Document:

Exhibit 10(l)(xiv)

ALBANY INTERNATIONAL CORP.

2011 PERFORMANCE PHANTOM STOCK PLAN 

***********

2018 AWARD AGREEMENT

 

This AWARD AGREEMENT (the “Agreement”)
is dated as of the ____ day of ________________, 2018, between Albany International Corp., a Delaware corporation (the “Company”),
and _____________ (the “Participant”).

WHEREAS, the Company adopted and maintains
the Albany International Corp. 2011 Performance Phantom Stock Plan (the “Plan”);

WHEREAS, the Plan provides for the grant
of awards of Performance Phantom Stock to participants in the Plan; and

WHEREAS, Section 4(b) of the Plan provides
for the establishment of Performance Measures and Performance Targets for awards granted under the Plan.

NOW THEREFORE, in consideration of the
agreements and obligations hereinafter set forth, the parties hereto agree as follows:

		1.	Definitions; References.

As used herein, the
following terms shall have the meanings indicated below.

(a)              
“Final Award”, with respect to the Performance Period, shall mean the number of shares of Performance
Phantom Stock equal to the product of the Target Award multiplied by the Performance Percentage for the Performance Period (which
number may be zero).

(b)              
“Performance Percentage” shall mean, with respect to the Performance Period, the percentage determined
pursuant to the Scorecard.

(c)              
“Performance Period” shall mean the period that commences on January 1, 2018 and ends on December 31,
2018.

(d)              
“Scorecard” shall mean a performance scorecard as set forth in Section 3 hereof.

(e)              
“Target Award”, with respect to the Performance Period, shall mean the number of shares of Performance
Phantom Stock specified in Section 2, which is the amount of the Final Award for the Performance Period if the Performance Percentage
is 100%.

2.                 
Establishment of the Target Award. Pursuant to, and subject to, the terms and conditions set forth herein and in
the Plan, the Committee hereby establishes the Participant’s Target Award at _______________ shares of Performance Phantom
Stock for the Performance Period.

    

     

    

3.                 
Establishment of the Scorecard. Pursuant to, and subject to, the terms and conditions set forth herein and in the
Plan, the Committee hereby establishes the Scorecard, attached hereto as Exhibit A, based on the objective criteria specified,
with which to evaluate the Company’s and/or the Participant’s performance during the Performance Period. The Scorecard
shall represent an objective basis for determining the Performance Percentage for the duration of this Agreement.

4.                 
Determination and Vesting of Final Award.

(a)            
As soon as practicable after the end of the Performance Period, and in no event later than the last day of the first February
following the Performance Period (the “Determination Date”), the Committee shall determine the Performance Percentage
based on the Scorecard and the resulting Final Award to be allocated as of the Determination Date to the Participant’s Performance
Phantom Stock Account for the Performance Period.

(b)           
The vesting, special vesting and forfeiture provisions set forth in Sections 5(b), (c) and (d) of the Plan shall apply.

 

5.                 
Time and Method of Settlement of Final Award.

(a)              
As promptly as practicable after each Vesting Date and in no event later than the later of (i) December 31 of the year in
which the Vesting Date occurs, and (ii) the 15th day of the third month following the Vesting Date, the Company or one
of its subsidiaries shall pay to the Participant or the Participant’s Beneficiary, as applicable, an amount in U.S. dollars
equal to the product of (i) the number of shares of Performance Phantom Stock vesting on such Vesting Date multiplied by (ii) the
Share Price as of such Vesting Date.

6.                 
Clawback. If there is a significant restatement of the Company’s financial results, caused or substantially
caused by the fraud or intentional misconduct of the Participant, the entire amount of the Final Award, whether vested or unvested,
shall be forfeited and the Participant shall not be entitled to any payment under Section 5 hereof or have any other rights with
respect to the Final Award. Moreover, the Participant shall, upon demand, repay any payments already paid prior to the restatement.

