Document:

Exhibit

Exhibit 10.2

AGREEMENT FOR CONSULTING SERVICES
This Agreement for Consulting Services (this “Agreement”) is effective as of the closing of the transactions contemplated by the Agreement and Plan of Merger, dated on or about March 5, 2018, by and among the Company, its wholly owned subsidiary New Heights Merger Corporation, and Butler Group Holdings, Inc.  (the “Effective Date”) between Inovalon Holdings, Inc. (“Company”) and Mark A. Pulido (“Consultant”).
		
	A.
	The Company desires to engage Consultant on a part-time, independent contractor basis to provide and to assist the Company as a result of the Company’s and its affiliates’ merger (the “Merger”) with ABILITY Network, Inc. and its affiliates (the “Services”); and

		
	B.
	Consultant desires to provide the Services for the Company in accordance with the provisions hereinafter set forth.

In consideration of the mutual covenants and conditions herein expressed, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:
		
	1.
	Scope of Work.  Consultant will provide the Services upon the terms and conditions set forth below and pursuant to any statements of work.  The Services described in subsection “a” through subsection “e” below will be collectively referred to herein as the “Work.”  Consultant will:

		
	a.
	Perform the Services on as “as needed” basis, as contracted with the Company;

		
	b.
	Document in appropriate time sheets and other billing records, details of services provided and the amount of time required to complete the services, and provide such reports in a timely and professional manner as requested by the Company;

		
	c.
	Comply with any law, statute, regulation or rule applicable to the Consultant, including without limitation, all licensing laws, rules and regulations;

		
	d.
	Comply with the policies, procedures, rules and regulations of the Company of which Consultant has been made aware; and

		
	e.
	Perform such duties as set forth in the Statement of Work #1 (“SOW #1”) attached hereto as Exhibit A.  Additional duties may be added from time to time by execution of additional statements of work (collectively, including SOW #1, “SOWs”), which duties will be thereafter incorporated by reference into this Agreement and will become part of the Services.

Agreement for Consulting Services
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	2.
	Compensation.  For Consultant’s Services performed under this Agreement, the Company will pay Consultant a fee as described in Exhibit A, which is the only compensation or benefits payable to Consultant. Except as otherwise approved in Exhibit A or agreed in writing or e-mail correspondence in advance, Consultant will pay all of Consultant’s out-of-pocket expenses incurred in connection with this Agreement, including, but not limited to, licensing and registration fees and dues in professional societies and organizations, expenses incurred in attending conventions, meetings, and continuing education sessions, worker’s compensation insurance, health insurance and unemployment compensation insurance. Additionally, Consultant will not be paid for time and travel to and from the Company offices and locations and will secure and pay for any necessary office space, supplies, equipment, and other similar goods and services, except as otherwise approved in Exhibit A or agreed in writing or e-mail correspondence in advance.  In the event the Company requires Consultant to complete compliance training required by law, Consultant acknowledges and agrees the Company will not reimburse Consultant or pay Consultant any fees for completing such compliance training.

		
	3.
	Term; Termination.  

		
	a.
	The term of this Agreement will commence on the Effective Date and will continue until terminated as set forth in SOW # 1.   

		
	b.
	The Company may terminate this Agreement or any SOW immediately in its sole discretion upon Consultant’s breach of Section 5 and/or 9(a). 

		
	c.
	Upon termination for any reason, (i) the Company will only be liable for payment of fees incurred for Services actually rendered by Consultant prior to the date of termination, if any such amounts are due; and (ii) Consultant will promptly return to the Company all property and work of the Company in Consultant’s possession or under its control, including all Consultant Works (specified in Section 6 below).

		
	4.
	Status of the Parties.  In the performance by Consultant of the Work described in this Agreement, it is agreed that Consultant is at all times acting and performing as an independent contractor.  Other than as specifically set forth herein, the Company will neither have nor exercise any control or direction over the manner and method by which Consultant provides the Work.  Consultant will determine the time and occasions to be devoted to accomplishing the Work, subject only to Consultant providing the services needed in a timely manner and to Consultant making itself, as applicable, reasonably available to meet with the Company management as mutually agreed.  Consultant will not be deemed an employee of the Company for any purpose whatsoever, and will not be eligible to participate in any benefit program provided by the Company for its employees, except as otherwise specifically provided herein.  Other than as otherwise set forth herein, the Company will have no responsibility for the payment to or on behalf of Consultant of any wages and salaries, taxes, withholding payments, penalties, fees, fringe benefits, professional liability insurance premiums, contributions to insurance and pension or other deferred compensation plans (including but not limited to, workers’ compensation and Social Security obligations, and licensing and certification fees and expenses), nor will the Company have any responsibility for the filing of any and all documents, forms and returns pertinent to all of the foregoing.  Consultant agrees to pay any and all taxes, withholding payments, penalties, fees, Social Security obligations and similar obligations and agrees to hold 

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the Company harmless against any claims against the Company relating to Consultant’s obligations thereunder.  The Company will not be responsible for Consultant’s indirect expenses or other costs of doing business.
		
	a.
	In the event the Internal Revenue Service or any other governmental agency should question or challenge the independent contractor status of Consultant, the parties hereby agree that the Company will have the right to participate in any discussions or negotiation occurring with such agency or agencies, regardless of with whom or by whom such discussions or negotiations are initiated.

		
	b.
	It is expressly agreed that Consultant will have no right or authority at any time to make any contract or binding promise of any nature on behalf of the Company, whether oral or written, without the prior express written consent of the Company in each such instance.

