4" STYLE="font: 10pt Times New Roman, Times, Serif; padding-top: 1pt; text-indent: 0in; tab-stops: list .25in; text-align: left; vertical-align: bottom">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))</TD></TR>
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    <TD STYLE="width: 7%">&nbsp;</TD>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1pt 0 3pt"><B>&nbsp;</B></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS;
ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</B></P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0">On October 28, 2011, the Company entered into an Executive
Separation Agreement with Michael J. Joyce, the Company&rsquo;s President &ndash; Applied Technologies. Mr. Joyce will remain employed
in his current position until January 1, 2012. Under the terms of the Agreement, beginning January 1, 2012, Mr. Joyce will receive
the gross sum of $34,525 per month for a period of 24 months. Mr. Joyce will also receive certain other amounts as compensation
for other benefits forfeited as the result of his departure, and will be eligible to receive a success fee of approximately $200,000
in the event that a sale of the Company&rsquo;s ADS business is consummated before March 31, 2012. In exchange, Mr. Joyce released
the Company from any further obligations related to his departure. A copy of the agreement is attached as an exhibit to this report.</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0"><B>Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS</B></P>

<P STYLE="font: 10pt Palatino Linotype, Palatino, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0">Exhibit 10(o)(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement between Albany International
Corp. and Michael J. Joyce.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signature</B>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><B>ALBANY INTERNATIONAL CORP.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">By: <U>/s/ John B. Cozzolino&#9;</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Name: John B. Cozzolino</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">Title: Chief Financial Officer and Treasurer</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3in">(Principal Financial Officer)</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: normal 11pt Times New Roman, Times, Serif; margin: 0">Date: November 1, 2011</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><U>Exhibit No.</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Description</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; font-family: Times New Roman, Times, Serif">Exhibit 10(o)(xvi)&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement between Albany International
Corp. and Michael J. Joyce.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.(O)(XVI)
<SEQUENCE>2
<FILENAME>e46021ex10oxvi.htm
<DESCRIPTION>EXECUTIVE SEPARATION AGREEMENT AND RELEASE
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 10(o)(xvi)</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>EXECUTIVE SEPARATION AGREEMENT
AND RELEASE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">THIS
AGREEMENT is dated as of October 28, 2011, by and between Albany International Corp. (hereinafter referred to as &ldquo;Albany&rdquo;)
and Michael J. Joyce (hereinafter referred to as &ldquo;Executive&rdquo;).&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">WHEREAS,
</FONT>Executive has been employed by Albany as President, Applied Technologies Group and may serve as a director or officer of
various Albany subsidiaries and affiliates, or as a fiduciary to various employee benefit plans; and&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">WHEREAS,
Executive and Albany recognize that there exists the possibility of a strategic restructuring by Albany of all or a portion of
the businesses in which Executive has responsibility; and&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">WHEREAS,
Executive and Albany recognize that the strategic restructuring will result in the elimination of Executive&rsquo;s responsibilities
and duties; and&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">WHEREAS,
Albany and Executive have agreed that Executive&rsquo;s employment with Albany shall terminate and Executive shall resign all
offices and positions with Albany or any of its subsidiaries or affiliates; and&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">WHEREAS,
the parties seek to enter into this Executive Separation Agreement and Release (hereinafter, the &ldquo;Agreement&rdquo;) with
the intent to establish a mutually acceptable separation date and to settle and compromise all claims and issues that have, or
could have been raised in relation to Executive&rsquo;s employment with Albany or in relation to any positions he held with any
of Albany&rsquo;s subsidiaries, affiliates, employee benefits plans or trusts, or in any way related to the termination of such
employment and/or service; and&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">WHEREAS,
Executive and Albany each believe that it is in their best interests to agree to the terms forth herein.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>WITNESSETH</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">NOW
THEREFORE, in consideration of the foregoing premises, the covenants and promises set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Albany and Executive hereby agree as follows:&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">1.&#9;Executive