7.                 
Modification and Waiver. Except as provided in the Plan with respect to determinations of the Committee and subject
to the right of the Board and the Committee to amend the Plan, neither this Agreement nor any provision hereof can be changed,
modified, amended, discharged, terminated or waived orally or by any course of dealing or purported course of dealing, except by
an agreement in writing signed by the Participant and the Company. No such agreement shall extend to or affect any provision of
this Agreement not expressly changed, modified, amended, discharged, terminated or waived or impair any right consequent on such
a provision. The Waiver of or failure to enforce any breach of this Agreement shall not be deemed to be a waiver or acquiescence
in any other breach thereof.

 

    

     

    

8.                 
Notices. All notices and other communications hereunder shall
be in writing, shall be deemed to have been given if delivered in person or by first-class registered or certified mail, return
receipt requested, and shall be deemed to have been given when personally delivered or five (5) days after mailing to the following
address (or to such other address as either party may have furnished to the others in writing in accordance herewith, except that
notices of change of address shall only be effective upon receipt):

If to the Company:

Albany International Corp.

216 Airport Drive

Rochester, New Hampshire 03867

Fax: (518) 935-9316

Attention: Legal Department

If to the Participant, to the most recent
address of the Participant that the Company has in its records.

9.                 
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 Performance Phantom Stock provided for herein),
all of which terms and provisions are made a part of and incorporated in this Award Agreement as if they were expressly set forth
herein. Any capitalized term not defined in this Award Agreement shall have the same meaning as is ascribed thereto in the Plan.
The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and
fully understands its content. In the event of a conflict between the terms of this Award Agreement and the terms of the Plan,
the terms of the Plan shall control.

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

11.             
Governing Law; Choice of Forum. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York, without regard to its conflicts of law principles, and the parties hereby submit to the jurisdiction of
the courts and tribunals of New York.

12.             
Binding Effect. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the heirs, personal
representatives and successors of the parties hereto. Nothing expressed or referred to in this Agreement is intended or shall be
construed to give any person other than the parties to this Agreement, or their respective heirs, personal representatives or successors,
any legal or equitable rights, remedy or claim under or in respect of this Agreement or any provision contained herein.

 

    

     

    

13.             
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction
to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated.

14.             
Miscellaneous. The headings contained in this Agreement are for reference purposes only and shall not affect in any
way the meaning or interpretation of this Agreement.

IN WITNESS WHEREOF, the Company and the
Participant have duly executed this Agreement as of the date specified above.

 

 

	 	ALBANY INTERNATIONAL CORP.
	 	 
	 	 
	 	By: ________________________________________
	 	 
	 	Name:
	 	Title:
	 	 
	 	 
	 	 
	 	                                                                                     
	 	 
	 	Participant

 

    

     

    

EXHIBIT A

 

Albany International 2018 Phantom Stock
Plan Award Agreement 

Performance Percentage Scorecard

 

	Performance Metric	Weight	Measurement	Performance Metric Percentage Goals
	0%	50%	100%	150%	200%
	1.2018 Weighted Corporate

 Performance Metric 	100%	Combination of Financial Statements 	
         

        To Be Calculated as Described Below

 

The Performance Percentage achievement level shall
be determined by the Committee in its sole discretion and shall equal (45% x Metric Percentage achieved for the 2018 Global MC
Cash Flow Metric defined below) + (45% x Metric Percentage achieved for the 2018 Global AEC EBITDA excluding R&D Metric defined
below) + (10% x Metric Percentage achieved for 2018 Other Cash Flow defined below) provided the Company does not,
at any time during 2018, breach any leverage ratio covenants set forth in the Company’s $685,000,000 Five-year Revolving
Credit Agreement with various Lender Banks and JPMorgan Chase Bank, N.A. as Administrative Agent, dated November 7, 2017, or any
other financing facility established during 2018 to replace the aforesaid credit agreement (in either case, the “Credit Agreement”).
In the event that any leverage ratio covenant is breached at any point in 2018, or in the event that payment of the amounts to
be paid out under this Plan award or any other Plan award would cause the breach of a leverage ratio covenant, the Performance
Percentage shall equal zero. Neither the Performance Percentage, nor any Metric Percentage, shall exceed 200%.