		
	5.
	Confidentiality.  

		
	a.
	“Confidential Information” means any and all: (i) trade secrets concerning the business and affairs of the Company or its clients (previous, current, or those actively being pursued), product and services specifications, data, know-how, formulae, compositions, processes, designs, sketches, photographs, graphs, drawings, samples, inventions and ideas, past, current, and planned research and development, current and planned product development or distribution methods and processes, client lists, current and anticipated client requirements, price lists and methodologies, market studies, business plans, computer software and programs (including object code and source code), computer software and database technologies, systems, structures, and architectures (and related formulae, compositions, processes, improvements, devices, know-how, inventions, discoveries, concepts, ideas, designs, methods and information), however documented, that is a trade secret within the meaning of applicable state trade secret law; (ii) information collected by the Company in the performance of its services on behalf of its clients (previous, current, or those actively being pursued), which may include certain medical and patient related information and any other information protected by law; (iii) information concerning the business and affairs of the Company (which includes historical financial statements, financial projections and budgets, historical and projected sales, capital spending budgets and plans, the names and backgrounds of key personnel, personnel training and techniques and materials), however documented; and (iv) notes, analysis, compilations, studies, summaries, and other material prepared by or for the Company containing or based, in whole or in part, on any information included in the foregoing.  “Confidential Information” does not include that information defined as Confidential Information above that: (a) has been made public voluntarily by the party to whom such information belongs; or (b) has otherwise become publicly available without violation of any obligation of confidentiality or other obligation to the party to whom such information belongs or under law.

		
	b.
	Consultant acknowledges and agrees that disclosure of the Confidential Information would severely affect Company or its Affiliates and provide the recipient of the Confidential Information with a substantial and unfair competitive advantage.  

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Consultant covenants and agrees, that as a Consultant at the Company, Consultant has entered into a relationship of confidence and trust with the Company, with respect to any Confidential Information which Consultant may acquire, have access to or develop in connection with, or as a result of, the consulting activities, or which the Company provides to Consultant in connection with such activities, including information which the Company is obligated to others to keep in confidence.  During the term of this Agreement and following the termination of this Agreement, Consultant will keep all Confidential Information in confidence, and will not, without the Company’s prior written consent, either disclose Confidential Information to others or use Confidential Information, except as necessary in the ordinary course of Consultant’s duties pursuant to the terms of this Agreement or SOWs.  Before providing any Confidential Information to any consultant or employee, Consultant will ensure that a nondisclosure agreement or an agreement containing terms substantially similar to those contained in this Section 5 is in place with each consultant or employee that is substantially similar to this Agreement and will provide a copy of such agreement to the Company. Before providing the Confidential Information, each employee or consultant to whom such disclosure is to be made will be notified that such Confidential Information is received in confidence and will be kept in confidence by such employee or consultant as set forth in this Agreement.
		
	c.
	Equitable Relief.  A violation of any of the covenants or restrictions in this Section 5 will result in irreparable harm to the Company and an award of monetary damages, alone, would be an inadequate remedy. Consequently, if Consultant violates or threatens to violate any of the above covenants, the Company, in addition to any other rights and remedies provided under law, will be entitled to both (i) a preliminary or permanent injunction in order to prevent the continuation of such harm and (ii) money damages, insofar as they can be reasonably determined, including, without limitation, all reasonable costs and attorneys’ fees incurred by the Company in enforcing this Agreement.  Furthermore, Consultant’s violation of any of the above covenants while engaged by the Company may result in the immediate termination of this Agreement. This terms of this Section 5 will survive expiration or termination of this Agreement.

		
	6.
	Consultant Works.  

		
	a.
	Unless otherwise mutually agreed in writing and attached to this Agreement for reference and incorporation herein, the term “Consultant Works” means any idea, invention, technique, modification, process, or improvement (whether patentable or not), any industrial design (whether registerable or not), and any work of authorship (whether or not copyright protection may be obtained for it) created, conceived, or developed by Consultant for the Company, either solely or in conjunction with others, during the term of this Agreement, or a period that includes a portion of such service, that relates in any way to, or is useful in any manner in, the business then being conducted or proposed to be conducted by the Company, and any such item created by Consultant, either solely or in conjunction with others, that is based upon or uses Confidential Information.

		
	b.
	All Consultant Works will belong exclusively to the Company.  Consultant acknowledges that all writing and works of authorship in connection with Consultant’s 

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work for the Company will be works made for hire and the property of the Company, including any copyrights, patents, or other intellectual property rights pertaining thereto.  In the event that any such works are not works made for hire, Consultant hereby assigns to the Company all of Consultant’s right, title, and interest, including all rights of copyright, patent, and other intellectual property rights, to or in such Consultant Works.  Consultant agrees to promptly: (i) disclose to the Company in writing any Consultant Works; (ii) assign to the Company, at its request and without additional compensation, all of Consultant’s right to Consultant Work for the United States and all foreign jurisdictions; (iii) execute and deliver to the Company such applications, assignments, and other documents as the Company may request in order to apply for and obtain patents or other registrations with respect to any Consultant Works in the United States and any foreign jurisdictions; (iv) sign all other papers necessary to carry out the above obligations; and (v) give testimony and render any other assistance but without expense to Consultant in support of the Company’s rights to any Consultant Works.  Consultant retains no rights in the Consultant Works and agrees not to challenge the Company’s ownership of the rights embodied in the Consultant Works.  Consultant further agrees to assist the Company in every proper way to enforce the Company’s rights relating to the Consultant Works in any and all countries, including, but not limited to, executing, verifying and delivering such documents and performing such other acts (including appearing as a witness) as the Company may reasonably request for use in obtaining, perfecting, evidencing, sustaining and enforcing the Company’s rights relating to the Consultant Works.  In the event that Consultant does not, for any reason, execute such documents within a reasonable time of Client’s request, Consultant hereby irrevocably appoints the Company as Consultant’s attorney-in-fact for the purpose of executing such documents on Consultant’s behalf, which appointment is coupled with an interest. Consultant will not attempt to register any works created by Consultant pursuant to this Agreement at the U.S. Copyright Office, the U.S. Patent & Trademark Office, or any foreign copyright, patent, or trademark registry.
		