acknowledges that he was given this Agreement on <B>October 28, 2011 </B>and was afforded 21 days to consider same.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">2.&#9;Executive
was, and hereby is, advised to consult a lawyer before signing this Agreement and did in fact have the opportunity to obtain advice
from counsel.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">3.&#9;Executive
may accept this Agreement only by signing, dating and delivering the Agreement to Albany (in the manner set forth in Section 34)
on or before Albany&rsquo;s normal close of business on <B>November 23, 2011</B>. <B><U>Time is of the essence with regard to
this Section 3.&nbsp;</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">4.&#9;Executive
may revoke this Agreement at any time within seven (7) days after signing and delivering it to Albany by notifying Albany in writing
(in the manner set forth in Section 34) of Executive&rsquo;s decision to revoke. <B><U>Time is of the essence with regard to this
Section 4.&nbsp;</U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">5.&#9;The
effective date of this Agreement (&ldquo;Effective Date&rdquo;) shall be the <B>8th day</B> after Executive signs and delivers
the Agreement in accordance with Section 3 above, unless Executive revokes the Agreement in accordance with Section 4 above. If
Executive revokes this Agreement in accordance with Section 4 above, this Agreement will not become operative and will not be
binding on Executive or Albany.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">6.&#9;Executive&rsquo;s
employment with Albany shall terminate effective January 1, 2012 (the &ldquo;Separation Date&rdquo;) unless terminated earlier
in accordance with paragraph 7 or 8 hereof. <FONT STYLE="color: red"> </FONT>Effective as of the Separation Date, or the date
of any earlier termination pursuant to paragraph 7 or 8, Executive resigns all offices, directorships and any other positions
held with Albany or any of Albany&rsquo;s subsidiaries or affiliates, or any of their employee benefit plans or trusts.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">7.&#9;Nothing
herein is intended to alter the at-will nature of Executive&rsquo;s employment relationship with Albany. Albany reserves the right
to terminate Executive prior to January 1, 2012 with or without cause. <FONT STYLE="color: black">For the purposes of this paragraph
7, &ldquo;Cause&rdquo; shall be deemed to exist if he Executive has&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-size: 12pt">been convicted of a felony;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">caused substantial harm to the Company with intent to
do so, or as a result of gross negligence in the performance of his duties, except in cases involving Executive&rsquo;s mental
or physical incapacity or disability;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">not made a good faith effort to substantially perform
and carry out his duties as Executive, except in cases involving Executive&rsquo;s mental or physical incapacity or disability;
</FONT>&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(d)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD><FONT STYLE="font-size: 12pt">wrongfully and substantially enriched himself at the
expense of the Company;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(e)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">engaged in fraud, material dishonesty, or gross misconduct
in the performance of his duties as Executive;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(f)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">engaged in unlawful conduct that may reasonably be considered
to reflect negatively on Albany or compromise the effective performance of Executive&rsquo;s duties as determined by Albany in
its sole discretion;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1.25in; text-indent: -0.25in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right">(g)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">willfully violated Albany&rsquo;s Business Ethics Policy or any other Albany policy
that may reasonably be considered to reflect negatively on Albany or compromise the effective performance of Executive&rsquo;s
duties as determined by Albany in its sole discretion;&nbsp;</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right">(h)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">wrongfully and without the prior express written consent of Albany, by its CEO or
his authorized designee, engaged in any business or activity, either on his own or as an employee, which is deemed to be in competition
with Albany&rsquo;s business;&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61pt; text-align: right">(i)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD>breached any of the terms of this Agreement.&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">8.&#9;Executive
reserves the right to voluntarily terminate his at-will employment with Albany with or without cause at any time prior to January
1, 2011.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">9.&#9;From
the date hereof until the date Executive&rsquo;s employment with Albany terminates (either as of the Separation Date or earlier),
Executive shall continue to perform the duties of his current position and assist in the transition of his duties as directed
by the Chief Executive Officer or the Board of Directors. Executive further covenants and agrees to respond, for a reasonable
time thereafter not to exceed twelve months, to any inquiries from Albany regarding incomplete or unresolved transitional matters.