 

For the purposes of calculating the Performance Percentage
achievement level, the following definitions shall apply:

 

“2018 Global MC Cash Flow” shall
be equal to the amount reported as “Net Income” for the Global Machine Clothing business segment for 2018 in the Company’s
Consolidated Statement of Income for 2018, less any income, or plus any expense, derived from the revaluation of non-functional
currency assets and liabilities, adjusted by adding back, to the extent that such item reduced Net Income, or subtracting, to the
extent that such item increased Net Income:

(A) depreciation and amortization expense;

(B) restructuring costs, provided however, that the
Committee may, in its sole discretion, choose to omit certain restructuring costs from this provision so long as the failure to
add back those restructuring costs does not result in a higher  Metric Percentage or reduced target goal;

(C) any goodwill and intangible impairment;

(D) income tax expenses (including any taxes recorded
as operating expenses that were not included in the 2018 Operating Plan approved by the Board of Directors);

(E) net interest expense;

    

     

    

(in each case, as determined in accordance with GAAP
and the Company’s accounting policies, consistently applied) provided that the amount so determined shall then
be further adjusted (1) to exclude the effect of any adjustments to the Company’s financial statements required to reflect
the effect of (a) discontinued operations, or (b) newly effective accounting pronouncements, the effect of which were not incorporated
into the Board approved operating plan (in each case, without duplication, as defined by GAAP and as included in the Company’s
audited financial statements whether or not reflected as a separate line item in such audited financial statements); (2) to exclude
(i) any gain or loss attributable to the sale of any business segment, or any real estate, during 2018, net of any expenses incurred
in connection with the transaction, or (ii) reallocated overhead costs which were otherwise attributable to any discontinued operations
divested during the Performance Period; (3) to exclude any income (or loss) attributable to any business operation acquired during
the Performance Period; (4) to exclude the effect on income of any charges incurred in the connection of the settlement of pension
benefit funding obligations; (5) to exclude the effect on income of any deferred bank fee write-offs or interest rate swap buyouts
related to any new financing facility established during 2018 or any gain or loss associated with the early retirement of any debt
instrument; (6) to exclude the effect on income of any expenses, including consulting or professional fees, incurred in connection
with any activities undertaken by management at the direction of the Board of Directors to investigate or pursue any strategic
acquisitions, combinations, joint ventures or divestitures, regardless of whether such efforts result in the completion of such
acquisition, combination, joint venture or divestiture during the Performance Period; and (7) to exclude the cost of any lease
expense incurred in connection with the sale and leaseback of any real estate (the foregoing hereinafter collectively referred
to as the “Adjustments”) as the same may be applied to such business segment

 

then further adjusting the resulting amount by:

 

(X) deducting therefrom the aggregate sum of all approved
Machine Clothing capital expenditures released during 2018, plus any over-budget capital expenditures costs or less any under budget
capital expenditure costs budgeted regardless of the year in which released, adjusted to exclude any capital expenditures released
during 2018 and any over or under budget capital expenditure costs that are attributable to any business operations acquired during
the applicable year;

(Y) adding back any expense related to machinery and
equipment relocations and plant setup costs, or other capital expenditures associated with anticipated or announced plant closings
or consolidation of manufacturing capacity and not otherwise considered restructuring costs; and

(Z) by increasing, or decreasing as the case may be,
the amount by a sum equal to the net decrease (or increase) in the aggregate sum of Machine Clothing Accounts Receivable and Inventories
during the Performance Period. Accounts Receivable and Inventories shall in each case mean the amounts set forth in the Company’s
financial accounting systems and reported in the Company’s year-end consolidated financial statements for the applicable
year in accordance with GAAP, adjusted to exclude (1) any Accounts Receivable or Inventories attributable to any business operations
acquired during the applicable year and (2) the effect of currency fluctuations. For the purposes of this definition, any funds
released for the Company’s equipment contingency budget shall not reduce cash flow. For the purposes of determining the Metric
Percentage achieved, the following goals are established:

    

     

    

 

	Performance Metric	                           Metric Percentage
	0%	50%	100%	150%	200%
	2018
    Global MC Cash Flow	
         

        <

        $100.1M
	
         

        ≥

        $100.1M

         

         
	
         

        ≥

        $166.8M

         

         
	
         

        ≥

        $200.2M
	
         

        ≥

        $233.6M

 

 