	c.
	If Consultant has any rights, including without limitation “artist’s rights” or “moral rights,” in the Consultant Works which cannot be assigned (the “Non-Assignable Rights”), Consultant agrees to waive enforcement worldwide of such rights against the Company. In the event that Consultant has any such rights that cannot be assigned or waived Consultant hereby grants to the Company a royalty-free, paid-up, exclusive, worldwide, irrevocable, perpetual license under the Non-Assignable Rights to (i) use, make, have made, sell, offer to sell, import, and further sublicense the Consultant Works, and (ii) reproduce, distribute, create derivative works of, publicly perform and publicly display the Consultant Works in any medium or format, whether now known or later developed.

		
	7.
	Representations and Warranties of Consultant.  Consultant represents and warrants to the Company that (i) Consultant has the full legal right, capacity, power and authority to execute and deliver this Agreement and to perform the Work, (ii) the execution, delivery, performance of this Agreement does not and will not during the term of this Agreement constitute a conflict with, or cause or result in a breach or violation, or default (or an event which with notice or lapse of time or both would become a default) under any agreement, instrument, release, license franchise or other arrangement to which Consultant is subject or by which Consultant is bound, 

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(iii) during the performance of Consultant’s duties pursuant to this Agreement, Consultant will not use any property or copies of files, records, computer access codes, computer programs, manuals, documents or business plans or property which Consultant received or prepared or helped to prepare in connection with any former employment or otherwise obtained, unless she has full authority to do so, (iv) in performing the Work, Consultant will not violate or infringe upon the rights of any third party, and (v) Consultant is not party to any arrangement or agreement (other than this Agreement) relating to the provision of services by Consultant, directly or indirectly, including any agreements with former employers regarding non-competition, the protection of confidential information and non-solicitation of customers or employers, that would conflict in any manner with the Work to be provided to the Company hereunder.  Prior to undertaking any assignment, Consultant will confirm the absence of any conflicts of interest or other ethical limitations on performing the required services.
		
	8.
	Indemnification.  Consultant will indemnify and keep the Company, its affiliates, subsidiaries, and related companies and its and their present, former, and future successors and assigns, and all of its and their present, former, and future officers, employees, trustees, managers, and agents (“Indemnitees”), forever harmless against and from all liability, demands, claims, losses, damages, and expenses (including reasonable attorneys’ fees) sustained or incurred by Indemnitees as a result of or arising from or relating to any breach that is the result of any intentional misconduct or gross negligence by Consultant. Consultant will maintain appropriate liability coverage with respect to the activities of Consultant.

		
	9.
	Miscellaneous

		
	a.
	During the term of this Agreement, Consultant will not accept work, enter into a contract, or accept an obligation from any third party, inconsistent or incompatible with Consultant’s obligations, or the scope of services rendered for the Company, under this Agreement. Consultant represents and warrants that Consultant is not subject to any contract or duty that would be breached by Consultant’s entering into or performing Consulting’s obligations under this Agreement or that is otherwise inconsistent with this Agreement.  

		
	b.
	This Agreement is the parties’ entire understanding as to the subject matter covered by this Agreement and supersedes all prior understandings.  No other written or oral representations, promises, agreements, or understandings will be of any force or effect. No amendment to, or waiver of any of the terms or provisions of, this Agreement will be valid unless in writing and signed by both parties.  

		
	c.
	If any provision of this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable as written as a matter of law, such court may exercise its discretion in reforming such provision so that such provision is reasonable under the circumstances and enforceable by the Company.

		
	d.
	The rights and obligations of Consultant hereunder are personal to Consultant, and may not be assigned or transferred to any other person or entity, in whole or in part, without the prior, written consent of the Company. 

Agreement for Consulting Services
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	e.
	This Agreement will be governed by the laws of the State of Maryland without regard to conflicts of laws principles and principles of law that would direct the application of the substantive laws of another jurisdiction.

		
	f.
	This Agreement may be executed in one or more counterparts, each of which will be treated as an original, but all of which taken together will be treated as one and the same instrument.

INTENDING TO BE BOUND, the parties have caused this Agreement to be executed and delivered by their duly authorized officers or agents as set forth below.

INOVALON HOLDINGS, INC.

Date:    March 29, 2018                By:    /s/ June Duchesne            
Name:    June Duchesne
Title:    Chief Legal Officer

MARK A. PULIDO
“Consultant”

Date:   March 29, 2018                    By:    /s/ Mark A. Pulido            
Name:    Mark A. Pulido
Title:    Individual
Address: [ADDRESS]
                    

EXHIBIT A 
STATEMENT OF WORK # 1 

The parties agree that the terms and conditions of the Agreement for Consulting Services dated the closing of the Merger (the “Agreement”) will govern this Statement of Work # 1 (“SOW”).  In the event of a conflict between the relevant documents, the terms and conditions of this SOW will control and prevail over the underlying Agreement.  Capitalized terms used but not defined herein will have the meanings set forth in the Agreement.
		
