ALBANY INTERNATIONAL CORP /DE/
EX-10.OV
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<title>MINUTES OF THE MEETING OF </title>



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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit

10.(o)(v)</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 2.5in;text-indent:-2.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIRECTORS ANNUAL RETAINER

PLAN</font></u></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(As amended May 10, 2001)</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This

Plan shall govern the annual retainer payable for services as a member of the

Board of Directors of Albany International Corp. (&#147;the Company&#148;) during the

period from the Annual Meeting of Stockholders of the Company in 2001 until it

is amended or terminated by the Board of Directors. This Plan shall affect only

the portion of the annual retainer to be paid in shares of Class A Common Stock

of the Company.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A

portion of the annual retainer payable for service as a member of the Board of

Directors each year shall be paid in shares of Class A Common Stock of the

Company. The number of shares to be paid each year shall be determined by

dividing $10,000 by the per share closing price of a share of such stock on the

day of the Annual Meeting at which the election of directors for such year

occurs (&#147;the Valuation Price&#148;), as such Valuation Price is shown on the

composite index for such day in the Wall Street Journal, rounded down to the

nearest whole number.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

shares of Class A Common Stock payable to a director as part of the annual

retainer shall be delivered to the director as promptly as practicable after

each Annual Meeting. Upon delivery to the director, such shares shall be fully

paid, non-assessable and not subject to forfeiture.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

portion of the annual retainer not paid in shares &#151; that is the aggregate

dollar amount of the annual retainer for the year, as determined from time to

time by the Board of Directors, less (i) the Valuation Price times (ii) the

number of whole shares payable to a director for the year &#151; shall be paid to

the directors in cash at such time or times during the year as the Board of

Directors shall from time to time determine.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This

Plan may be terminated or amended by the Board of Directors at any time.</font></p>



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