Document:

exhibit_10-2.htm

    EXHIBIT
10.2

    

    

    AGREEMENT

    

    

    P.A.M.
agrees to pay Dan Cushman, $55,000 toward all associated costs of selling his
home in (address) and the move of household goods to the Tontitown, Arkansas
area. As a condition to this payment, Dan Cushman agrees not to terminate his
position as President of P.A.M. within 36 months of his start date with P.A.M.
or he will forfeit his entitlement to this payment. This forfeiture will not be
triggered by any termination caused by P.A.M., death, or disability. If the
payment is forfeited, Dan Cushman agrees to pay P.A.M. in cash within 90 days of
the termination.

    

    

    
      	
              By: /s/ Daniel H. Cushman

            	 
      	
              By: /s/ Peter J. Dwyer

            
	
              Daniel
      H. Cushman

            	 
      	
              Peter
      J. Dwyer

            

    

    

    

    NOTE:

    The
Company has also agreed to reimburse Mr. Cushman for up to eighteen (18) months
and up to $1,800 per month, for temporary living
expenses.exhibit_10-3.htm

    EXHIBIT
10.3

    

    P.A.M.
TRANSPORTATION SERVICES, INC.

    INCENTIVE
COMPENSATION PLAN

    CALENDAR
YEAR 2010

    

    

    THIS IS
THE INCENTIVE COMPENSATION PLAN of P.A.M. Transportation Services, Inc., a
Delaware Corporation (the “Company”), under which a bonus may be granted to
Daniel H. Cushman subject to the limitations, provisions and requirements
hereinafter stated.  The Plan is as follows:

    

    1.           ADMINISTRATION
OF PLAN.  This Plan shall be administered by the Compensation
Committee of the Company’s Board of Directors (the “Committee”).

    

    2.           MECHANICS
OF THE PLAN.  The Plan will award Mr. Cushman for profitability
as measured by the Company’s operating ratio.  This Plan is an “annual
plan” and incentive award shall be based on audited results of operations for
January 1, 2010 through December 31, 2010.

    

    “Annual
Base Salary” multiplied by the “Bonus Percentage” per the attached Exhibit
A.  However, no bonus shall be payable if the Company’s Consolidated
Operating Ratio exceeds 99%.

    

    
      	
              (a)  

            	
              Payment of
      Awards.  Upon review and approval of the bonus
      calculation by the Committee, payments for the bonus that is awarded for
      the 2010 calendar year shall be made as
follows:

            

    

    
      	
              i.  

            	
              fifty
      percent (50%) of the bonus shall be paid on or before March 31,
      2011;

            

    

    
      	
              ii.  

            	
              twenty-five
      percent (25%) of the bonus shall be paid on or before March 31, 2012;
      and

            

    

    
      	
              iii.  

            	
              twenty-five
      percent (25%) of the bonus shall be paid on or before March 31,
      2013.

            

    

    

    Dan H.
Cushman must be an active or retired employee to receive payout.

    

    
      	
              (b)  

            	
              Annual Base
      Salary.  For purposes of calculating the bonus award
      hereunder, “Annual Base Salary” of Mr. Cushman shall mean the annual base
      salary as of December 31, 2010.

            

    

    

    3.           NONASSIGNABILITY.  Mr.
Cushman shall not have the right to assign or transfer any of his benefits or
expected benefits under the Plan except by will or by the laws of descent and
distribution.

    

    4.           Annual Revenue and
Expenses:  The calendar year 2010 revenues generated and
expenses incurred by the Company as reported in the Company’s 2010 audited
financial statement. Revenue shall not include interest income, other
non-operating income or extraordinary items.  Expenses shall not
include any bonuses expensed hereunder, interest expense or income taxes but
shall include loss (gain) on sale of equipment.

    

    Consolidated Operating
Ratio: The calendar year expenses divided by calendar year
revenue.

    

    Percentage:  All
percentages shall be determined to the nearest 1/100th.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    This Plan
has been adopted and approved at a meeting of the Board of Directors of the
Company on the 13th day of July, 2009 and shall be effective for the calendar
year 2010, unless otherwise amended by the Board of Directors.

    

    This plan
shall be limited to calendar year 2010 and any new plan for 2011 or beyond will
require further board approval.