	1.
	Effective Date:  This SOW will be effective as of the same of the Agreement (the “Effective Date”) and continue until terminated in accordance with Section 5 below (the “Term”).

		
	2.
	Performance. Consultant will provide such services and deliverables requested by Inovalon Holdings, Inc. (the “Company”) from time to time (the “Services”), including, without limitation:

i) to support the successful post-transaction integration, operation and achievement of ABILITY Network, Inc.’s (“ABILITY”) 2018 operating plan; ii) the identification and achievement of cost synergies between ABILITY, the Company, and related entities; iii) the identification and achievement of incremental revenue synergies between ABILITY, the Company, and related entities; iv) the continuity of ABILITY’s relationships with its employees; v) the continuity of ABILITY’S relationships with other companies, persons, and other third parties; and vi) other initiatives identified by the Company to achieve the success of the transaction.

Consultant will have a weekly executive one-on-one call with the Company’s CEO and Chairman Keith Dunleavy and bi-weekly will provide an executive summary consisting of priorities, progress, challenges, and opportunities.
		
	3.
	Schedule of Work.  The work will commence on the Effective Date, and Consultant will devote approximately 10 hours per week on average performing the Services.

		
	4.
	Compensation.  In exchange for Consultant’s services, the Company agrees to pay Consultant $10,000 per month, plus Consultant’s out-of-pocket expenses in performing the Services.  Consultant will invoice the Company monthly for services rendered and expenses incurred during the preceding month.  Payment will be due within 30 days after the Company’s review and approval of the written invoice.

		
	5.
	Termination.  This SOW will terminate upon the earlier of the following: (a) by the Company providing Consultant with at least 30 days’ prior written notice of termination for any reason; or (b) the one year anniversary of the Effective Date and all of the deliverables and services listed above being received to the satisfaction of the Company.Exhibit 10 (u)

EMPLOYMENT AGREEMENT

 

This Agreement is entered into
as of March 2, 2018 (the “Effective Date”) by and between Albany International Corp. (the "Company") and
Olivier Jarrault ("Executive").

 

1. Duties and Scope of Employment.

 

(a) Positions and Duties. Commencing on the Effective
Date, Executive will serve as President and Chief Executive Officer of the Company, reporting to the Company's Board of Directors
(the "Board"). The period during which Executive is employed by the Company under this Agreement is referred to herein
as the "Employment Term." During the Employment Term, Executive will render such business and professional services in
the performance of his duties, consistent with Executive's position within the Company, as may be assigned to him by the Board.
Executive shall be based at the Company's headquarters in Rochester, New Hampshire, or such other place, as may be reasonably requested
by the Company.

 

Executive shall be nominated for election to the
Board such that his nomination shall be voted on by the shareholders of the Company at the first annual shareholder’s meeting
following the Effective Date.

 

(b) Obligations. During the Employment Term, Executive
will devote Executive's full business efforts to the Company and will use good faith efforts to discharge Executive's obligations
under this Agreement to the best of Executive's ability. For the duration of the Employment Term, Executive agrees not to serve
as a director for any for-profit entity or organization or actively engage in any employment, occupation, or consulting activity,
without the prior approval of the Board, in its sole discretion; provided, however, that Executive may, without the approval of
the Board, (i) serve in any capacity with any civic, educational, or charitable organization and (ii) manage his personal investments;
in each case, provided such services do not interfere with Executive's obligations to the Company.

 

2. Term of Agreement; At-Will Employment.
Executive and the Company agree that Executive's employment with the Company constitutes "at-will" employment. Executive
and the Company acknowledge that, subject to the provisions of Sections 5 and 6 of this Agreement, Executive's employment relationship
with the Company may be terminated at any time, upon written notice to the other party, with or without good cause, at the option
either of the Company or Executive.

 

3. Compensation.

 

(a) Base Salary. Commencing on the Effective Date,
the Company will pay Executive an annual salary of $775,000 as compensation for his services (such annual salary, as is then effective,
to be referred to herein as "Base Salary"). The Base Salary will be paid periodically in accordance with the Company's
normal payroll practices and be subject to standard and customary withholdings.

 

    Page 1 of 15

    	 

    

Executive's salary will be subject to review by the
Compensation Committee of the Board, or any successor thereto (the "Committee"), at least annually, and adjustments will
be made in the discretion of the Committee.

 

(b) Annual Bonus. Executive will be granted an Annual
Performance Period (“APP”) award for service performed in 2018 under the Company's 2017 Incentive Plan, to be determined
and paid in cash during early 2019. Under this award, Executive will be entitled to receive between 0% and 200% of his target award,
based on performance goal attainment during 2018. Executive’s 2018 APP target award amount will be equal to 100% of his actual
2018 Base Salary, pro-rated for the portion of the year during which he is actually employed. (For example, as the Effective Date
is March 1, 2018, the target amount would be $775,000 x 10/12, or $645,833.33). The Compensation Committee of the Company's Board
of Directors has determined that the 2018 APP award goal for senior management, including Executive, will be a specified level
of Company Adjusted EBITDA (as defined in the award agreements). The Committee retains the right to exercise its discretion, after
the end of 2018, as in prior years, to determine to what extent the APP awards Executive and the other executive officers have
been earned, and reserves the right to take individual performance factors into account, and to employ subjective and objective
criteria. (The other terms of this award shall be as specified in the 2018 Annual Performance Award Agreement). Executive will
be eligible in 2019 and thereafter to participate in the 2019 APP award or any other annual executive bonus program, as the same
may be adopted, amended, modified or terminated by the Company, in accordance with its terms. Target bonuses in future periods
will be at the discretion of the Compensation Committee.