During the remainder of Executive&rsquo;s employment with Albany, Albany shall continue to pay Executive at his current rate of
compensation less (i) applicable withholdings and deductions required by law or otherwise agreed to by the parties, (ii) deductions
of premiums due for any health care or life insurance coverage provided by or through Albany, (iii) 401(k) savings plan or other
Albany benefit plan contributions and (iv) any other applicable withholdings. During the remainder of Executive&rsquo;s employment
with Albany, Executive will be eligible to receive the same package of employee benefits to which he is currently entitled, provided,
however, that Albany reserves the right to modify, supplement, amend or eliminate the standard benefits provided to its employees,
including, without limitation, the eligibility requirements and/or premiums, deductibles, co-payments or other charges relating
thereto.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">10.&#9;Executive
agrees that on or after the last date of his employment with Albany he shall execute an additional release in the form annexed
hereto (the &ldquo;Supplemental Release&rdquo;) covering the period from the date of Executive&rsquo;s execution of this Agreement
through his last date of employment. Executive covenants and agrees that the obligations to be performed by Albany under this
Agreement after the last date of Executive&rsquo;s employment shall be contingent upon the execution of the Supplemental Release.
Failure to execute the Supplemental Release, however, will not affect the validity of the release contained in paragraph 16 of
this Agreement.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">11.&#9;I<FONT STYLE="color: black">n
addition to performing the current duties of his position, Executive shall assist Albany in its efforts of communicating with
third-parties interested in entering into a transaction for the purchase and sale of Albany&rsquo;s Albany Door Systems business
segment (hereinafter &ldquo;Interested Parties&rdquo;). For the purposes of this agreement, Albany Door Systems business segment
(hereinafter the &ldquo;ADS business segment&rdquo;) shall be defined to include all assets and&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: black"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: black">liabilities carried on Albany&rsquo;s Consolidated Balance
Sheet at the time of the Transaction relating to the manufacture and sale of high speed overhead doors. Executive&rsquo;s efforts
shall be undertaken in his capacity as an employee of Albany and nothing herein shall be deemed to create a principal-broker/agent
relationship. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">12.&#9;</FONT>At
the termination of Executive&rsquo;s employment by Albany, either on January 1, 2012 or earlier, for any reason but Cause as defined
in paragraph 7 of this Agreement, and after the irrevocability of this Agreement, Albany agrees to provide Executive with the
following severance benefits to which he would not otherwise be entitled. Executive acknowledges and agrees that these severance
benefits constitute adequate legal consideration for the promises and representations made by him in this Agreement, and are in
lieu of any benefits payable under any severance plan now in existence or adopted prior to the Separation Date.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(a)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Albany will pay Executive the gross sum of $34,525 per month for a period of twenty-four
(24) months following the Separation Date (the &ldquo;Severance Period&rdquo;) for a total of $828,600. The aforesaid monthly
payments (the &ldquo;Severance Payments&rdquo;) shall be made by check, or direct deposit, on or about the 15<SUP>th</SUP> day
of the month and will begin after the Separation Date and after this Agreement becomes irrevocable and continue on or about the
15<SUP>th</SUP> day of every month thereafter until paid in full (and may contain pro rata payment for any partial month). In
the event Executive dies before the last Severance Payment is made hereunder, the balance of such payments shall be paid to his
spouse or, if he shall have no such spouse at that time, to his estate.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(b)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">During the Severance Period, should Executive elect, pursuant to the protections afforded
by the Consolidated Omnibus Budget Reconciliation Act, to continue group health care coverage as is from time to time provided
by or through Albany to other eligible employees, Albany shall pay the then applicable required contribution for the first eighteen
(18) months of the Severance Period, or until Executive terminates such coverage, whichever shall occur first.&nbsp;</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(c)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Albany reserves the right, in accordance with the terms of its applicable employee
benefit plans, to modify, supplement, amend or eliminate the coverages described in subparagraph (b) above, including, without
limitation, the eligibility requirements and/or premiums, deductibles, co-payments or other charges relating thereto.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(d)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Albany shall pay Executive for any accrued, unused vacation pursuant to existing corporate
policy at Executive&rsquo;s last rate of salary, less applicable withholdings and deductions required by law or otherwise agreed
to by the parties.<B> </B>Said payment shall be made at the first normal pay date following the Separation Date.&nbsp;</TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(e)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Any stock options that have been previously awarded to Executive shall be <FONT STYLE="color: black">treated
in accordance with the terms of Albany&rsquo;s stock option plan under which such options were awarded as if Executive&rsquo;s
separation was an involuntary&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify"><FONT STYLE="color: black">termination.
