ALBANY INTERNATIONAL CORP /DE/
EX-10.O.IV
<DOCUMENT>
<TYPE>EX-10.O.IV
<SEQUENCE>8
<FILENAME>j2049_ex10dodiv.htm
<DESCRIPTION>EX-10.O.IV
<TEXT>
<html>



<head>



<title>Prepared by MERRILL CORPORATION</title>



</head>



<body>



<div class="Section1">



<p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Amended and Restated*</font></font></p>



<p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Through 8/8/2001</font></font></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ALBANY INTERNATIONAL CORP.</font></font></u></p>



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CENTENNIAL DEFERRED COMPENSATION PLAN</font></font></u></p>



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



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">1.&#160; <u>Purpose</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The purpose of

this Plan (&#147;Plan&#148;) is to enable directors and certain employees of Albany

International Corp. (the &#147;Company&#148;) and its subsidiaries to defer the receipt

of compensation that they otherwise would have received currently in cash, and

to receive the deferred amount, plus interest thereon, at a time which they

choose when they make the original deferral election or subsequently as

permitted by the Plan.&#160; The Plan is

intended to be an unfunded plan maintained by the Company primarily for the

purpose of providing deferred compensation to a select group of management or

highly compensated employees within the meaning of Sections 201, 301 and 401 of

the Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), and

shall be interpreted in a manner consistent with such intent.&#160; As used herein, the term &#147;Albany Group&#148;

shall mean the Company and all corporations which are, at the time,

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



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">2.&#160; <u>Effective Date</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The Plan shall

be effective from and after July 1, 1995, until terminated as provided herein.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">3.&#160; <u>Eligibility</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The persons

eligible to participate in the Plan are (a) all employees of the Company who

are in the top management incentive compensation group and any other employees

of the Company or any other member of the Albany Group who, with respect to any

year, are approved for participation by the Compensation and Stock Option

Committee (the &#147;Committee&#148;) of the Board of Directors of the Company

(collectively, the &#147;eligible employees&#148;) and (b) all directors of the Company.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">4.&#160; <u>Compensation Covered by the Plan</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The

compensation covered by the Plan (&#147;covered compensation&#148;) will be (a)&nbsp;any

base salary, bonus or other cash compensation payable to an eligible employee

by the Company or any other member of the Albany Group and (b)&nbsp;any

directors&#146; fees payable in cash to a director by the Company.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>





<div style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="CG Times (W1)"><font style="font-size:10.0pt">



<hr size="1" width="25%" noshade="noshade" color="black" align="left">



</font></font></div>





<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font style="vertical-align:super;"><sup><font size="2" face="Times"><font style="font-size:

10.0pt;font-family:Times">*</font></font></sup></font><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">

Reflects amendments dated November 7, 1997, May 25, 2001, June 15, 2001 and

August 8, 2001.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">5.&#160; </font><u>Election to Defer</u></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Each director

and eligible employee may, in lieu of receiving current covered compensation,

elect to defer:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any designated percentage of his/her

covered compensation; or</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any designated dollar amount of

his/her covered compensation.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">6.&#160; <u>Investment of Deferred Covered Compensation</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160; As used herein, the term

&#147;Moody&#146;s Rate&#148; for any calendar month shall mean a rate equal to one-twelfth

(1/12) of the average of the monthly composite yields on Moody&#146;s Seasoned

Corporate Bond Yield Index for the immediately preceding calendar year, as

published by Moody&#146;s Investors Service, Inc. in Moody&#146;s Bond Record (or any

successor thereto), or, if such monthly yield is no longer published, a

substantially similar average selected by the Committee in its sole

discretion.&#160; As used herein, the term

&#147;Additional Rate&#148; shall mean such additional monthly rate as the Committee, in

its sole discretion, shall from time to time determine.&#160; The Additional Rate at the effective date of

the Plan and until changed by the Committee shall be one-quarter of one (0.25)