    

    

    EXHIBIT
A

    

    P.A.M.
TRANSPORTATION SERVICES, INC.

    INCENTIVE
COMPENSATION PLAN

    

    CONSOLIDATED
OPERATING RATIOS AND

    CORRESPONDING
BONUS PERCENTAGES

    FOR 2010
CALENDAR YEAR

    

    

    Consolidated Operating
Ratio                                                           Bonus
Percentage

    99.0%                                                                                                20.0%

    98.0%                                                                                                30.0%

    97.0%                                                                                                40.0%

    96.0%                                                                                                50.0%

    95.0%                                                                                                60.0%

    94.0%                                                                                                70.0%

    93.0%                                                                                                80.0%

    92.0%                                                                                                90.0%

    91.0%                      or
less                                                             100.0%Exhibit 10(o)(xiv)

 AGREEMENT

      This
  Executive Separation Agreement (the “Agreement”) is dated as of the
  5th day of August, 2009, and is entered into by and between Albany International
  Corp., a Delaware corporation with offices and a principal place of business
  at 1373 Broadway, Albany, New York, (“Albany”) and Michael C. Nahl,
  a resident of Albany County, New York (“Executive”).

 WITNESSETH

      WHEREAS,
  Executive is employed by Albany as Executive Vice President and Chief Financial
  Officer and may serve as a director or officer of various Albany subsidiaries
  and affiliates, or as a fiduciary to various employee benefit plans; and

      WHEREAS,
  Executive has notified Albany of his desire to voluntarily retire; and

      WHEREAS,
  Albany seeks to retain Executive for the purposes of assisting in the orientation
  of his successor, to assist in the transition of his duties to the successor
  and to temporarily continue to offer advice and counsel in connection with important
  strategic initiatives and has requested that Executive delay his retirement
  in consideration for the benefits set forth herein;

      WHEREAS,
  Albany and Executive seek to enter into this Agreement (the “Agreement”)
  with the intent to establish a mutually acceptable retirement date and to settle
  all claims and issues that have been raised, or could have been raised in relation
  to Executive’s employment with Albany or in relation to any positions he
  held with any of Albany’s subsidiaries, affiliates, employee benefits plans
  or trusts, or in any way related to the termination of such employment and/or
  service;

      NOW
  THEREFORE, in consideration of the promises and mutual agreements herein, it
  is hereby agreed as follows:

      1.
  Executive acknowledges that he was given this Agreement on June 16, 2009
  and was afforded 21 days to consider same.

      2.
  Executive was, and hereby is, advised to consult a lawyer before signing this
  Agreement and did in fact have the opportunity to obtain advice from counsel.

      3.
  Executive may accept this Agreement only by signing, dating and delivering the
  Agreement to Albany (in the manner set forth in Paragraph 25) on or before Albany’s
  normal close of business on August 5, 2009. Time is of the essence
  with regard to this Paragraph 3.

      4.
  Executive may revoke this Agreement at any time within seven (7) days after
  signing and delivering it to Albany by notifying Albany in writing (in the manner
  set forth in Paragraph 25) of Executive’s decision to revoke. Time
  is of the essence with regard to this Paragraph 4.

 Page 1 of 12

      5.
  The effective date of this Agreement (“Effective Date”) shall be the
  8th day after Executive signs and delivers the Agreement in accordance
  with Paragraph 3 above, unless Executive revokes the Agreement in accordance
  with Paragraph 4 above. If Executive revokes this Agreement in accordance with
  Paragraph 4 above, this Agreement will not become operative and will not be
  binding on Executive or Albany.

      6.
  Executive elects to voluntarily retire, and his employment with Albany shall
  terminate, effective as of the close of business on August 31, 2009,
  (the “Retirement Date”) unless terminated earlier in accordance with
  Paragraph 7 or 8 hereof. The Retirement Date may be accelerated or extended
  by mutual agreement of the parties, evidenced in writing. Effective as of the
  close of business on August 7, 2009, Executive shall no longer serve as Albany’s
  Chief Financial Officer, but shall retain the title of Executive Vice President
  until the Retirement Date. Effective as of the Retirement Date, or the date
  of any earlier termination pursuant to Paragraph 7 or 8, Executive resigns all
  offices, directorships and any other positions held with Albany or any of Albany’s
  subsidiaries or affiliates, or any of their employee benefit plans or trusts.
  Albany agrees to provide Executive with a positive written reference.

