Document:

Exhibit
10(j)(i)(c)

 

THIRD
AMENDMENT 

DATED AS OF SEPTEMBER 26, 2003

TO RECEIVABLES SALE AGREEMENT

DATED AS OF SEPTEMBER 28, 2002

 

This Third  Amendment (the “Amendment”), dated as of
September 26, 2003, is entered into among Albany International Receivables
Corporation (the “Seller”), Albany International Corp. ( the “Initial
Collection Agent,” and, together with any successor thereto, the “Collection
Agent”), , ABN AMRO Bank N.V., as agent for the Purchaser (the “Agent”),
the committed purchasers party thereto (the “Committed Purchasers”) and Amsterdam
Funding Corporation, a Delaware corporation (“Amsterdam”);

 

WITNESSETH:

 

Whereas, the Seller,
Collection Agent, Agent , Committed Purchasers and Amsterdam have heretofore
executed and delivered a Receivables Sale Agreement, dated as of
September 28, 2001 (as amended, supplemented or otherwise modified through
the date hereof, the “Sale Agreement”),

 

Whereas, the parties
hereto desire to amend the Sale Agreement as provided herein;

 

Now, therefore, for
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree that the Sale Agreement shall be
and is hereby amended as follows:

 

Section 1.      The defined term “Liquidity Termination Date”
appearing in Schedule I to the Sale Agreement is hereby amended by
deleting the date “September 26, 2003” appearing in clause (d) thereof
and inserting in its place the date “September 24, 2004”.

 

Section 2.      The following sentence shall be inserted at the
end of Section 9.10:

 

Notwithstanding any
provision in the Transaction Documents to the contrary, each party to the
transactions contemplated by the Transaction Document (and each employee,
representative, or other agent of each such party) may disclose to any and all
persons, without limitation of any kind, the tax treatment and tax structure of
the transactions and all materials of any kind (including opinions or other tax
analyses) that are provided to such party relating to such tax treatment and
tax structure.

 

Section 3.      Section 9.12 of the Sale Agreement is hereby
amended in its entirety and as so amended shall read as follows:

 

 

Notwithstanding any
provisions contained in this Agreement to the contrary, Amsterdam shall not,
and shall not be obligated to, pay any amount pursuant to this Agreement unless
(i) Amsterdam has received funds which may be used to make such payment and
which funds are not required to repay its commercial paper notes when due and
(ii) after giving effect to such payment, either (x) Amsterdam could issue
commercial paper notes to refinance all of its outstanding commercial paper
notes (assuming such outstanding commercial paper notes matured at such time)
in accordance with the program documents governing Amsterdam’s securitization
program or (y) all of Amsterdam’s commercial paper notes are paid in full.  Any amount which Amsterdam does not pay
pursuant to the operation of the preceding sentence shall not constitute a
claim (as defined in §101 of the United States Bankruptcy Code) against or
corporate obligation of Amsterdam for any such insufficiency unless and until
Amsterdam satisfies the provisions of clauses (i) and (ii) above. This Section
shall survive the termination of this Agreement.

 

Section 4.      This
Amendment shall become effective on the date the Agent has received (i)
counterparts hereof executed by the Seller, Collection Agent, each Purchaser,
Amsterdam and the Agent and (ii) the acknowledgment and consent in the form set
forth below duly executed and delivered by the Parent.

 

Section 5.1.   This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts and each
such counterpart shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Amendment.

 

Section 5.2.   Except as specifically provided above, the Sale
Agreement and the other Transaction Documents shall remain in full force and
effect and are hereby ratified and confirmed in all respects.  The execution, delivery, and effectiveness
of this Amendment shall not operate as a waiver of any right, power, or remedy
of any Agent or any Purchaser under the Sale Agreement or any of the other
Transaction Documents, nor constitute a waiver or modification of any provision
of any of the other Transaction Documents. 
All defined terms used herein and not defined herein shall have the same
meaning herein as in the Sale Agreement. 
The Seller agrees to pay on demand all costs and expenses (including
reasonable fees and expenses of counsel) of or incurred by the Agent and each
Purchaser Agent in connection with the negotiation, preparation, execution and
delivery of this Amendment.

 

Section 5.3.   This Amendment and the rights and obligations of the
parties hereunder shall be construed in accordance with and be governed by the
law of the State of New York.

 

2

 

In
Witness Whereof, the parties have caused this Amendment to be executed
and delivered by their duly authorized officers as of the date first above
written.

