Exhibit
10(l)(x)


 


RESTRICTED
UNIT AWARD AGREEMENT


 


Pursuant
to the


 


ALBANY
INTERNATIONAL CORP.


 


2003
RESTRICTED STOCK UNIT PLAN


 


* * * * *


 


 Participant:                                    Olivier Jarrault




 


Award Date: 


 


Number of Restricted Units Awarded: 23,567


 


* * * * *


 


THIS AWARD AGREEMENT,
dated as of the Award Date specified above, is entered into by and between Albany International Corp. (the “Company”),
and the Participant specified above, pursuant to the Amended and Restated Albany International Corp. 2003 Restricted Stock Unit
Plan, as in effect and as amended from time to time (the “Plan”); and


 


WHEREAS, as an incentive
to encourage the Participant to remain in the employ of the Company and its subsidiaries by affording the Participant a greater
interest in the success of the Company and its subsidiaries, the Company desires to grant the Participant the Restricted Units
provided herein;


 


WHEREAS, the Participant
desires to obtain such Restricted Units on the terms and conditions provided for herein;


 


NOW, THEREFORE, in
consideration of the premises, the mutual covenants herein set forth and other good and valuable considerations receipt of which
is hereby acknowledged, the Company and the Participant agree as follows:


 


1.
               
Incorporation by Reference; Plan Document Receipt. Except as otherwise provided herein,
this Award Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments
thereto adopted at any time and from time to time and which are expressly intended to apply to the grant of the Restricted Units
provided for herein), all of which terms and provisions are made a part of and incorporated in this Award Agreement as if they
were expressly set forth herein. Any capitalized term not defined in this Award Agreement shall have the same meaning as is ascribed
thereto in the Plan. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the
Plan carefully and fully understands its content. In the event of a conflict between the terms of this Award Agreement and the
terms of the Plan, the terms of the Plan shall control.


 


2.
               
Award of Restricted Units; Credit to Restricted Unit Account. Subject to the terms
hereof and the Plan, the Company hereby grants to the Participant, as of the Award Date specified above, the number of Restricted
Units specified above. The Company shall record such Restricted Units in the Participant’s Restricted Unit Account.


 


3.
               
Vesting. As permitted in Section 5.1 of the Plan, the following Vesting Dates shall
apply with respect to the Restricted Units (including any additional Restricted Units credited as Cash Dividend Equivalents with
respect to such Restricted Units) awarded hereunder and shall supersede any contrary provision in Section 5.1:


 


		a.	One-third (33.3%) of such Restricted Units (including any additional
Restricted Units credited as Cash Dividend Equivalents with respect to such Restricted Units) shall vest on March 1, 2019, subject
to the Participant being employed with the Albany Group on such Vesting Date;




		b.	One-third (33.3%) of such Restricted Units (including any additional
Restricted Units credited as Cash Dividend Equivalents with respect to such Restricted Units) shall vest on March 1, 2020, subject
to the Participant being employed with the Albany Group on such Vesting Date; and



 



     


     


    

		c.	One-third (33.3%) of such Restricted Units (including any additional
Restricted Units credited as Cash Dividend Equivalents with respect to such Restricted Units) shall vest on March 1, 2021, subject
to the Participant being employed with the Albany Group on such Vesting Date.



 


4.
               
Additional Special Vesting. The special vesting provisions set forth in Section 5.2
of the Plan shall apply to the Restricted Units (including any additional Restricted Units credited as Cash Dividend Equivalents
with respect to such Restricted Units) awarded hereunder.


 


5.
               