      7.
  Nothing herein is intended to alter the at-will nature of Executive’s employment
  relationship with Albany. Albany reserves the right to terminate Executive prior
  to the Retirement Date with or without cause. Cause shall be deemed to exist
  if Albany determines that Executive has:

  
     (i) undertaken a position in
      competition with Albany;

     (ii) caused substantial harm
      to Albany with intent to do so or as a result of gross negligence in the
      performance of his duties; 

     (iii) wrongfully and substantially
      enriched himself at the expense of Albany; or 

     (iv) been convicted of felony;

  

      8.
  Executive reserves the right to terminate his employment with Albany at any
  time prior to the Retirement Date.

      9.
  From the date hereof until the date Executive’s employment with Albany
  terminates (either as of the Retirement Date or earlier), Executive shall continue
  to perform the duties of his current position and assist in the transition of
  his duties as directed by the Chief Executive Officer or the Board of Directors.
  Executive further covenants and agrees, for a reasonable time thereafter not
  to exceed twenty-four months, to provide the additional services set forth in
  Schedule 9. If such services are still needed after such twenty-four
  month period, the parties agree to negotiate a consulting agreement with terms
  mutually acceptable to both parties. During the remainder of Executive’s
  employment with Albany, Albany shall continue to pay Executive at his current
  rate of compensation less (i) applicable withholdings and deductions required
  bylaw or otherwise agreed to by the parties, (ii) deductions of premiums due
  for any health care, life insurance or other insurance

 Page 2 of 12

 coverage provided by or through Albany, (iii) 401(k) savings
  plan or other Albany benefit plan contributions and (iv) any other applicable
  withholdings. During the remainder of Executive’s employment with Albany,
  Executive will be eligible to receive the standard package of employee benefits
  available to similarly situated Albany employees. Albany reserves the right
  to modify, supplement, amend or eliminate the standard benefits provided to
  its employees, including, without limitation, the eligibility requirements and/or
  premiums, deductibles, co-payments or other charges relating thereto.

      10.
  Executive agrees that on or after the last date of his employment with Albany
  he shall execute an additional release in the form annexed hereto (the “Supplemental
  Release”) covering the period from the date of Executive’s execution
  of this Agreement through his last date of employment. Executive covenants and
  agrees that the obligations to be performed by Albany under this Agreement after
  the last date of Executive’s employment shall be contingent upon the execution
  of the Supplemental Release. Failure to execute the Supplemental Release, however,
  will not affect the validity of the release contained in Paragraph 17 of this
  Agreement.

      11.
  In the case that Executive’s employment is terminated at the Retirement
  Date and not prior thereto as contemplated by Paragraph 7 or 8, Albany agrees
  to provide Executive with the following benefits to which he would not otherwise
  be entitled. Executive acknowledges and agrees that these benefits constitute
  adequate legal consideration for the promises and representations made by him
  in this Agreement, and are in lieu of any benefits payable under any severance
  plan now in existence or adopted prior to the Retirement Date:

	     	 (a) 
          	 Albany will pay Executive
      the gross sum of $37,491.66 per month for a period of twelve (12) months
      from the Retirement Date, for a total of $449,900.00 in the first twelve
      (12) months following the Retirement Date, then the gross sum of $46,191.66
      per month for an additional twelve (12) month period (combined, the “Payment
      Period”) for a total of $1,004,200.00 in the first 24 months following
      the Retirement Date. The aforesaid monthly payments (the “Post-Retirement
      Payments”) shall be paid net of all applicable withholdings and deductions
      required by law or otherwise agreed to by the parties. The Post-Retirement
      Payments will made by check, or direct deposit, on the 15th day
      of the month and will begin after the Retirement Date and after this Agreement
      becomes irrevocable and continue on or about the 15th day of
      every month thereafter until paid in full (and may contain pro rata payment
      for any partial month). In the event Executive dies before the last Post-Retirement
      Payment is made hereunder, the balance of such payments shall be paid to
      his spouse or, if he shall have no such spouse at that time, to his estate.
      