Any restricted stock units that have been previously awarded to Executive shall similarly be treated in accordance with the terms
of the plans under which such restricted stock units were granted as if the separation was an involuntary separation. </FONT>
All such stock options and restricted stock units shall continue vesting to and including the Separation Date.&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(f)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">To compensate Executive for any forfeited benefits under Albany&rsquo;s Supplemental
Executive Retirement Plan, Albany shall pay Executive an additional $1,750.00 on or about the 15<SUP>th</SUP> day of each month
during the Severance Period for a total of $42,000, provided however, that the first six of such monthly payments shall be delayed
and paid as a lump sum of $10,500 on the first regularly-scheduled payroll date following the sixth month anniversary of Executive&rsquo;s
Separation Date.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(g)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Albany shall pay Executive an additional $183,375 in one lump sum on the first regularly-scheduled
payroll date following the sixth month anniversary of Executive&rsquo;s Separation Date to compensate Executive for the loss of
unvested restricted stock units which had been awarded to Executive under a special executive retention incentive and which would
otherwise be forfeited as a result of his termination.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(h)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">To assist Executive in obtaining new employment, Albany shall make available and bear
the cost of outplacement services to be provided by Lee Hecht Harrison. Said services will be provided for a period of up to eighteen
(18) months following the Separation Date, or until Executive finds suitable employment, whichever occurs first.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(i)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Effective as of the Separation Date, or such earlier date as Executive&rsquo;s employment
may be terminated in accordance with paragraph 7 or 8, hereof, Executive will no longer be an employee of Albany, and will cease
to accrue benefits under any pension, deferred compensation, 401(k), profit-sharing or other Albany employee welfare benefit plan.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(j)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Executive acknowledges and agrees that, except for this Agreement, Executive would
have no right to receive all of the benefits described above.&nbsp;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right">(k)&nbsp;</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">Executive acknowledges and agrees that in the event Executive&rsquo;s employment is
terminated by Albany for Cause as defined in this Agreement before the Separation Date, then he shall not be entitled to any of
the severance benefits described in this Paragraph 12, excepting only payment for any accrued, but unused vacation referred to
above in subparagraph &ldquo;(d).&rdquo; If Executive&rsquo;s duties are substantially completed before the Separation Date, however,
and Executive is released by Albany before the Separation Date to pursue other interests not in competition with Albany&rsquo;s
business or otherwise in violation of the restrictive covenants set forth in paragraph 18 of this Agreement, Executive shall not
forfeit&nbsp;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">and
shall remain entitled to receive all of the severance benefits described in this paragraph 12.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">13.&#9;In
the event Albany succeeds in consummating a transaction resulting in the sale of the ADS business segment (hereinafter a &ldquo;Transaction&rdquo;)
on or before March 31, 2012 (the actual date of consummation hereinafter referred to as the &ldquo;Closing Date&rdquo;), and provided
Executive is employed by Albany as of the Closing Date, Albany will to pay Executive a success fee equal to $207,152.00. Albany
shall pay the Success Fee in one installment within 60 days following the Closing Date.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">14.&#9;All
payments which become due to Executive pursuant to this Agreement shall be subject to </FONT>all applicable withholdings and deductions
required by law or otherwise agreed to by the parties.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">15.&#9;As
used in this Agreement, the term &ldquo;Albany&rdquo; means, individually and collectively, Albany, each subsidiary, parent company
or affiliate of Albany, and their respective employee welfare benefit plans, employee pension benefit plans, successors and assigns
as well as all present and former shareholders, directors, officers, fiduciaries, agents, representatives and employees of those
companies and other entities.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">16.&#9;Subject
to Executive&rsquo;s right to revoke stated in paragraph 4 above, by signing this Agreement, Executive immediately gives up and
releases Albany from, and with respect to, any and all rights and claims that Executive may have against Albany, whether or not
Executive presently is aware of such rights or claims. In addition, and without limiting the foregoing:&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(a)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Executive on behalf of himself, his agents, spouse,
representatives, assignees, attorneys, heirs, executors and administrators, fully releases Albany and Albany&rsquo;s past and
present successors, assigns, parents, divisions, subsidiaries, affiliates, officers, directors, shareholders, employees, agents
and representatives from any and all liability, claims, demands, actions, causes of action, suits, grievances, debts, sums of
moneys, controversies, agreements, promises, damages, back and front pay, costs, expenses, attorney&rsquo;s fees, and remedies