“2018 Adjusted Global AEC EBITDA excluding
R&D” shall be equal to the amount reported as “Net Income” from the Albany Engineered Composites business
segment as reported in the Company’s 2018 Consolidated Statement of Income, exclusive of research and development costs and
any amount recorded for the non-controlling interest in Albany Safran Composites (ASC), less any income, or plus any expense, derived
from the revaluation of non-functional currency assets and liabilities, adjusted according to the Adjustments as the same may be
applied to such business segment, and further adjusted to exclude the effect on income of any fixed asset-write-offs related to
continued and discontinued programs within the AEC business segment (including ASC), any write-offs of previously capitalized costs
related to non-recurring engineering and tooling for continued and discontinued programs, and adding back any expense related to
machinery and equipment relocations, or other capital expenditures associated with plant closings or consolidation of manufacturing
capacity, plus adding back charges related to any write-offs of previously capitalized costs or charges for recognized future losses,
as related to the long term agreement for the supply of parts for the Rolls Royce BR725 engine, and to exclude the cost any any
charges required by revenue Recognition Standard ASC 606 to recognize future losses relating to any new long-term contracts awarded
during the Performance Period. For the purposes of determining the Metric Percentage achieved, the following goals are established:

 

	Performance Metric	                           Metric Percentage
	0%	50%	100%	150%	200%
	2018 Adjusted Global AEC EBITDA excluding R&D	
        <

        $40.8M

         

         
	
         

        $40.8M

         
	
        ≥

        $68.0M
	
        ≥

        $81.6M
	
        ≥

        $95.2M

 

 

“2018 Other Cash Flow” shall be
equal to that portion of “Net Income” for 2018 as reported in the Company’s Consolidated Statement of Income
for 2018, which is in the aggregate attributable to the Global Information Systems (GIS) and Corporate cost centers and items reported
as other income/expense, net, less any income, or plus any expense, derived from the revaluation of non-functional currency assets
and liabilities, adjusted according to the Adjustments as the same may be applied to such cost centers, less

 

then further adjusting the resulting amount by:

 

    

     

    

(X) deducting therefrom the aggregate sum of any GIS
or Corporate approved capital expenditures released during 2018, plus any over-budget capital expenditures costs or less any under
budget capital expenditure costs budgeted regardless of the year in which released, adjusted to exclude any capital expenditures
released during 2018 and any over or under budget capital expenditure costs that are attributable to any business operations acquired
during the applicable year.

 

For the purposes of determining the Metric Percentage
achieved, the following goals are established:

 

	Performance Metrics	            Metric Percentage
	0%	50%	100%	150%	200%
	2018 Other Cash Flow	
         

        <

        -$68.1M

         

         
	
         

        ≥

        -$68.1M

         

         
	
         

        ≥

        -$52.4M

         

         
	
         

        ≥

        -$41.9M
	
         

        ≥

        -$31.4M

 

 

 

The foregoing measurement goals shall be reduced, as
necessary, to reflect any impact on sales and/or income as the result of any discontinued operations during 2018. The amount of
the reduction shall be the amount of cash flow or net sales otherwise attributable to such business in the 2018 Operating Plan
approved by the Company’s Board of Directors, pro-rated to reflect the timing of such divestiture. For performance between
the data points indicated, the Metric Percentage shall be the interpolated value based on the next higher and lower data points.Exhibit 10(n)(iv)

 

SIGN ON BONUS AGREEMENT

 

 

THIS AGREEMENT is dated as of November 4, 2019,
by and between Albany International Corp., a Delaware corporation having an office and principal place of business at 216 Airport
Drive, Rochester, New Hampshire, (hereinafter referred to as “Albany”) and Greg Harwell (hereinafter referred to as
“Employee”).

 

 

RECITALS

 

 

WHEREAS, Albany has made an offer to hire Employee
into a key position, critical to Albany’s business endeavors, to wit: President, Albany Engineered Composites; and

WHEREAS, Albany is willing to pay Employee
a one-time sign on bonus to induce Employee to accept its offer of employment, subject to the terms set forth herein;

WHEREAS, Employee is willing to accept
the offer of employment;

WHEREAS, Employee and Albany each believe
that it is in their best interests to provide Employee with the certain protections as set forth herein.

