Amendment: Albany International Corporation filed SEC Form 8-K: Leadership Update
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report: August 2, 2024
(Date of earliest event reported)
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 7, 2024, Albany International Corp. (“the Company”) entered into Mutual Separation Agreement and General Release with Gregory Harwell, the former President of the Company’s Albany Engineered Composites (“AEC”) business segment. Pursuant to the General Release and Separation Agreement, Mr. Harwell will receive severance in an amount equal to two times his base salary payable over 24 months, his target short term incentive bonus for 2024 ($392,843), accelerated vesting of 50% of his unvested restricted stock units, accelerated vesting of 50% portion of the share award under his Special Incentive Award Agreement dated August 18, 2023, and Company-paid COBRA. The foregoing payments are subject to his general release of claims against the Company and compliance with certain restrictive covenants.
The foregoing summary of the Mutual Separation Agreement and General Release does not purport to be complete and is qualified in its entirety by reference to the full and complete text of the Mutual Separation Agreement and General Release which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
As previously disclosed, Christopher E. Stone has been appointed President of the Company’s AEC business segment, and elected an officer of the Company, effective August 12, 2024.
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/ Robert D. Starr | ||||||||||
Name: | Robert D. Starr | ||||||||||
Title: | Executive Vice President and Chief Financial Officer | ||||||||||
| (Principal Financial Officer) | |||||||||||
Date: August 12, 2024
EXHIBIT INDEX
Exhibit No. | Description | ||||
| 104 | Inline XBRL cover page. | ||||