of any type, which Executive now has or hereafter may have, by reason of any matter, cause, act or omission arising out of or
in connection with Executive&rsquo;s employment or the termination of his employment with Albany, including, without limiting
the generality of the foregoing, any claims, demands or actions arising under the Age Discrimination in Employment Act of 1967,
the Older Worker&rsquo;s Benefit Protection Act, the Employee Retirement Income Security Act of 1974, Title VII of the Civil Rights
Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Rehabilitation Act of 1973, the Americans with Disabilities
Act of 1990, and any other federal, state or local statute, ordinance or common law of any state regarding employment, discrimination
in employment, or the termination of employment. Notwithstanding the foregoing, Executive is not waiving any right that cannot,
as a matter of law, be voluntarily waived, including the right to file or participate in the adjudication of a claim of discrimination
filed&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: -0.5in"><FONT STYLE="font-size: 12pt"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 12pt">with
any state or federal administrative agency, though Executive expressly waives any right to recover monetary damages as a result
of any claim filed with any state or federal administrative agency.&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">The
foregoing release includes, but is not limited to, any claim of discrimination on the basis of race, sex, religion, marital status,
sexual orientation, national origin, handicap or disability, age, veteran status, special disabled veteran status, citizenship
status; any other claim based on a statutory prohibition; any claim arising out of or related to an express or implied employment
contract, any other contract affecting terms and conditions of employment, or any covenant of good faith and fair dealing; all
tort claims; and all claims for attorney&rsquo;s fees or expenses.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">Notwithstanding
the foregoing, this release shall not prevent Executive from receiving any compensation earned but not yet paid prior to the Separation
Date, any compensation or benefits set forth in this Agreement, or any benefit to which Executive would otherwise be entitled
under an existing Albany benefit plan, including: claims for reimbursement of expenses incurred prior to the Separation Date under
Albany&rsquo;s expense reimbursement policy; benefits under any employee benefit plan, as that term is defined by the Employee
Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;); benefits under the Workers Compensation Law for injuries
occurring on or before the Separation Date; and benefits under any statutory disability plan.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">Executive
represents that he or she understands the foregoing release, that rights and claims under the Age Discrimination in Employment
Act of 1967, as amended, are among the rights and claims against Albany he or she is releasing, and that he or she understands
that he or she is not releasing any rights or claims arising after the date Executive signs this Agreement.&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(b)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">If Executive breaches any obligation under this Agreement,
Executive agrees that Albany shall not be obligated to continue to make payments under paragraph 12, and to reimburse Albany for
any and all payments previously made pursuant to paragraph 12. This shall not apply to any payment for any accrued, but unused
vacation referred to in paragraph 12(d).&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 61pt; text-align: right"><FONT STYLE="font-size: 12pt">(c)&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt">Nothing in this Agreement, however, shall be deemed
a waiver of any vested rights or entitlements Executive may have under any retirement or other employee benefit plans administered
by Albany. Nor shall anything in this Agreement operate to release Albany from its obligations under this Agreement.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">17.&#9;</FONT>This
Agreement does not constitute an admission by Albany of any liability to Executive, and Executive understands and agrees that
Albany denies any such liability to Executive.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">18.&#9;</FONT>Executive
acknowledges the highly competitive nature of Albany&rsquo;s business and in recognition thereof agrees as follows:&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 44pt; text-align: justify">A.&#9;During
the Severance Period, whether on Executive&rsquo;s own behalf or on behalf of or in conjunction with any person, firm, partnership,
joint venture, association, corporation or other business, organization, entity or enterprise whatsoever (&ldquo;Person&rdquo;),
Executive shall not directly or indirectly, without the prior express written consent of Albany, by its CEO or his authorized
designee,&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">(i)
engage in any business or activity, either on his own or as an employee, which&nbsp;is deemed to be in competition with Albany&rsquo;s
business (a &ldquo;Competitive Business&rdquo;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">(ii)
enter into the employ of, or render any services to, any Person in respect of any Competitive Business;&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">(iii)
acquire a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly,
as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; provided, however, that in
no event shall ownership of less than 2% of the outstanding capital stock of any corporation, in and of itself, be deemed a violation
of this covenant if such capital stock is listed on a national securities exchange or regularly traded in an over-the-counter
market; or&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">(iv)
interfere with, or attempt to interfere with, any business relationships (whether formed before or after the Termination Date)
