UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 16, 2007
ALBANY INTERNATIONAL CORP.
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(Exact name of registrant as specified in its charter)
Delaware 0-16214 14-0462060
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1373 Broadway, Albany, New York 12204
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (518) 445-2200
None
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13a-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On February 16, 2007, the Compensation Committee of the Registrant's Board of
Directors approved the following cash bonuses for 2006 pursuant to the
Registrant's Annual Bonus Program for the Registrant's chief executive officer
and the four other most highly compensated executive officers during such year:
Officer 2006 Bonus
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Joseph G. Morone $206,061
Michael C. Nahl 107,407
William M. McCarthy 75,240
Dieter Polt 74,682
Thomas Curry 64,485
The Committee has also established target 2007 cash bonuses for Messrs. Morone,
Nahl, McCarthy, Ralph Polumbo, Michael Joyce, David Madden and Daniel
Halftermeyer pursuant to the Registrant's Annual Bonus Program as follows:
Officer 2007 Target Bonus
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Joseph G. Morone $519,750
Michael C. Nahl 213,444
William M. McCarthy 172,216
David Madden 125,685
Daniel Halftermeyer 125,685
Ralph Polumbo 109,725
Michael Joyce 99,180
The Committee determined that cash bonuses for the Registrant's top management,
including the above-named officers, for 2007 would be based on one or more of:
consolidated operating income, adjusted corridor or segment operating income,
corridor or segment net sales of other functional metrics and individual
performance criteria. A cash bonus equal to the target amount will generally be
paid if the Committee determines that appropriate performance levels in each of
these areas has been achieved. Lesser bonuses may be paid if such performance is
not achieved and larger bonuses if performance exceeds such levels. The
Committee further determined, however, that it would reserve the right to
exercise its discretion, after the close of the 2007 fiscal year, as in prior
years, to determine to what extent cash bonuses had been earned, and reserved
the right to take individual performance factors (including, for example, the
possible adverse impact during the year of cost-reduction, plant closings or
downsizings and other restructuring-related activities in specific divisions,
regions or business lines) into account, and to employ both objective and
subjective criteria in determining the final bonuses.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ALBANY INTERNATIONAL CORP.
By: /s/ Charles J. Silva, Jr.
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Name: Charles J. Silva, Jr.
Title: Vice President - General Counsel
and Secretary
Date: February 22, 2007