Settlement; Payment Delay. The Restricted Units (including any additional Restricted
Units credited as Cash Dividend Equivalents with respect to such Restricted Units) credited to Participant’s Restricted Unit
Account pursuant to this Award Agreement shall be settled in accordance with the provisions of the Plan, including without limitation
Section 6.1. Notwithstanding any provision to the contrary, if, pursuant to the provisions of Section 409A of the Internal Revenue
Code of 1986, as amended, and the regulations promulgated thereunder (the “Code”), any payment is required to be delayed
as a result of the Participant being deemed to be a “specified employee” within the meaning of that term under Section
409A(a)(2)(B) of the Code, then any such payments under the Plan shall not be made prior to the earlier of (A) the expiration of
the six month period measured from the date of the “separation from service” (as such term is defined in Treasury Regulations
issued under Section 409A of the Code) or (B) the date of the Participant’s death. Upon the expiration of such period, all
payments under the Plan delayed pursuant to this paragraph 6 shall be paid to the Participant in a lump sum, and any remaining
payments due under the Plan shall be paid or provided in accordance with the normal payment dates specified for them herein.


 


6.                 Amendment
and Waiver. Neither this Award Agreement nor any provision hereof may be amended, modified, changed, discharged,
terminated or waived orally, by any course of dealing or purported course of dealing or by any other means except (a) in the
case of an amendment, modification, change or waiver that does not impair the rights of the Participant with respect to
outstanding Restricted Units or that is deemed by the Committee to be advisable to avoid the imposition of any tax under
Section 409A of the Code, by written notice to the Participant or (b) an agreement in writing signed by the Company and the
Participant. No such written notice of agreement shall extend to or affect any provision of this Award Agreement not
expressly amended, modified, changed, discharged, terminated or waived or impair any right consequent on such a provision.
The waiver of or failure to enforce any breach of this Award Agreement shall not be deemed to be a waiver of or acquiescence
in any other breach hereof.


 


7.
               
Notices. Any notice required or permitted under this Award Agreement shall be in writing
and shall be deemed properly given:


 


7.1 in the case of
notice to the Company, if delivered in person to the Secretary of the Company, or mailed to the Company to the attention of the
Secretary by registered mail (return receipt requested) at 216 Airport Drive, Rochester, New Hampshire, 03867, or at such other
address as the Company may from time to time hereafter designate by written notice to the Participant; and


 


7.2 in the case of
notice to the Participant, if delivered to him or her in person, or mailed to him or her by registered mail (return receipt requested)
at the last known residence address provided by Participant to the Company or at such other address as the Participant may from
time to time hereafter designate by written notice to the Company.


 


8.
               
Governing Law. This Award Agreement shall be governed by and construed in accordance
with the laws of the State of New York.


 


9.
               
Binding Agreement; Assignment. This Award Agreement shall inure to the benefit of,
be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign any part of
this Award Agreement without the prior express written consent of the Company.


 


10.
             Counterparts.
This Award Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which
shall constitute one and the same instrument.


 


11.
             Headings.
The titles and headings of the various sections of this Award Agreement have been inserted for convenience of reference only and
shall not be deemed to be a part of this Award Agreement.


 


12.
             Further
Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall
execute and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may
request in order to carry out the intent and accomplish the purposes of this Award Agreement and the Plan and the consummation
of the transactions contemplated thereunder.


 


13.
             Severability.
The invalidity or unenforceability of any provisions of this Award Agreement in any jurisdiction shall not affect the validity,
legality or enforceability of the remainder of this Award Agreement in such jurisdiction or the validity, legality or enforceability
of any provision of this Award Agreement in any other






     


     


    

jurisdiction, it being intended that all rights and obligations of the parties
hereunder shall be enforceable to the fullest extent permitted by law.


 


14.
             Acceptance
of Restricted Units. Unless, within 45 days following the date of this Award Agreement, the Company has received written notice
from the Participant rejecting the Restricted Units, this Award Agreement shall be deemed to have been accepted by the Participant
and shall constitute a legal and binding agreement between the Participant and the Company.


 


IN WITNESS WHEREOF,
the Company has duly executed this Award Agreement as of the Award Date specified above.


 


	 	 	ALBANY INTERNATIONAL CORP.
	 	 	 
	 	 	 
	 	 	 
	 	 	Name:  
	 	 	Title:  
	 	 	 
	 	 	 
	 	 	 
	 	 	Olivier Jarrault