percentage point.&#160; The Committee, in its

sole discretion, may change the Additional Rate at any time; <u>provided</u>

that at no time shall the Additional Rate be less than zero (0.0) percentage

points.&#160; Such new Additional Rate shall

apply to amounts deferred pursuant to an election received by the Company on or

after the date on which the change is adopted and announced by the

Committee.&#160; The amount in each existing

Account (as described below) of a participant on the effective date of such

change, and any amounts credited thereafter pursuant to an election received

prior to the date on which such change is adopted and announced by the

Committee, shall continue to earn interest at the Moody&#146;s Rate in effect from

time to time plus the Additional Rate in effect at the time the election

relating to such Account was made.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160; The Company will establish

a bookkeeping account or accounts (each, an &#147;Account&#148;) for each director and

eligible employee who has elected to defer the receipt of covered compensation

under Section 5 (each, a &#147;participant&#148;).&#160;

Each participant shall have a separate Account for each calendar year

(or, in the case of 1995, the remainder thereof) for which such participant

shall have filed an election to defer covered compensation.&#160; As of the last day of each month in any

year, the Company, with respect to each participant who has properly elected to

defer covered compensation for that year, shall credit such participant&#146;s

Account for that year with the amount of covered compensation that, but for

such election, would have been paid to him/her during that month.&#160; As of the last day of each month, each

Account of each participant will be credited with interest on the balance

credited to such Account at the beginning of that month, calculated at a rate

equal to the Moody&#146;s Rate for such month plus the Additional Rate applicable to

such Account, except as otherwise provided in Sections 6(c), 6(d), 6(e) and 6(f)

below.&#160; The undistributed balance of

each Account of a participant shall, from and after the date such participant

is to commence to receive distributions thereof, bear interest for each month

at a rate equal to the Moody&#146;s Rate for such month plus the Additional Rate

applicable to such Account, except as otherwise provided in Section 6(e)

below.&#160; All distributions of the

balances credited to a participant&#146;s Accounts made in the form of installment

payments pursuant to Section 7(a)(3) shall be deemed to be made pro rata from

each of the participant&#146;s Accounts.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(c)</font>&#160;&#160;&#160;&#160; The balance credited to all Accounts of a

participant who initially elects to receive such balance pursuant to an

election under Section 7(a)(1)(A) shall earn interest at the Moody&#146;s Rate, except

as otherwise provided in Section 6(d) below.</font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(d)&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160; If

a participant elects pursuant to Section 7(c) to redefer receipt of the

balances credited to his/her Accounts to a later date certain pursuant to

Section 7(a)(1)(A), interest on such balances shall continue to accrue at the

Moody&#146;s Rate.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2)&#160;&#160;&#160;&#160;&#160; If

a participant elects pursuant to Section 7(c) to change his/her election from a

date certain under Section 7(a)(1)(A) to a time permitted by Section 7(a)(1)(B)

or 7(a)(1)(C), interest on the balance of each Account established prior to the

date certain specified in the participant&#146;s original deferral election shall

accrue interest from such date certain until the date such participant receives

such balance at a rate equal to the Moody&#146;s Rate from time to time plus the

Additional Rate in effect at the time the request becomes effective (subject to

Sections 6(e) and 6(f) below).&#160; Until

such date certain specified in the participant&#146;s original deferral election,

such participant&#146;s Accounts shall continue to accrue interest at the Moody&#146;s

Rate.&#160; Each Account of a participant

established after the date certain specified in the participant&#146;s original

deferral election shall accrue interest at a rate equal to the Moody&#146;s Rate

from time to time plus the Additional Rate in effect at the time the election

relating to such Account is made (subject to Sections 6(e) and 6(f) below).</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(e)&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160; If

a participant&#146;s service as an employee of the Albany Group or as a &#160; director of the Company is terminated either

(A) by the Albany Group for cause, as determined by the Committee in its sole

discretion, or (B) voluntarily by such employee or director prior to the

earlier to occur of (i) attainment of age 55 with at least ten (10) years of

service with the Albany Group or (ii) attainment of age 60, then all of such

participant&#146;s Accounts shall be deemed to have earned interest for the five (5)

years immediately preceding the date on which all, or the first installment, of

the balances of such Accounts (treating all Accounts of the participant as a

single Account for this purpose) is received by such participant at the Moody&#146;s