 

(c) Long Term Incentive. Executive will be granted
a Multi-year Performance Period (“MPP”) award for service performed in 2018, 2019 and 2020 under the Company's 2017
Incentive Plan, to be determined and paid in equity during early 2021. Under this award, Executive will be entitled to receive
between 0% and 200% of his target award, based on performance goal attainment during the three year performance period. Executive’s
2018 MPP target award will be a share amount with a grant date value equal to 200% of his actual 2018 Base Salary, pro-rated for
the portion of the performance period during which he is actually employed. The Compensation Committee of the Company's Board of
Directors has determined that the 2018 MPP award goal for senior management, including Executive, will be a specified level of
Company Adjusted EBITDA (as defined in the award agreements). The Committee retains the right to exercise its discretion, after
the end of 2020, as in prior years, to determine to what extent the MPP awards Executive and the other executive officers have
been earned, and reserves the right to take individual performance factors into account, and to employ subjective and objective
criteria. (The other terms of this award shall be as specified in the 2018 Multi-year Performance Award Agreement). Executive will
be eligible in 2019 thereafter to participate in the 2019 MPP award or any other long term executive bonus program, as the same
may be adopted, amended, modified or terminated by the Company, in accordance with its terms. Target bonuses in future periods
will be at the discretion of the Compensation Committee.

 

(d) Restricted Stock Units. Executive will receive,
as of the Effective Date, a grant of stock units under the Company's Restricted Stock Unit Plan having a grant date value of $1,500,000,

 

    Page 2 of 15

    	 

    

pursuant to the form of Restricted Stock Unit Award
attached to this Agreement as Exhibit A.

 

(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 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. Provided such expenses are incurred in compliance with the Company’s travel and expense policy,
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. 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.

 

(f) Reimbursement of Legal Fee. In the event that
stock incentive awards or options are canceled or revoked by Executive’s former employer or litigation is commenced during
the Employment Term between Executive and his former employer regarding the non-payment of stock incentive awards or options previously
granted to Executive by his former employer as a result of his employment with the Company, the Company agrees to reimburse Executive
for his reasonable legal fees actually incurred and paid, up to a maximum of $300,000. In the event that such litigation has not
been commenced by December 31, 2019, the Company will be relieved of this reimbursement obligation.

 

4. Employee Benefits and Policies. Executive
will be entitled to four weeks of vacation with pay during the remainder of 2018, and thereafter will be entitled to four weeks
of vacation per calendar year, unless the Company's then-current vacation policy applicable to executive officers provides for
a greater period. In addition, Executive will be eligible to participate in all of the Company's employee benefit plans, policies,
and arrangements that are applicable to other executive officers of the Company (including, without limitation, 401(k), health
care, vision, dental, life insurance and disability), subject to eligibility and otherwise on such terms and as such plans, policies,
and arrangements may exist from time to time.

 

5. Termination of Employment. In the event
Executive's employment with the Company terminates for any reason, Executive will be entitled to any (a) all unpaid Base Salary
accrued to the effective date of termination, (b) unpaid but earned short-term or long-term cash bonuses, all unpaid but vested
performance stock awards, all unpaid but vested portions of restricted stock units grants, subject to the terms of the applicable
bonus plan, agreement or arrangement, (c) all benefits or compensation required to be provided after termination pursuant to, and
in accordance with the terms of, any employee benefit plans, policies or arrangements applicable to Executive, (d) all unreimbursed
business expenses incurred prior to termination and required to be reimbursed to Executive pursuant to the Company's policy, and
(e) all rights to indemnification to which Executive may be entitled under the Company's Articles of Incorporation, Bylaws, or

 

    Page 3 of 15

    	 

    

separate indemnification agreement, as applicable.
In addition, if the termination is a “Qualifying Termination” (as defined in Section 6), Executive will be entitled
to the amounts and benefits specified in Section 6.

 

6. Severance. If Executive's employment is
terminated pursuant to a Qualifying Termination, Executive will receive an amount equal to twice the Base Salary plus twice the
APP award target or other annual cash incentive target of Executive at the time of termination, payable in 24 substantially equal
monthly installments (the “Severance Amount”). Executive's right to receive the Severance Amount is contingent upon
Executive's continuing compliance with the provisions of Sections 8, 9 and 10 of this Agreement and subject to the Executive having
executed and delivered to the Company an effective release of any and all claims in such form as is reasonably acceptable to the
Company. Executive will not be required to mitigate the amount of payments under this Section 6, nor will any earnings that Executive
may receive from any other source reduce any the Severance Amount. For purposes of this Agreement,

 

(a) “Qualifying Termination” shall mean (i)
an involuntary termination of Executive’s employment by the Company without Cause, or (ii) a termination of Executive’s
employment by Executive for Good Cause.

 

(b) “involuntary termination of Executive’s
employment by the Company without cause" shall not include termination as the result of death or Disability.