 

 

WITNESSETH

 

 

NOW THEREFORE, in consideration
of the foregoing premises, the covenants and promises set forth herein, and other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, Albany and Employee hereby agree as follows:

 

 

1.       Position.    Employee
agrees to accept Albany’s offer and become employed by Albany as an at-will employee performing, in good faith and to the
best of his abilities, the duties of his position or such other duties that as are assigned to him from time to time.

2.       Bonus.
In order to induce Employee to accept its offer of employment and to encourage him to remain so employed through at least November
4, 2020, Albany agrees to pay Employee a one-time sign-on bonus in the manner, and according to the terms, set forth herein.

3.       Amount
and Timing of Bonus. Subject to the provisions of Paragraphs 4 below, Albany agrees to pay to Employee a one-time sign-on bonus
in the gross sum of $100,000 (the “Bonus”) as soon as practical after the execution of this agreement and commencement
of employment, but no later than December 15, 2019. The Bonus shall be settled in cash, and paid

    Page 1 of 3

     

    

by check or direct deposit, less applicable withholdings and deductions
required by law, or otherwise agreed to by the parties.

4.       Retention
Period and Reimbursement. Employee agrees that in the event he shall voluntarily terminate his employment with Albany before
the expiration of a period of approximately 12 months ending November 4, 2019 (the “Retention Period”) he shall reimburse
Albany the full amount of the Bonus. The amount to be reimbursed by Employee, if any, shall be considered damages owed by Employee
to Albany for his failure to honor his obligations, and not repayment of wages.

5.       Employment
At-Will. Nothing herein shall alter the at-will nature of Employee’s employment with Albany and either party may terminate
such relationship at any time, with or without Cause.

6.       Authority
to Withhold Compensation. In the event Employee is obligated to reimburse Albany for the Bonus in accordance with paragraph
4 above, Employee agrees to remit such payment within 30 days of termination. Employee further authorizes Albany, to the extent
permitted by law, to withhold from his last payment of wages (or any other amounts that Albany may owe Employee) any portion of
the obligations owed by Employee pursuant to paragraph 4.

 

7.       Confidentiality.
Employee and Albany understand and agree that (a) the existence and terms of this agreement are strictly confidential; (b) they
will not disclose the terms of this agreement to any third party, unless requested to do so by any state, federal or local regulatory,
prosecutorial or administrative agency or body of competent jurisdiction, or court of competent jurisdiction. However, nothing
herein shall preclude Employee from discussing the contents hereof with his family, accountant, tax adviser or legal advisor.

 

8.        Entire
Agreement; Extent and Applicability. This Agreement constitutes the entire agreement between the parties regarding the subject
matter hereof and supersedes all prior agreements and understandings, whether written or oral. Nothing herein is intended to govern
or determine, or shall be construed as governing or determining, (1) the period of Employee’s employment, (2) any rights
of Employee, Albany, or its successors, to terminate such employment, or (3) any terms or conditions of such employment. This Agreement
shall not be construed as giving Employee any legal or equitable right not otherwise specifically provided for herein.

9.       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.

10.     Amendment.    This
Agreement may be amended or modified only by a written instrument executed by both the Albany and the Employee.

11.     Successors
and Assigns.    This Agreement shall be binding upon and inure to the benefit of both parties and their
respective successors and assigns, including any corporation with which or into which the Albany may be merged or which may succeed
to its assets or

    Page 2 of 3

     

    

business, provided, however, that the obligations of the
Employee are personal and shall not be assigned by him.

12.     Waiver
of Jury Trial.    The parties agree that they have waived their right to a jury trial with respect to any
controversy, claim, or dispute arising out of or relating to this Agreement, or the breach thereof, or arising out of or relating
to the employment of the Employee, or the termination thereof, including any claims under federal, state, or local law.

 

IN WITNESS WHEREOF, a duly authorized representative
of Albany and Employee have signed this Agreement to be effective as of the day and year first set forth above.

 

 

ALBANY INTERNATIONAL CORP.

 

 

	By: /s/Alice McCarvill	 	Dated: 12/5/2019                                  
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	EMPLOYEE	 	 
	 	 	 
	 	 	 
	/s/ Greg Harwell       	 	Dated: 11/4/2019                                  
	Greg Harwell	 	 

 

    Page 3 of 3

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