	 
	 	 (b) 
          	 Executive may elect, pursuant
      to the protections afforded by the Consolidated Omnibus Budget Reconciliation
      Act, to continue group health care coverage as is from time to time provided
      by or through Albany to all similarly situated eligible employees for up
      to eighteen (18) months by paying the then-applicable required contribution
      for such coverage. Notwithstanding the foregoing, the parties acknowledge
      that it may be more advantageous for Executive to elect retiree health 

 Page 3 of 12

	     	 	 care benefits under the Albany
      International Corp. Health Care Plan as of the Retirement Date. In that
      event, Executive shall be responsible for the payment of the retiree contribution
      in accordance with the terms of that Plan. 
	 
	 	 (c) 
          	 Albany reserves the right
      to modify, supplement, amend or eliminate the coverages described in subparagraph
      (b) above, including, without limitation, the eligibility requirements and/or
      premiums, deductibles, co-payments or other charges relating thereto. 
	 
	 	 (d) 
          	 Albany shall pay Executive
      for any accrued, unused vacation pursuant to existing corporate policy at
      Executive’s last rate of salary, less applicable withholdings and deductions
      required by law or otherwise agreed to by the parties. Said payment shall
      be made at the first normal pay date following the Retirement Date and irrevocability
      of this Agreement. Albany and Executive agree that has accrued 25 unused
      vacation days. 
	 
	 	 (e) 
          	 Any stock options, restricted
      stock units or long-term incentive awards that have been previously awarded
      to Executive shall be treated in accordance with the terms of plans under
      which such awards were granted and/or the applicable award agreement. 
	 
	 	 (f) 
          	 Effective as of the Retirement
      Date, or such earlier date as Executive’s employment may be terminated
      in accordance with Paragraph 7 or 8, hereof, Executive will no longer be
      an employee of Albany, and will cease to accrue benefits under any pension,
      deferred compensation, 401(k), profit-sharing or other Albany employee welfare
      benefit plan. 
	 
	 	 (g) 
          	 Executive shall be permitted
      to retain possession of his current Albany laptop, as well as his current
      mobile phone and Blackberry; provided that such devices will be cleansed
      of any Albany content by Albany GIS personnel, and any telecommunications
      or other services related to such device (or any other phone, mobile, data
      or computing devices) are to be provided by the Executive at his expense.
      
	 
	 	 (i) 
          	 Executive acknowledges and
      agrees that, except for this Agreement, Executive would have no right to
      receive all of the benefits described above. 

      12.
  In the event Executive’s employment with Albany is terminated prior to
  the Retirement Date for cause, Executive shall not be entitled to, and Albany
  shall not be obligated to provide, any of the benefits described in Paragraph
  11, and in such case the treatment of any stock options, restricted stock units
  or long term incentive awards will be in strict conformity with the terms of
  the plans under which such option or restricted stock units were granted. In
  the event Albany terminates Executive’s employment prior to the Retirement
  Date without cause, Executive shall be entitled to receive the benefits described
  in Paragraph 11, including treatment of his stock options, restricted stock
  units and long term incentive awards as if the separation was a voluntary retirement
  after reaching the age of 62, provided however that the Payment Period shall
  begin as of the date of such termination and cease twenty-four (24) months thereafter.

      13.
  In accordance with the terms of the Company’s annual cash incentive program,
  Executive shall not be eligible for any bonus relating to his employment during
  2009.

 Page 4 of 12

      14.
  In the event Executive elects to begin receiving benefits under the Albany International
  Corp. Supplemental Executive Retirement Plan (“SERP Benefits”) at
  any time within the first six months after Executive’s Retirement Date,
  Albany shall, in accordance with Section 409A of the Code, delay payment, for
  up to six months, of the SERP Benefits that accrued after January 1, 2005. Albany
  shall pay Executive any SERP Benefit withheld pursuant Section 409A of the Code
  in a lump sum, along with the next regularly scheduled SERP benefit payment
  next following the expiration of the six month period described above.

      15.
  It is the intent of the parties that this Agreement provides payments and benefits
  that satisfy the distribution requirements of Section 409A of Code. In the event
  any payments or benefits are deemed by the IRS to be non-compliant, this Agreement,
  at Executive’s option, shall be modified, to the extent practical, so as
  to make it compliant by altering the payments or the timing of their receipt.
  The methodology to effect or address any necessary modifications shall be subject
  to reasonable and mutual agreement between the parties.