Rate, and such Accounts shall be recalculated to take into account such

interest accrual at the Moody&#146;s Rate.&#160;

In addition, after such date any undistributed balances in such

participant&#146;s Accounts shall also bear interest at the Moody&#146;s Rate.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2)</font>&#160;&#160;&#160;&#160;&#160; The service of a participant who has

elected to receive the balances credited to his/her Accounts at the time set

forth in Section 7(a)(1)(C) below shall not be deemed &#147;terminated&#148; pursuant to

Section 6(e)(1)(B) above if such participant continues to serve as either a

director of the Company or an employee of the Albany Group.</font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(f)&#160;&#160;&#160;&#160;&#160; In the case of an early

distribution pursuant to Section 8(b), the portion of any participant Account

so distributed shall be deemed to have earned interest at the Moody&#146;s Rate from

the date of the initial deferral until the time of such early distribution, and

such Account shall be recalculated to take into account such interest accrual

at the Moody&#146;s Rate.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">7.&#160; <u>Distribution of Deferred Compensation</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;text-indent:-.3in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160; At the time a participant

makes his/her first election to defer pursuant to Section 5, he/she shall also

make an election, pursuant to this Section 7, as to the time and manner in

which the balances credited to all of his/her Accounts (including those

established for subsequent years) shall be distributed.&#160; Such election shall be irrevocable, except

as provided in this Section 7 or in Section 8 hereof.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1)&#160;&#160;&#160;&#160;&#160; A

participant shall be entitled to elect to receive, or to commence receiving,

the balances credited to his/her Accounts:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:108.7pt;margin-right:0in;margin-top:0in;text-indent:-27.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:108.7pt;margin-right:0in;margin-top:0in;text-indent:-27.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(A)&#160;&#160;&#160;&#160;&#160; upon

the earlier of (i) a date certain specified by him/her at the time he/she makes

an election to defer or (ii) the later of his/her termination of service as a

director of the Company or as an employee of the Albany Group;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:108.7pt;margin-right:0in;margin-top:0in;text-indent:-27.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:108.7pt;margin-right:0in;margin-top:0in;text-indent:-27.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(B)&#160;&#160;&#160;&#160;&#160;&#160; upon

his/her termination of service as an employee of the Albany Group (whether or

not such participant is then a director of the Company); or</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:108.7pt;margin-right:0in;margin-top:0in;text-indent:-27.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:108.7pt;margin-right:0in;margin-top:0in;text-indent:-27.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(C)&#160;&#160;&#160;&#160;&#160;&#160; upon

the later of his/her termination of service as a director of the Company or

his/her termination of service as an employee of the Albany Group.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">For purposes of this Section 7(a)(1), &#147;termination of service&#148; shall

include any termination resulting from &#147;death&#148; or &#147;disability&#148; of the

participant, as such terms are defined in the Company&#146;s Pension Plus Plan, as

amended from time to time).</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.0pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2)&#160;&#160;&#160;&#160; A

participant who has elected to receive the balances credited to his/her

Accounts as set forth in Section 7(a)(1)(A) above shall receive such balances

in the form of a single lump sum.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.0pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt;font-family:'Times New Roman'">(3)&#160;&#160;&#160;&#160; A

participant who has elected to receive, or to commence receiving, the balances

credited to his/her Accounts at the time set forth in Section 7(a)(1)(B) or

7(a)(1)(C) shall be entitled to elect to receive such balances in one of the

following ways:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(A)&#160;&#160;&#160;&#160;&#160; in a single lump sum in

an amount equal to the aggregate amount of all of the participant&#146;s Account

balances;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(B)