 

	
   

  	
  ABN AMRO Bank N.V., as the Agent, as the

  Committed Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Patricia Luken

  	
   

  
	
   

  	
  Title:

  	
   GVP

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Therese Gremley

  	
   

  
	
   

  	
  Title:

  	
   VP

  	
   

  
	
   

  	
   

  
	
   

  	
  Amsterdam
  Funding Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Bernard J.
  Angelo

  	
   

  
	
   

  	
  Title:

  	
   Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Albany International Receivables

  Corporation, as Seller

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ David C.
  Michaels

  	
   

  
	
   

  	
  Title:

  	
   VP Treasury &
  Tax

  	
   

  
	
   

  	
   

  
	
   

  	
  Albany International Corp., as Initial

  Collection Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Michael C.
  Nahl

  	
   

  
	
   

  	
  Title:

  	
   Sr VP & CFO

  	
   

  
					

 

3

 

GUARANTOR’S
ACKNOWLEDGMENT AND CONSENT

 

The undersigned, Albany International Corp., has heretofore executed and delivered
the Limited Guaranty dated as of September 28, 2001 (the “Guaranty”)
and hereby consents to the Amendment to the Sale Agreement as set forth above
and confirms that the Guaranty and all of the undersigned’s obligations
thereunder remain in full force and effect. 
The undersigned further agrees that the consent of the undersigned to
any further amendments to the Sale Agreement shall not be required as a result
of this consent having been obtained, except to the extent, if any, required by
the Guaranty referred to above.

 

	
   

  	
  ALBANY INTERNATIONAL
  CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Michael C. Nahl

  	
   

  	 

	
   

  	
   

  	
  Title:

  	
   Sr. VP & CFO

  	
   

  
						

 

4Exhibit
10(m)(vii)

 

[As
amended August 7, 2003]

 

ALBANY INTERNATIONAL CORP.

1998
Stock Option Plan

 

1.             Purpose.

 

This plan (“the 1998 Plan”) is intended as an
incentive to officers and other key employees of Albany International Corp.
(“the Company”) and its subsidiaries to encourage them to remain in the employ
of the Company and its subsidiaries by affording them a greater interest in the
success of the Company and its subsidiaries.

 

2.             Administration.

 

The 1998 Plan shall be administered by the Committee
(as herein defined).  Subject to the
provisions of the 1998 Plan, the Committee shall have authority, within its
absolute discretion:

 

(a)  to grant options for shares of Class A
Common Stock of the Company under the 1998 Plan; provided, that the maximum number
of shares of Class A Common Stock with respect to which any optionee may be
granted options during any calendar year shall not exceed 100,000;

 

(b)  to determine which of the officers and other
key employees of the Company and its subsidiaries shall be granted options;

 

(c)  to determine the time or times when options
shall be granted and the number of shares to be subject to each option;

 

(d)  to determine the option price of the Class A
Common Stock subject to each option, which shall not be less than 100% of the
fair market value of the Class A Common Stock on the date of granting of an
option;

 

(e)  to determine the fair market value of the
Class A Common Stock on the date of the granting of an option;

 

(f)  to determine the term of each option, which
shall not continue for more than twenty years from the date of granting of the
option, and to accelerate the expiration of the term of an option;

 

(g)  to determine the time or times when each
option shall be exercisable and to accelerate at any time the time or times
when an outstanding option shall be exercisable;

 

(h)  to accept, as full or partial payment of the
option price and/or any taxes to be withheld by the Company upon exercise of
any option, shares of Class A Common Stock tendered by the optionee or
requested by the optionee to be withheld from the shares to be delivered upon
such exercise, and to determine the value of the shares so tendered or
withheld;

 

 

(i)  to determine, to the extent permitted by
law, the status under the Internal Revenue Code of any option granted under the
1998 Plan, including, without limitation, whether the option shall be treated
as an Incentive Stock Option;

 

(j)  to determine the effect on any option of the
termination of the employment of the optionee and of any conduct or activity of
the optionee;

 

(k)  to determine the extent to which options
granted under the 1998 Plan shall be assignable or transferable;

 

(l)  to prescribe from time to time the form or
forms of the instruments evidencing options granted under the 1998 Plan;

 

(m)  to adopt, amend and rescind from time to
time such rules and regulations as it, in its absolute discretion, may deem to
be advisable in connection with administration of the 1998 Plan;

 

(n)  to construe and interpret the 1998 Plan,
instruments evidencing options granted under the 1998 Plan and rules and
regulations adopted by the Committee with respect to the 1998 Plan; and

 

(o)  to make all other determinations which the
Committee, in its absolute discretion, deems necessary or desirable at any time
with respect to the administration of the 1998 Plan.

