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 15, 2008
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 15, 2008, the Compensation Committee of the Registrant's Board of
Directors approved the following cash bonuses for 2007 pursuant to the
Registrant's Annual Bonus Cash Incentive Program for the Registrant's chief
executive officer, chief financial officer and the three other most highly
compensated executive officers during such year:
Officer 2007 Bonus
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Joseph G. Morone $844,403
Michael C. Nahl 230,352
Daniel A. Halftermeyer 90,200
David B. Madden 90,200
Ralph M. Polumbo 116,464
The Committee has also established target 2008 cash bonuses for Messrs. Morone,
Nahl, Halftermeyer, Madden, Polumbo and Michael Joyce pursuant to the
Registrant's Annual Bonus Program as follows:
Officer 2008 Target Bonus
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Joseph G. Morone $896,250
Michael C. Nahl 220,924
Daniel A. Halftermeyer 188,320
David B. Madden 188,320
Michael J. Joyce 188,320
Ralph M. Polumbo 113,582
The Committee determined that cash bonuses for the Registrant's top management,
including the above-named officers, for 2008 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 2008 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/ Michael C. Nahl
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Name: Michael C. Nahl
Title: Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
Date: February 20, 2008