      16.
  As used in this Agreement, the term “Albany” means, individually and
  collectively, Albany, each subsidiary, parent company or affiliate of Albany,
  and their respective employee welfare benefit plans, employee pension benefit
  plans, successors and assigns (including all present and former shareholders,
  directors, officers, fiduciaries, agents, representatives and employees of those
  companies and other entities).

      17.
  Subject to Executive’s right to revoke stated in Paragraph 4 above, by
  signing this Agreement, Executive immediately gives up and releases Albany from,
  and with respect to, any and all rights and claims that Executive may have against
  Albany, whether or not Executive presently is aware of such rights or claims.
  In addition, and without limiting the foregoing:

	     	 (a) 
          	 Executive on behalf of himself,
      his agents, spouse, representatives, assignees, attorneys, heirs, executors
      and administrators, fully releases Albany and Albany’s past and present
      successors, assigns, parents, divisions, subsidiaries, affiliates, officers,
      directors, shareholders, employees, agents and representatives from any
      and all liability, claims, demands, actions, causes of action, suits, grievances,
      debts, sums of moneys, controversies, agreements, promises, damages, back
      and front pay, costs, expenses, attorneys fees, and remedies of any type,
      which Executive now has or hereafter may have, by reason of any matter,
      cause, act or omission arising out of or in connection with Executive’s
      employment or the termination of his employment with Albany, including,
      without limiting the generality of the foregoing, any claims, demands or
      actions arising under the Age Discrimination in Employment Act of 1967,
      the Older Worker’s Benefit Protection Act, the Employee Retirement
      Income Security Act of 1974, Title VII of the Civil Rights Act of 1964,
      the Civil Rights act of 1991, the Civil Rights Act of 1866, the Rehabilitation
      Act of 1973, the Americans with Disabilities Act of 1990, and any other
      federal, state or local statute, ordinance or common law of any state regarding
      employment, discrimination in employment, or 

 Page 5 of 12

	      	 	 the termination of employment.
      Notwithstanding the foregoing, Executive is not waiving any right that cannot,
      as a matter of law, be voluntarily waived, including the right to file or
      participate in the adjudication of a claim of discrimination filed with
      any state or federal administrative agency, though Executive expressly waives
      any right to recover monetary damages as a result of any claim filed with
      any state or federal administrative agency. 
	 
	 	 (b) 
          	 If Executive breaches any
      obligation under this Agreement, Executive agrees that Albany shall not
      be obligated to continue to make payments under Paragraph 11, and to reimburse
      Albany for any and all payments previously made pursuant to Paragraph 11.
      
	 
	 	 (c) 
          	 Notwithstanding the foregoing,
      nothing herein shall relieve Albany of any indemnification obligations it
      might owe to Executive by virtue of Executive’s position as on officer
      of Albany under its certificate of incorporation, corporate Bylaws or other
      written agreement. 

      18.
  Executive acknowledges that as a consequence of his employment with Albany,
  proprietary and confidential information relating to the business of Albany
  may be or have been disclosed to or developed or acquired by Executive which
  is not generally known to the trade or the general public and which is of considerable
  value to Albany. Such information includes, without limitation, information
  about trade secrets, inventions, patents, licenses, research projects, costs,
  profits, markets, sales, customer lists, proprietary computer programs, proprietary
  records, and proprietary software; plans for future development, and any other
  information not available to the trade or the general public, including information
  obtained from or developed in conjunction with a third party that is subject
  to a confidentiality or similar agreement between Albany and such third party.
  During the remainder, if any, of, and after, his employment by Albany, Executive
  shall not use such information, as denoted above, for his own benefit, or for
  the benefit of any other employer or for any other purpose whatsoever other
  than the performance of his remaining work for Albany, if any, and Executive
  shall maintain all such information in confidence and shall not disclose any
  thereof to any person other than employees of Albany authorized to receive such
  information. This obligation is in addition to any similar obligations Executive
  may have pursuant to any other agreement, statute or common-law. Nothing herein,
  however, shall preclude Executive from describing his duties with Albany in
  future job interviews.