 

(c) "Cause" shall be deemed to exist upon
any of the following, determined by a majority of the members of the Board in its sole discretion: (i) the indictment of Executive
for, or the entry of a plea of guilty or nolo contendere by Executive to, a felony charge or any crime involving moral turpitude;
(ii) Unlawful conduct on the part of Executive that may reasonably be considered to reflect negatively on the Company or compromise
the effective performance of Executive’s duties as determined by the Board in its sole discretion; (iii) Executive’s
willful misconduct in connection with his duties or willful failure to use reasonable effort to perform substantially his responsibilities
in the best interest of the Company (including, without limitation, breach by the Executive of this Agreement), except in cases
involving Executive’s mental or physical incapacity or disability; (iv) Executive’s willful violation of the Company’s
Business Ethics Policy, Code of Ethics or any other Company policy that may reasonably be considered to reflect negatively on the
Company or compromise the effective performance of Executive’s duties as determined by the Board in its sole discretion;
(v) fraud, material dishonesty, or gross misconduct in connection with the Company perpetrated by Executive; (vi) Executive undertaking
a position or any activity in or in furtherance of competition with Company during the Employment Term; (vii) Executive having
caused substantial harm to the Company with intent to do so or as a result of gross negligence in the performance of his duties;
or (viii) Executive having wrongfully and substantially enriched himself at the expense of the Company.

 

(d) "Disability" shall be deemed to exist if
(i) by reason of mental or physical illness the Executive has not performed his or her duties for a period of six consecutive months;
and (ii) the Executive does not

 

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return to the performance of his duties within thirty
days after written notice is given by Company that the Executive has been determined by the Board of Directors to be "Disabled"
under the Company's long term disability policy.

 

(e) “Good Cause” shall mean a termination
of Executive’s employment by Executive, as a consequence of , and following: (i) a material adverse change in Executive’s
authority and responsibilities without Executive’s consent, (ii) a material reduction in Executive’s compensation,
not proportionally and similarly affecting other senior executives, without Executive’s consent, (iii) the failure of the
Company or any successor to fully honor the terms of any contractual agreements with Executive, or (iv) a Change in Control; provided,
that, in the case (i), (ii) or (iii) , Executive shall have delivered written notice to the Company of his intention to
terminate his employment for Good Cause within 90 days of the event or events constituting Good Cause, which notice specifies in
reasonable detail the circumstances claimed to give rise to the Executive’s right to terminate employment for Good Cause,
and the Company shall not have cured such circumstances within 30 days following receipt of such notice.

 

(f) ) "Change in Control" shall be deemed to
have occurred if (i) there is a change of ownership of the Company as a result of one person, or more than one person acting as
a group, acquiring ownership of stock of the Company that, together with stock held by such person or group, constitutes more than
50% of the total fair market value or total voting power of the stock of the Company, provided, however, that the acquisition of
additional stock by a person or group who already owns 50% of the total fair market value or total voting power of the stock of
the Company shall not be considered a Change in Control; (ii) notwithstanding that the Company has not undergone a change in ownership
as described in subsection (i) above, there is a change in the effective control of the Company as a result of either (a) one person,
or more than one person, acting as a group, acquiring (or having acquired during the 12 month period ending on the date of the
most recent acquisition) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the
Common, or (b) a majority of the members of the Board is replaced during any 12 month period by directors whose appointment or
election is not endorsed by a majority of the members of the Board before the date of appointment or election, provided, however,
that in either case the acquisition of additional control by a person or group who already is considered to effectively control
the Company shall not be considered to a Change in Control; (iii) there is a change in ownership of a substantial portion of the
Company's assets as a result of one person, or more than one person acting as a group, acquiring (or having acquired during the
12 month period ending on the date of the most recent acquisition) assets from the Company (A) constituting substantially all the
assets of either of the Company’s two business units, or (B) that have a total gross fair market value equal to or more than
40% of the total gross fair market value of all the assets of the Company immediately before such acquisition or acquisitions;
or (iv) the sale, spinoff, or other disposition of either of the Company’s two business units, provided, however, that there
is no Change in Control if the transfer of assets is to the shareholders of the Company or an entity controlled by the shareholders
of the Company.

 

7.Internal Revenue Code Section 280G.
In the event that the benefits provided for in this Agreement, when aggregated with any other payments or benefits or to be received
by Executive (the “Aggregate Benefits”), would (i) constitute “parachute payments” within the meaning
of Section 280G of the Internal Revenue Code (the “Code”), and (ii) would be subject to the excise

 

    Page 5 of 15

    	 

    

tax imposed by Section 4999 of the Code (the
“Excise Tax”), then Executive’s Aggregate Benefits will be either: (a) delivered in full, or (b) delivered
as to such lesser extent as would result in no portion of such Aggregate Benefits being subject to the Excise Tax, whichever of
the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in
the receipt by Executive on an after-tax basis of the greatest amount of Aggregate Benefits, notwithstanding that all or some portion
of such Aggregate Benefits may be taxable under Section 4999 of the Code. Unless the Company and Executive otherwise agree
in writing, any determination required under this paragraph will be made in writing by an independent certified public accounting
firm engaged by the Company (the “Accounting Firm”) whose determination will be conclusive and binding upon Executive
and the Company for all purposes. For purposes of making the calculations required by this paragraph, the Accounting Firm may make
reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning
the application of Sections 280G and 4999 of the Code. The Company and Executive will furnish to the Accounting Firm such information
and documents as the Accounting Firm may reasonably request in order to make a determination under this paragraph. To the extent
any reduction in Aggregate Benefits is required by this paragraph, the Company and Executive shall cooperate so that the reduction
results in Executive retaining the maximum amount of the Aggregate Benefits. 