&#160;&#160;&#160;&#160;&#160; in approximately equal monthly

installments over a period of not more than thirty (30) years elected by the

participant;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(C)&#160;&#160;&#160;&#160;&#160;&#160; (i) in a single lump sum equal to a

percentage, elected by the participant, of the aggregate amount of all of the

participant&#146;s Account balances on the date payments are to commence, followed

by (ii) payment of approximately equal monthly installments over a period of

not more than thirty (30) years elected by the participant; or</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-27.0pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(D)&#160;&#160;&#160;&#160;&#160; (i) in approximately equal monthly

installments over a period of not more than (28) years elected by the

participant, followed, within thirty (30) days of the final installment, by

(ii) payment of a single lump sum equal to a percentage, elected by the

participant, of the aggregate amount of all of the participant&#146;s Account

balances on the date payments are to commence.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.0pt;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Calculation of monthly installments pursuant to clauses (B), (C) and

(D) above shall be made by the Company using such reasonable annuity payment

calculation methods as the Company shall determine from time to time.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160; A

participant who has elected to receive the balances credited to his/her

Accounts pursuant to clause (B) or clause (C) of Section 7(a)(1) may at any

time elect to change his/her election under Section 7(a)(3) to any other

election permitted under Section 7(a)(3).&#160;

Such election shall be made in a written instrument filed with the

Committee.&#160; Not more than three such

changes of election may be made by any participant.&#160; Unless the Committee, in its sole and absolute discretion, shall

determine otherwise, no such change of election shall be effective if the

termination of service that constitutes the triggering event for distribution

to such participant has already occurred, or occurs within one (1) year of the

date of such change of election; <u>unless</u> the termination of service is

the result of the death or disability of a participant who, at the time such

election was made, did not in good faith expect to die or become disabled

within the next year.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(c)&#160;&#160;&#160;&#160; A participant who has

elected to receive the balances credited to his/her Accounts pursuant to

Section 7(a)(1)(A) may, at any time prior to two years before the date certain

specified in such election, change such date certain to a later date certain or

to an event permitted by Section 7(a)(1)(B) or 7(a)(1)(C).&#160; Such a change shall be made in a written

instrument filed with the Committee.&#160;

Not more than one such change shall be made by any participant.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(d)</font>&#160;&#160;&#160;&#160; Subject to the provisions contained in this

Section 7(d) and in Sections 7(c) and 8, all distributions of the balances

credited to a participant&#146;s Accounts shall be made, or shall commence, either

on the date certain elected by the participant for such distribution or within

thirty (30) days after any other triggering event under Section 7(a).&#160; The Company may, in its sole and absolute

discretion, delay, for a period of up to one (1) year, any payment to the

extent that such payment would result in compensation to the participant that

is not deductible for federal income tax purposes (whether by reason of Section

162(m) of the Internal Revenue Code of 1986 or otherwise).&#160; Interest shall accrue on such delayed

distributions at the same respective interest rates as were being applied to

the balances in the participant&#146;s Accounts immediately prior to the Company&#146;s

decision to delay such payment.</font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.0pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(e)&#160;&#160;&#160;&#160; A participant may at any

time designate a beneficiary or beneficiaries who shall receive, following the

death of the participant, payments of the balances credited to his/her

Accounts.&#160; Such designation may be made

in the initial election filed pursuant to Section 7(a), and may also be made or

changed by the participant, at any time, by a written instrument filed with the

Committee or by the participant&#146;s will.&#160;

The beneficiary or beneficiaries so named shall be entitled to receive

payment of such balances either (i) in the manner last elected by the

participant pursuant to this Section 7, or (ii) if elected by the participant

in such an instrument or will, in a lump sum.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">8.&#160; <u>Early Distributions</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.3pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.3pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160; In the event of hardship,

any participant, or any beneficiary of a deceased participant designated in

accordance with clause (e) of Section 7, may, by a written instrument filed

with the Committee, request an immediate distribution of all or a portion of

the balances credited to the participant&#146;s Accounts.&#160; For purposes of this Section 8(a), a distribution is on account

of hardship only if the distribution is made:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(1)&#160;&#160;&#160;&#160;&#160; on