      19.
  Executive acknowledges and recognizes the highly competitive nature of Albany’s
  business and accordingly agrees as follows:

	   	 (a) 
          	 For a period of two years
      following Executive’s Retirement Date, 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 (“Person”), directly or indirectly:
      

	   	 (i) engage in any business which is in competition with Albany or any of
      its subsidiaries or affiliates in the same geographical areas as Albany
      or any of its subsidiaries or affiliates are engaged in their business (a
      “Competitive Business”); 

 Page 6 of 12

	     	    
        	 (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 Agreement is 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 (whether
      formed before or after the Retirement Date) between Albany or any of its
      subsidiaries or affiliates and their customers, clients, suppliers or investors.
      
	 	 	 
	 	(b) 	During the period of time ending
      two years after the Retirement Date Executive will not, whether on Executive’s
      own behalf or on behalf of or in conjunction with any Person, directly or
      indirectly: 
	 	 	 
	 	 	(i)      solicit
      or encourage any employee of Albany or any of its subsidiaries or affiliates
      to leave the employment of Albany or any of its subsidiaries or affiliates;
      or 
	 	 	 
	 	 	(ii)      hire
      any such employee who was employed by Albany or any of its subsidiaries
      or affiliates as of the Retirement Dates or, if later, within the six-month
      period prior to such date of hire. 
	 	 	 
	 	(c) 	It is expressly understood
      and agreed that although Executive and Albany consider the restrictions
      in this Paragraph 19 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 this 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. 

      20.
  Executive specifically agrees and promises that he will not directly or indirectly
  disparage Albany, (as defined in Paragraph 16) or any of Albany’s officers,
  directors, employees, attorneys or representatives, or any of Albany’s
  products or services in any manner, at any time, to any person or entity. Albany
  specifically agrees and promises that it will not directly or indirectly disparage
  Executive in any manner, at any time, to any person or entity. “Disparage”
  is defined as any utterance whatsoever either verbal, in writing, by gesture
  or any behavior of any kind, which criticizes or defames the goodwill or reputation
  of, or which is intended to embarrass or adversely affect, the other party.
  Notwithstanding the foregoing, nothing in this Section 20 (a) shall prohibit
  any of the Company’s executive officers nor any member of the Company's Board
  of Directors from making non-public statements to one another in the course
  of carrying out their duties as such, and (b) shall prohibit any person from
  making truthful statements when required by order of a court or other body having
  jurisdiction, or as otherwise may be required by law or legal process.

 Page 7 of 12

      21.
  This Agreement does not constitute an admission by Albany of any liability to
  Executive, and Executive understands and agrees that Albany denies any such
  liability to Executive.

      22.
  This Agreement constitutes the entire agreement between Albany and Executive
  relating to the subject matter thereof, and may not be amended or modified in
  any way whatsoever except in writing signed by the parties hereto. This Agreement
  shall not be in derogation of Executive’s rights under any Albany stock,
  pension, retirement, QSERP, or other similar plan or agreement.

      23.
  Albany and Executive intend for every provision of this Agreement to be fully
  enforceable. But, if a court with jurisdiction over this Agreement determines
  that all or part of any provision of this Agreement is unenforceable for any
  reason, Albany and Executive intend for each remaining provision and part to
  be fully enforceable as though the unenforceable provision or part had not been
  included in this Agreement.

      24.
  Executive acknowledges that he has read this entire Agreement, that he fully
  understands its meaning and effect, and that he has voluntarily signed this
  Agreement.

      25.
  Notices or other deliveries required or permitted to be given or made under
  this Agreement by Executive to Albany shall, except to the extent otherwise
  required by law, be deemed given or made if delivered by hand or by express
  mail or overnight courier service to Albany International Corp., 1373 Broadway,
  Albany, New York 12204, Attention: Charles J. Silva, Jr. Notice by Albany to
  Executive shall be given by hand of express mail or overnight courier service
  at Executive’s last known address or any other address subsequently provided
  by Executive.

      26.
  The terms of this Agreement are binding upon and shall be for the benefit of
  Executive and Albany, as well as their respective heirs, executors, administrators,
  successors and assigns.