 

8. Confidential Information. Executive agrees
that all aspects of the Company's business, products, prospects, plans and strategies that have not beenpublicly disclosed,
including, but not limited to, the identities, needs and preferences of its customers, internal business operations and pricinginformation,
manufacturing know-how, technical attributes of products, annual or strategic business plans or analyses, and any and all other
trade secrets (collectively, "Confidential Information"), are confidential and secret, shall be maintained in confidence
and not disclosed to any third party, and shall remain the exclusive property of the Company. Any Confidential Information may
be used or disclosed by the Executive solely to discharge his obligations hereunder, and shall not be used or disclosed for any
other purpose, including, without limitation, for any purpose whatsoever following termination of Executive's employment. All Confidential
Information in tangible form that is provided to the Executive shall be returned by the Executive to the Company within 30 days
of any termination of employment, together with a statement certifying: (1) that Executive has returned all Confidential Information
in his possession, (2) that Executive has at all times maintained the confidential nature of the Confidential Information, and
(3) that Executive confirms his continuing obligations of confidentiality under this Agreement following such termination.

 

9. Non-disparagement. During the Employment
Term, and thereafter, Executive will not knowingly disparage, criticize or otherwise make any derogatory statements regarding the
Company, its shareholders, directors or its officers. The foregoing restriction will not apply to any truthful statements made
in response to a valid subpoena or other compulsory legal process.

 

10. Restrictive Covenants.
Executive acknowledges and recognizes the highly competitive nature of the Company’s business. Accordingly, Executive agrees
as follows:

 

    Page 6 of 15

    	 

    

A.      
That for a period of twenty-four (24) months following the termination of his employment with
the Company for any reason, whether on his 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 (“Person”), Executive
shall not directly or indirectly:

 

(i) operate a Competitive Business;

(ii) enter into the employ of,
or render any services to, any Person in respect of any Competitive Business;

(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 Release if such capital stock is listed on a national securities exchange or regularly
traded in an over-the-counter market; or 

(iv)            
interfere with, or attempt to interfere with, any business relationships between Albany or
any of its subsidiaries or affiliates and their customers, clients, suppliers or investors; and 

 

B.    
That for a period of twenty-four (24) months following the termination of his employment with
the Company for any reason, whether on the Executive’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, Executive
shall not directly or indirectly:

 

(i) solicit or encourage any employee of the Company
or any of its subsidiaries or affiliates to leave the employment of the Company or any of its subsidiaries or affiliates; or

(ii) hire any such employee who was employed by the
Company or any of its subsidiaries or affiliates as of the date of such termination or, if later, within the six-months before
the date the person was hired by Executive.

 

Executive understands that the Company will have the
right to seek injunctive relief in the event that Executive violates this paragraph 10 because the harm caused by such violation
will be irreparable and difficult to calculate in terms of monetary damages.

 

For the purposes of this paragraph 10, a Competitive
Business is any person or entity that manufactures or sells (a) papermachine clothing or belts used in the manufacture or paper,
nonwovens or fiber cement, or (b) advanced composite materials, structures or components for use in defense, aerospace or automotive
applications.

 

11.Blue Pencil Doctrine.
It is expressly understood and agreed by Executive that although Executive considers the restrictions in this Agreement to be reasonable,
if a final determination is made by a court of competent jurisdiction or an arbitrator that the time or territory or any other
restriction contained in the Agreement is an unenforceable restriction against Executive, the provisions of this Agreement 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 or arbitrator may determine or indicate to be enforceable.

 

    Page 7 of 15

    	 

    

 

12. Board Membership. Upon the termination
of Executive's employment for any reason, Executive will be deemed to have resigned from any seat on the Board (and from any seats
on the boards, and from any offices, of subsidiaries) held at such time, voluntarily, without any further required action by the
Executive, as of the end of the Employment Term. Executive, at the Board's request, will execute any documents necessary to reflect
his resignation.

 

13. Assignment. This Agreement will be binding
upon and inure to the benefit of (a) the heirs, executors, and legal representatives of Executive upon Executive's death, and (b)
any successor of the Company. Any such successor of the Company will be deemed substituted for the Company under the terms of this
Agreement for all purposes. For this purpose, "successor" means any person, firm, corporation, or other business entity
which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or substantially all of the assets
or business of the Company. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement
may be assigned or transferred except by will or the laws of descent and distribution. Any other attempted assignment, transfer,
conveyance, or other disposition of

Executive's right to compensation or other benefits
will be null and void.

 

14. Notices. All notices, requests,
demands, and other communications called for hereunder will be in writing and will be deemed given (a) on the date of
delivery if delivered personally, (b) one (1) day after being sent overnight by a well-established commercial overnight
service, or (c) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and
addressed to the parties or their successors at the following addresses, or at such other addresses as the parties may later
designate in writing:

 

If to the Company:

 

Attn: Chairman of the Board

Albany International Corp.

218 Airport Drive

Rochester, NH 03867

 

If to the Executive:

 

at the last residential address known by the Company.
In addition, the Company shall make a reasonable effort to fax or e-mail such notice to Executive at his most recent personal
fax number or e-mail address, with a copy to Executive's lawyer by the same method, to the extent known to the Company.