between Albany or any of its subsidiaries or affiliates and their customers, clients, suppliers or investors.&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 44pt; text-align: justify">B.&#9;During
the Severance Period, whether on Executive&rsquo;s own behalf or on behalf of or in conjunction with any Person, Executive shall
not directly or indirectly:&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">(i)
solicit or encourage any employee of Albany or any of its subsidiaries or affiliates to leave the employment of Albany or any
of its subsidiaries or affiliates; or&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 66pt; text-indent: 0pt; text-align: justify">(ii)
hire any such employee who was employed by Albany or any of its subsidiaries or affiliates as of the Termination Date or, if later,
within the six-month period prior to such date of hire.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">It is expressly understood and agreed that although the parties
consider the restrictions in this Paragraph 18 to be reasonable, if a final determination is made by a court of competent jurisdiction
that the time or territory or any other restriction contained in this paragraph is an unenforceable restriction against Executive,
the provisions of this paragraph shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory
and to such maximum extent as such court may determine to be enforceable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&#9;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">19.&#9;Executive
acknowledges that as a consequence of his employment with Albany proprietary and confidential information relating to Albany&rsquo;s
business may be, or have been, disclosed to or developed or acquired by Executive which is not generally known to the trade or
the general public and which is of actual or potential value to Albany (&ldquo;Proprietary Information&rdquo;). Such Proprietary
Information includes, without limitation, information about trade secrets, inventions, patents, licenses, research projects, costs,
profits, markets, sales, customer lists, proprietary computer programs, proprietary records, and proprietary software; plans for
future development, and any other information not available to the trade or the general public, including information obtained
from or developed in conjunction with a third party that is subject to a confidentiality or similar agreement between Albany and
such third party. Executive acknowledges and agrees that his relationship with Albany with respect to such Proprietary Information
has been and shall be fiduciary in nature. Consequently, during the remainder of, and after, his employment by Albany, Executive
shall not use any Proprietary Information for his own benefit, or for the benefit of any other person or entity or for any other
purpose whatsoever other than the performance of his work for Albany, and Executive shall maintain all such information in confidence
and shall not disclose any thereof to any person other than employees of Albany authorized to receive such information. This obligation
is in addition to any similar obligations Executive may have pursuant to any other agreement, statute or common-law. Nothing herein,
however, shall preclude Executive from describing his duties with Albany in future job interviews.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">20.&#9;Executive
specifically agrees and covenants that he will not directly or indirectly disparage Albany or any subsidiary or affiliate of Albany,
or any of their respective officers, directors, employees, attorneys or representatives, or any of their respective products or
services in any manner, at any time, to any person or entity. &ldquo;Disparage&rdquo; is defined as, but not limited to, any utterance
whatsoever either verbal, in writing, by gesture or any behavior of any kind that might tend to or actually harm or injure Albany
or any subsidiary or affiliate of Albany, whether intended or not.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">21.&#9;Albany
specifically agrees and covenants that it will not directly or indirectly disparage Executive in any manner, at any time, to any
person or entity, and agrees that any third parties, including but not limited to prospective employers or other third parties
inquiring about Executives employment and/or the reasons for his separation from employment with Albany will be directed to Albany&rsquo;s
CEO or Counsel, or their designees.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">22.&#9;Executive
shall forfeit any unpaid amounts due pursuant to this Agreement and shall, upon demand, repay any amounts already paid hereunder
if, after the Termination Date:&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt; text-align: justify">(i)
there is a significant restatement of Albany&rsquo;s financial results, caused or substantially caused by the fraud or intentional
misconduct of Executive;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt; text-align: justify">(ii)
Executive breaches any provision of this Agreement, including, without limitation, the covenants set for in paragraphs 10, 18,
19, 20 and 22;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 22pt; text-indent: 22pt; text-align: justify">(iii)
Albany discovers conduct by Executive that would have permitted termination for Cause as defined in this Agreement, provided that
such conduct occurred prior to the Termination Date.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">23.&#9;Executive
and Albany understand and agree that (a) the existence and terms of this agreement are strictly confidential; (b) they will not
disclose the terms of this agreement to any third party, unless requested to do so by any state, federal or local regulatory,
prosecutorial or administrative agency or body of competent jurisdiction, or court of competent jurisdiction. However, nothing
herein shall (1) preclude Executive from discussing the contents hereof with his family, accountant, tax adviser or legal advisor,
