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AMENDMENT NO. 1 to

EMPLOYMENT AGREEMENT

 

This AMENDMENT NO. 1, dated
as of July 9, 2018 (the “Amendment”), is by and between Albany International Corp. (the "Company") and Olivier
Jarrault ("Executive").

 

WHEREAS, the Company and Executive
are parties to that certain Agreement entered into as of March 2, 2018, relating to Executive’s employment by the Company
(the “Agreement”); and

 

WHEREAS, the Company and Executive
desire to clarify their respective rights and obligations relating to reimbursement of certain business expenses incurred by Executive
in the course of his employment by the Company;

 

NOW THEREFORE, in consideration
of the premises, the mutual covenants and the agreements hereinafter set forth and other good and valuable consideration, the parties
hereto hereby agree that the Agreement is hereby amended as follows, with effect from the Effective Date (as defined in the Agreement):

 

 

1.     
Definitions. Unless otherwise defined herein, terms defined in the Agreement are used herein as therein defined.

2.Clause (e) of paragraph 3 of the Agreement
is hereby amended and restated in its entirety to read as follows:

 

(e) Relocation. Executive shall relocate
to Rochester, New Hampshire area no later than March 1, 2019. In the interim, Executive shall be reimbursed for temporary housing
expenses and shall be entitled to such other relocation benefits as (i) are provided for pursuant to the Company's Executive Relocation
Policy, a copy of which has been provided to the Executive, with the caveat that neither the one-year policy expiration nor 90-day
temporary housing limit shall apply to Executive, or (ii) are approved by the Chairman of the Board of the Company. Provided such
expenses are incurred in compliance with the Company’s travel and expense policy, or have otherwise been approved by the
Chairman, the Company will pay or reimburse Executive for all flight expenses incurred prior to March 1, 2019 for travel from
any Company work location to Los Angeles, California, travel from Los Angeles, California to any Company work location, and travel
from any Company work location to any other Company work location through Los Angeles, California. (Evidence of approval of any
item covered by this clause may be in the form of an expense or relocation report reflecting such expenses that is approved by
the Chairman.) The Company will provide tax assistance (gross-up) to Executive on all such expenses for travel to, from, or through
Los Angeles, California that are personal

     

    	 

    

to Executive or will appear as income on Executive's Form W-2.

 

2.A new clause (g) to paragraph 3 shall be added
to the Agreement to read as follows:

 

(g) Travel, Meals and Entertainment Expenses.  Executive
shall be entitled to reimbursement of any business travel and entertainment expenses incurred by the Executive in the performance
of his duties for or on behalf of the Company that are (i) in accordance with the Company’s policies as in effect from time
to time, or (ii) approved by the Chairman of the Board.  (Evidence of such approval may be in the form of an expense report
reflecting such expenses that is approved by the Chairman.)

 

 

3.Except as expressly amended, modified and supplemented
hereby, the terms, provisions and conditions of the Agreement are unchanged and in full force and effect and are hereby ratified
and confirmed in all respects.

 

 

4. This Amendment may be executed in counterparts,
and each counterpart will have the same force and effect as an original and will constitute an effective, binding agreement on
the part of each of the undersigned.

 

 

IN WITNESS WHEREOF, each of
the parties has executed this Agreement, in the case of the Company by a duly authorized officer, as of the day and year written
below.

 

COMPANY:

 

	ALBANY INTERNATIONAL CORP.	 
	 	 
	By: /s/ John B. Cozzolino___________________________	Date: July 25, 2018 
	Name:  John B. Cozzolino	 
	Title:  Chief Financial Officer and Treasurer	 
	 	 
	 	 
	EXECUTIVE	 
	 	 
	/s/ Olivier Jarrault_______________________________       	 Date: July 25, 2018
	Olivier Jarrault

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]