 

 

15. Severability. If any provision hereof
becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this Agreement will continue
in full force and effect without said provision.

 

16. Arbitration. The Parties agree that any
and all disputes arising out of the terms of this

 

    Page 8 of 15

    	 

    

Agreement, Executive's employment by the Company, Executive's service as an officer
or director of the Company, or Executive's compensation and benefits, their interpretation, and any of the matters herein released,
will be subject to binding arbitration in New York, New York under the American Arbitration Association's National Rules for the
Resolution of Employment Disputes. The Parties agree that the prevailing party in any arbitration will be entitled to injunctive
relief in any court of competent jurisdiction to enforce the arbitration award. The Parties hereto agree to waive their right to
have any dispute between them resolved in a court of law by a judge or jury. This paragraph will not prevent either party from
seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject
matter of their dispute relating to Executive's obligations under this Agreement.

 

17. Integration. This Agreement, together
with the Exhibit, represents the entire agreement and understanding between the parties as to the subject matter herein and supersedes
all prior or contemporaneous agreements whether written or oral. No waiver, alteration, or modification of any of the provisions
of this Agreement will be binding unless in a writing that is signed by duly authorized representatives of the parties hereto,
provided that any benefits or compensation provided to Executive pursuant to the terms of any plan, program, policy, or arrangement
may be amended or terminated by the Company at any time, in accordance with the terms of such plan, program, policy or arrangement.
In entering into this Agreement, no party has relied on or made any representation, warranty, inducement, promise or understanding
that is not in this Agreement.

Executive acknowledges that Executive is not subject
to any contract, obligation or understanding (whether written or not) that would in any way restrict the performance of Executive's
duties as set forth in this Agreement.

 

18. Waiver of Breach. The waiver of a breach
of any term or provision of this Agreement, which must be in writing, will not operate as or be construed to be a waiver of any
other previous or subsequent breach of this Agreement.

 

19. Survival. The Company's and Executive's
obligations under Section 6 and, to the extent provided in Section 6, the Executive's obligations under Sections 9 and 10, will
survive the termination of this Agreement.

 

20. Headings. All captions and Section headings
used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

21. Tax Withholding. All payments made pursuant
to this Agreement will be subject to withholding of applicable taxes.

 

22. Governing Law. 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.

 

23. Certain Acknowledgment. Executive
acknowledges that he has had the opportunity to obtain legal advice with respect to this Agreement, has had sufficient time
to read, and has

 

    Page 9 of 15

    	 

    

carefully read and fully understands all the provisions of this Agreement, and is knowingly and voluntarily
entering into this Agreement. Executive represents that he has no other employment or other agreement, arrangements or
undertakings that might restrict or impair his performance of this Agreement or to serve as an employee of the Company.
Executive will not in connection with his employment by the Company, use or disclose any confidential, trade secret, or other
proprietary information of any previous employer or other Person that Executive is not lawfully entitled to disclose.

 

24. Counterparts. This Agreement 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.

 

25. Certain Disclosures to Governmental Agencies
and Others. Notwithstanding anything herein or in any other agreement with or policy (including without limitation any code
of conduct or employee manual) of the Company, nothing herein or therein is intended to or shall: (i) prohibit Executive from making
reports of possible violations of federal law or regulation (even if Executive participated in such violations) to, and cooperating
with, any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities
Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002 or of any other whistleblower protection provisions of state
or federal law or regulation; (ii) require notification to or prior approval by the Company of any such reporting or cooperation;
or (iii) result in a waiver or other limitation of Executive’s rights and remedies as a whistleblower, including to a monetary
award. Notwithstanding the foregoing, Executive is not authorized (and the above should not be read as permitting Executive) to
disclose communications with counsel that were made for the purpose of receiving legal advice or that contain legal advice or that
are protected by the attorney work product or similar privilege. Furthermore, Executive will not be held criminally or civilly
liable under any federal or state trade secret law for the disclosure of a trade secret that is made (1) in confidence to a federal,
state or local government official, either directly or indirectly, or to an attorney, in each case, solely for the purpose of reporting
or investigating a suspected violation of law or (2) in a complaint or other document filed in a lawsuit or proceeding, if such
filings are made under seal.

 

    Page 10 of 15

    	 

    

 

 

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/ Joseph G. Morone___________________	       Date: March 2, 2018
	Name: Joseph G. Morone	 
	Title: President and Chief Executive Officer	 
	 	 
	 	 
	EXECUTIVE	 
	 	 
	/s/ Olivier Jarrault                                                   	Date: March 2, 2018
		 

    Page 11 of 15

    	 

    

 

EXHIBIT “A”

 

 

RESTRICTED
UNIT AWARD AGREEMENT

 

Pursuant to the

 

ALBANY INTERNATIONAL CORP.

2003 RESTRICTED STOCK UNIT PLAN

 

* * * * *

 

 

	Participant:	Olivier Jarrault
	 	 
	Award Date:	March 2, 2018

 

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

    Page 12 of 15

    	 

    

 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.

    Page 13 of 15

    	 

    

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

    Page 14 of 15

    	 

    

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.
	 	 
	 	 
	 	/s/ Joseph G. Morone_____________
	 	Name: Joseph G. Morone 
	 	Title: President and Chief Executive Officer  
	 	 
	 	 
	 	 
	 	/s/ Olivier Jarrault_____________
	 	 
	 	Olivier Jarrault

 

    Page 15 of 15

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