 

All decisions,
determinations and interpretations of the Committee shall be final and binding
on all optionees and on any other persons claiming rights under this Plan or
with respect to any option granted hereunder.

 

As used herein, the term “the Committee” shall mean
the Board of Directors or such Committee of the Board of Directors as the Board
of Directors may from time to time designate for this purpose.

 

3.             Shares Subject to the
1998 Plan.

 

Subject to Article 4 hereof, the aggregate number of
shares for which options may be granted under the 1998 Plan shall be (a)
500,000 shares of Class A Common Stock of the Company as presently constituted
plus (b) such additional number of shares as the Board of Directors of the
Company shall, from time to time subsequent to January 1, 1999 and during the
term of the 1998 Plan, determine; provided that the number of shares so added
by the Board of Directors shall not exceed, in any one calendar year, 500,000
shares of Class A Common Stock as presently constituted; and provided, further,
that the total number of shares then available for the grant of options
pursuant to the 1998 Plan shall not exceed 1,000,000 at any time.

 

If any options granted under the 1998 Plan shall
expire, terminate or be surrendered, in whole or in part, the number of shares
as to which such options shall not have been exercised shall thereupon again
become available for option hereunder.

 

Shares of Class A Common Stock to be issued upon
exercise of options granted under the 1998 Plan may be either authorized but
unissued shares or issued shares reacquired in any manner by the Company, as
the Board of Directors may from time to time determine.

 

2

 

Cash proceeds received upon the exercise of options
granted under the 1998 Plan shall be added to the general funds of the Company
and may be used for any corporate purpose.

 

4.             Recapitalizations,
etc.

 

Notwithstanding any other provision of the 1998 Plan,
in the event of any change in the outstanding common stock of the Company by
reason of a stock dividend, recapitalization, merger, consolidation, split-up,
combination or exchange of shares or the like, the aggregate number and class
of shares for which options may be granted under the 1998 Plan, the number and
class of shares subject to each outstanding option and the option prices may be
(but are not required to be) appropriately adjusted by the Committee, whose
determination shall be conclusive.  No
fractional shares shall be issued under the 1998 Plan and any fractional shares
resulting from computations pursuant to this Article 4 shall be eliminated from
the option.

 

5.             Indemnification of
Committee.

 

In addition to such other rights of indemnification as
they may have as directors, as members of the Committee or otherwise, the
members of the Committee shall be indemnified by the Company against the
reasonable expenses, including attorneys’ fees, actually and necessarily incurred
in connection with the defense of any action, suit or proceeding, or in
connection with an appeal therein, to which they or any of them may be a party
by reason of any action taken or failure to act under or in connection with the
1998 Plan or any option granted hereunder and against all amounts paid by them
in settlement thereof (provided such settlement is approved by independent
legal counsel selected by the Company) or paid by them in satisfaction of a
judgment in any such action, suit or proceeding, except in relation to matters
as to which it shall be adjudged in such action, suit or proceeding that such
Committee member is liable for negligence or misconduct in the performance of
his or her duties, provided that within sixty days after institution of any
such action, suit or proceeding, a Committee member shall in writing offer the
Company the opportunity, at its own expense, to handle and defend the same.

 

6.             Amendment and
Termination of the 1998 Plan.

 

No option shall be granted under the 1998 Plan subsequent
to May 12, 2008.  The Board of Directors
of the Company may, at any time, suspend or terminate the 1998 Plan or make
changes in or additions to it as the Board of Directors deems advisable;
provided, however, that, except as provided in Article 4 hereof, the Board of
Directors may not, without approval by a majority of the votes entitled to be
cast by shares of common stock of the Company present and entitled to be cast
at a meeting of stockholders of the Company, materially increase the aggregate
number of shares for which options may be granted under the 1998 Plan or
increase the maximum number of shares of Class A Common Stock with respect to
which any optionee may be granted options during any calendar year.

 

7.             Shareholder Approval.

 

The 1998 Plan shall not become effective unless and
until it has been approved by a majority of the votes entitled to be cast by
shares of common stock of the Company present or represented and entitled to be
cast at the first meeting of stockholders of the Company held after approval of
the 1998 Plan by the Board of Directors of the Company.

 

3

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