and doctors, or (2) preclude Albany from informing any third parties, including prospective employers, that Executive is bound
by the restrictive covenants set forth in paragraphs 18 and 19 hereof.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">24.&#9;Albany
and Executive agree that a breach by Executive of the provisions in paragraphs 18, 19 and 20 of this Agreement may cause irreparable
harm to Albany which will be difficult to quantify and for which money damages will not be adequate. Accordingly, Executive agrees
that Albany shall have the right to obtain an injunction against Executive, without any requirement for posting any bond or other
security, enjoining any such breach or threatened breach in addition to any other rights or remedies available to Albany on account
of any breach or threatened breach of this Agreement.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">25.&#9;<FONT STYLE="color: black">This
Agreement and the exhibits hereto constitutes the entire agreement between the parties regarding the subject matter hereof and
supersedes all prior agreements and understandings, whether written or oral, including without limitation, that certain Severance
Agreement entered into by the parties effective August 5, 2009 and executed by Executive on July 22, 2009. This Agreement may
not be amended or modified except in a written instrument executed by both Albany and Executive. </FONT>This Agreement shall not
be construed as giving Executive any legal or equitable right not otherwise specifically provided for herein.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">26.&#9;This
Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including
any corporation with which or into which Albany may be merged or which may succeed to its assets or business, provided, however,
that the obligations of Executive are personal and shall not be assigned by him.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">27.&#9;</FONT>It
is the intent of the parties that this Agreement provides payments and benefits that are either exempt from the distribution requirements
of Section 409A of Code, or satisfy those requirements. Accordingly, the Agreement shall be interpreted and performed so as to
be exempt from Section 409A, but if that is not possible, the Agreement shall be interpreted and performed so as to comply with
Section 409A. In the event any payments or benefits are deemed by the IRS to be non-compliant, this Agreement, at Executive&rsquo;s
option, shall be modified, to the extent practical, so as to make it compliant by altering the payments or the timing of their
receipt. The methodology to effect or address any necessary modifications shall be subject to reasonable and mutual agreement
between the parties. Notwithstanding anything to the contrary in this Agreement, in the event that (i) a distribution of benefits
is subject to Section 409A, (ii) at</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">the
time the distribution would otherwise be made to Executive, Executive is a &ldquo;specified employee&rdquo; (as that term is defined
in the final regulations under Section 409A), and (iii) the distribution would otherwise be made during the 6-month period commencing
on the date of Executive&rsquo;s separation from service, then such distribution will instead be paid to Executive in a lump sum
at the end of the 6-month period. The foregoing delay in the distribution of benefits shall be made in conformance with the final
regulations under Section 409A.&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">If
under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment shall be treated
as a separate payment. All reimbursements for costs and expenses under this Agreement shall be paid in no event later than the
end of the calendar year following the calendar year in which Executive incurs such expense. With regard to any provision herein
that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A, (i) the right
to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount
of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible
for reimbursement or in-kind benefits to be provided in any other taxable year.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><FONT STYLE="color: black">28.&#9;</FONT>Albany
and Executive intend for every provision of this Agreement to be fully enforceable. But, if a court with jurisdiction over this
Agreement determines that all or part of any provision of this Agreement is unenforceable for any reason, Albany and Executive
intend for each remaining provision and part to be fully enforceable as though the unenforceable provision or part had not been
included in this Agreement.&#9;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">29.&#9;This
Agreement shall be governed by and construed in accordance with the Laws of the State of New York without regard to any provisions
thereof relating to conflict of laws.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">30.&#9;Executive
and Albany each agree that if an action is commenced by any party alleging breach of this Agreement, the non-prevailing party
shall be liable to the prevailing party for any and all available legal and equitable relief, as well as reasonable attorneys&rsquo;
fees and costs associated with pursuing or defending such legal action.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">31.&#9;The
parties agree that they have waived their right to a jury trial with respect to any controversy, claim, or dispute arising out
of or relating to this Agreement, or the breach thereof, or arising out of or relating to the employment of Executive, or the
termination thereof, including any claims under federal, state, or local law, and that any such controversy, claim, or dispute
shall be heard and adjudicated in either a state or federal court sitting in Albany County, New York.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><B>32.&#9;Executive
acknowledges that he has read this entire Agreement, that he fully understands its meaning and effect, and that he has voluntarily
signed this Agreement.&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><B>33.