      27.
  Executive and Albany each agree that if an action is commenced by any party
  alleging breach of this Agreement, the non-prevailing party shall be liable
  to the prevailing party for any and all available legal and equitable relief,
  as well as reasonable attorneys’ fees and costs associated with pursuing
  or defending such legal action.

      28.
  Executive understands that the release contained in Paragraph 17 hereof is a
  general release, and represents that he has been advised to seek counsel on
  the legal and practical effect of a general release, and recognizes that he
  is executing and delivering this release, intending thereby to be legally bound
  by the terms and provisions thereof, of his own free will, without promises
  or threats or the exertion of duress. He also acknowledges that he has had adequate
  time to review it, have it explained to him, and understands its provisions.

 Page 8 of 12

 [SIGNATURE PAGES
  FOLLOW]

 Page 9 of 12

      IN
  WITNESS WHEREOF, Executive and a duly authorized representative of Albany have
  signed this Agreement as of the dates set forth below.

			
	  	 Albany
      International Corp. 
	  
	 Dated: August
      5, 2009 	 By:
    	 /s/ Joseph
      G. Morone 
	 	 	 
 
	  	  	 Name: Joseph
      G. Morone 
	  	  	 President
      and CEO 

 THE UNDERSIGNED
  FURTHER STATES THAT HE HAS CAREFULLY READ THE FOREGOING SETTLEMENT AGREEMENT
  AND KNOWS THE CONTENTS THEREOF AND SIGNS THE SAME AS HIS OWN FREE ACT. THIS
  SETTLEMENT AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

		
	 Dated:
      August 5, 2009 	 /s/ Michael
      C. Nahl 
	 	 
 
	  	 Michael
      C. Nahl 

 FOR COMPANY USE
  ONLY

      The
  foregoing Executive Separation Agreement, signed and dated by Executive, was
  received by me on behalf of Albany International Corp. this August 5, 2009.

		
	     	 /s/ Charles
      J. Silva, Jr.
	 	 
 
	 	 Charles
      J. Silva, Jr. 

 Page 10 of 12

 SUPPLEMENTAL
  RELEASE

 This supplemental
  release given to Albany International Corp. (“Albany”) by Michael C. Nahl (“Executive”)
  is executed in consideration for the covenants made by Albany in an Executive
  Separation Agreement signed by the Executive on _________.

 The Executive and
  his heirs, assigns, and agents release, waive, and discharge Albany, its directors,
  officers, employees, subsidiaries, affiliates, and agents from each and every
  claim, action or right of any sort, known or unknown, arising on or before the
  date of this Supplemental Release.

      (1)
  The foregoing release includes, but is not limited to, any claim of discrimination
  on the basis of race, sex, religion, marital status, sexual orientation, national
  origin, handicap or disability, age, veteran status, special disabled veteran
  status, citizenship status; any other claim based on a statutory prohibition;
  any claim arising out of or related to an express or implied employment contract,
  any other contract affecting terms and conditions of employment, or a covenant
  of good faith and fair dealing; all tort claims; and all claims for attorney’s
  fees or expenses.

      (2)
  The Executive represents that he understands the foregoing release, that rights
  and claims under the Age Discrimination in Employment Act of 1967, as amended,
  are among the rights and claims against Albany he is releasing, and that he
  understands that he is not releasing any rights or claims arising after the
  date of this Supplemental Release.

      (3)
  This Release shall not affect any rights of Executive pursuant to the aforesaid
  Release and Separation Agreement.

		
	 EXECUTIVE
    	  
	  	 
	______________________________
    	 DATE: _________________
    
	 Michael
      C. Nahl 	  
	  
	 WITNESS:
      _____________________ 	  

 Page 11 of 12

 Schedule 9

 Post-Retirement
  Services

 Executive shall provide
  any and all reasonable assistance requested by his successor or by Albany’s
  Chief Executive Officer that relates to his current job duties, including, without
  limitation: (a) assistance in discussions, meetings or negotiations with lenders
  or other financial institutions, (b) assistance or participation in meetings
  with or presentations to investors and analysts, and (c) providing such information
  as may be in his possession relating to any financial or other business matters
  of Albany; in each case, from time to time as may reasonably be requested. Such
  assistance shall not exceed 32 hours per month.

 Page 12 of 12

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