Executive understands that the release contained in Paragraph 16 hereof is a general release, and represents that he has been
advised to seek counsel on the legal and practical effect of a general release, and recognizes that he is executing and delivering
this</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify"><B></B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><B>release,
intending thereby to be legally bound by the terms and provisions thereof, of his own free will, without promises or threats or
the exertion of duress. He also acknowledges that he has had adequate time to review it, have it explained to him, and understands
its provisions.&nbsp;&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">34.&#9;Notices
or other deliveries required or permitted to be given or made under this Agreement by Executive to Albany shall, except to the
extent otherwise required by law, be deemed given or made if delivered by hand or by express mail or overnight courier service
to Albany International Corp., 1373 Broadway, Albany, New York 12204, Attention: Joseph M. Gaug. Notice by Albany to Executive
shall be given by hand of express mail or overnight courier service as follows: To Michael J. Joyce, 13 Sandalwood Drive, Clifton
Park, NY.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0; text-indent: 22pt; text-align: justify">IN
WITNESS WHEREOF, a duly authorized representative of Albany and Executive have signed this Agreement to be effective as of the
day and year first set forth above.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">ALBANY INTERNATIONAL CORP.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="text-decoration: underline">/s/ Joseph M. Gaug&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Dated: <U>October 31, 2011</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD>Joseph M. Gaug</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Its:</TD>
    <TD>Associate General Counsel <BR>
and Assistant Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">EXECUTIVE</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline">/s/ Michael J.
    Joyce&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Dated: <U>October 28, 2011</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Michael J. Joyce</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center"><U>SUPPLEMENTAL RELEASE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 89.1pt 12pt 0.1in">This supplemental release given to Albany International
Corp. (&ldquo;Albany&rdquo;) by Michael J. Joyce (&ldquo;Executive&rdquo;) is executed in consideration for the covenants made
by Albany in a certain Executive Separation Agreement and Release dated as of October 28, 2011.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.3in 12pt 0.1in">Executive and his heirs, assigns, and agents release,
waive, and discharge Albany, its directors, officers, employees, subsidiaries, affiliates, and agents from each and every claim,
action or right of any sort, known or unknown, arising on or before the date of this Supplemental Release.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.3in 12pt 0.1in; text-indent: 0.5in">(1) The foregoing release includes,
but is not limited to, any claim of discrimination on the basis of race, sex, religion, marital status, sexual orientation, national
origin, handicap or disability, age, veteran status, special disabled veteran status, citizenship status; any other claim based
on a statutory prohibition; any claim arising out of or related to an express or implied employment contract, any other contract
affecting terms and conditions of employment, or a covenant of good faith and fair dealing; all tort claims; and all claims for
attorney&rsquo;s fees or expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.3in 12pt 0.1in; text-indent: 0.5in">(2) Notwithstanding the foregoing,
this release shall not prevent Executive from receiving any compensation earned but not yet paid prior to the Separation Date,
any compensation or benefits set forth in this Agreement, or any benefit to which Executive would otherwise be entitled under an
existing Albany benefit plan, including: claims for reimbursement of expenses incurred prior to the Separation Date under Albany&rsquo;s
expense reimbursement policy; benefits under any employee benefit plan, as that term is defined by the Employee Retirement Income
Security Act of 1974, as amended (&ldquo;ERISA&rdquo;); benefits under Workers&rsquo; Compensation for injuries occurring on or
before the Separation Date; and benefits under any statutory disability plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 1.3in 12pt 0.1in; text-indent: 0.5in">(3) Executive represents that
he understands the foregoing release, that rights and claims under the Age Discrimination in Employment Act of 1967, as amended,
are among the rights and claims against Albany he is releasing, and that he understands that he is not releasing any rights or
claims arising after the date of this Supplemental Release.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.1in"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif">EXECUTIVE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">____________________</TD>
    <TD STYLE="width: 50%">DATE:_________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Michael J. Joyce</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.1in; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif">WITNESS:_____________________</P>

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