account of an immediate and heavy financial need of such participant or

beneficiary, occasioned by an unanticipated emergency caused by events beyond

his/her control that would result in severe financial hardship if the

distribution &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; were not

permitted;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(2)&#160;&#160;&#160;&#160;&#160; in

an amount required to satisfy such financial need; and</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(3)&#160;&#160;&#160;&#160;&#160; in

circumstances in which the need cannot be satisfied from other resources that

are reasonably available to the participant or beneficiary, such as through

reimbursement or compensation by insurance or otherwise, by reasonable

liquidation of his/her assets (to the extent such liquidation would not itself

cause an immediate and heavy financial need), by cessation of further deferrals

under the Plan, or by other permitted distributions or nontaxable (at the time

of the loan) loans from other plans maintained by the Albany Group, or by

borrowing from commercial sources on reasonable commercial terms.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-23.75pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.8in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The Committee sh</font>all determine whether the

requested distribution satisfies the requirements of this Section 8(a) on the

basis of all relevant facts and circumstances.&#160;

Any distribution of less than 100% of the balances credited to all

existing Accounts of a participant pursuant to this Section 8(a) shall be

deemed to be a distribution of the earliest compensation which would have been

paid had it not been deferred.</font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.3pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.3pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160; The

Committee may, upon the written request of any participant, or any beneficiary

of a deceased participant designated in accordance with clause (e) of Section

7, distribute to such participant or beneficiary all or a portion of the

balances credited to his/her Accounts prior to the time when he/she would

otherwise have been entitled to such distribution if the Committee determines,

in its sole and absolute discretion, that such earlier distribution is

warranted for good reasons and as a result of extraordinary circumstances.&#160; Any distribution of less than 100% of the

balances credited to all existing Accounts of a participant pursuant to this

Section 8(b) shall be deemed to be a distribution of the earliest compensation

which would have been paid had it not been deferred.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:81.35pt;margin-right:0in;margin-top:0in;text-indent:-45.35pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-family:'Times New Roman'">(c)&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160; Upon the request of any participant,

including a participant no longer serving as an employee of the Albany Group or

as a director of the Company, or any beneficiary of a deceased participant

designated in accordance with clause (e) of Section 7, a distribution of a

portion or the entire balance credited to any Account of a participant shall be

made at any time or times prior to the time at which he/she would have been

entitled to receive such amount in accordance with an election pursuant to

Section 7 hereof; provided that there shall be withheld from each such

distribution an amount equal to ten percent (10%) of the amount requested to be

distributed.&#160; Such participant or

beneficiary shall forever forfeit, relinquish and waive any right to receive

any such withheld amounts, or any interest thereon.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:12.0pt;margin-left:81.0pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&nbsp;</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:80.6pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(2)&#160;&#160;&#160;&#160; Upon the request of any participant who at

the time is serving as an employee of the Albany Group or a director of the

Company and has not made known to the Company any present intention to

terminate such service during the three years following such request, a

distribution of a portion or the entire balance credited to any Account of a

participant shall be made at any time or times prior to the time at which

he/she would have been entitled to receive such amount in accordance with an

election pursuant to Section 7 hereof; provided that (i) there shall be

withheld from each such distribution an amount equal to five percent (5%) of

the amount requested to be distributed, and (ii) such participant thereafter

shall be precluded from deferring any subsequent covered compensation (including

any compensation payable after such distribution that would have been deferred

pursuant to a deferral election made prior to the distribution) under this Plan

or any other deferred compensation plan of the Company during the period of

three years following the date of each such distribution.&#160; In the event that such participant&#146;s service

as an employee of the Albany Group or as a director of the Company is

terminated by the Albany Group for cause, as determined by the Committee in its

sole discretion, or voluntarily by such participant, in either case during any

such three year period, the participant shall forever forfeit, relinquish and

waive any right to receive the amount withheld from the withdrawal that

triggered such period and any earnings thereon.&#160; Any amount so withheld shall otherwise be distributed to such

participant upon termination of his or her service during such period for any

other reason, or upon expiration of such three-year period.&#160; Interest on any such withheld amount shall

continue to accrue in the manner described in Section 6 above until expiration

of such three-year period or until it is forfeited.</font></font></p>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:80.6pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:

'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:12.0pt;margin-bottom:.0001pt;margin-left:80.6pt;margin-right:0in;margin-top:0in;text-indent:-22.3pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman'">(3)&#160;&#160;&#160;&#160; Any distribution of less than 100% of the

balances credited to all existing Accounts of a participant pursuant to this

Section 8(c) shall be deemed to be a distribution of the earliest compensation

which would have been paid had it not been deferred.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">9.&#160; <u>Manner of Election</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">No earlier

than November 1 and no later than December 15 of the year immediately prior to

the year in which such covered compensation would otherwise be earned and paid,

each director and eligible employee shall be entitled to file instruments with

the Committee exercising his/her elections under Section 5 and, in the case of

the director&#146;s or eligible employee&#146;s initial election under the Plan, Section

7(a) of the Plan.&#160; Each election under

Section 5 shall be applicable only to covered compensation earned and otherwise

payable in the immediately subsequent year.&#160;

Notwithstanding the foregoing, (a) in the year in which the Plan is

first implemented, directors and eligible employees shall be entitled to file

such instruments to defer covered compensation for services to be performed

during such year and subsequent to such elections not later than thirty (30)

days after the date the Plan becomes effective and (b) in the first year in

which a director or eligible employee becomes eligible to participate in the

Plan, such director or eligible employee shall be entitled to file such

instruments to defer covered compensation for services to be performed during

such year and subsequent to such elections within thirty (30) days after the

date he/she first becomes eligible.&#160;

Each election under Section 5 shall be irrevocable; provided that a

participant may revoke an election at any time with respect to any covered

compensation payable subsequent to the last day of the calendar month during

which such revocation is made.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">10.&#160; <u>Administration of Plan</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The Plan shall

be administered by the Compensation and Stock Option Committee of the Board of

Directors of the Company.&#160; The Committee

shall interpret the Plan and make all decisions with respect to the rights of

directors and eligible employees hereunder; <u>provided</u>, <u>however</u>,

that no member of the Committee shall act on any matter in which such member

has a particular or special interest.&#160;

The forms to be used for making elections pursuant to Section 5 as well

as initial elections pursuant to Section 7 are attached hereto as Exhibits A

and B, respectively.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">11.&#160; </font><u>Funding</u></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">This Plan shall

be unfunded.&#160; Amounts payable hereunder

shall be paid from the general assets of the Company. The Company may establish

a trust pursuant to a trust agreement and make contributions thereto for the

purpose of assisting the Company in meeting its obligations in respect of

benefits payable under the Plan.&#160; Any

such trust agreement shall contain procedures to the following effect:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160; In the event of the

insolvency of the Company, the trust fund will be available to pay the claims

of any creditor of the Company to whom a distribution may be made in accordance

with state and federal bankruptcy laws.&#160;

The Company shall be deemed to be &quot;insolvent&quot; if the Company

is subject to a pending proceeding as a debtor under the federal Bankruptcy

Code (or any successor federal statute) or any state bankruptcy code.&#160; In the event the Company becomes insolvent,

the Board of Directors and chief executive officer of the Company shall notify

the trustee of that event as soon as practicable.&#160; Upon receipt of such notice, or if the trustee receives other

written allegation of the Company's insolvency, the trustee shall cease making

payments of benefits from the trust fund, shall hold the trust fund for the

benefit of the Company's creditors, and shall take such steps as are necessary

to determine within thirty (30) days whether the Company is insolvent.&#160; In the case of the trustee's actual

knowledge of or other determination of the Company's insolvency, the trustee

will deliver assets of the trust fund to satisfy claims of the Company's

creditors as directed by a court of competent jurisdiction;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160; The trustee shall resume

payment of benefits under the trust agreement only after the trustee has

determined that the Company is not insolvent (or is no longer insolvent, if the

trustee had previously determined the Company to be insolvent) or upon receipt

of an order of a court of competent jurisdiction requiring such payment.&#160; If the trustee discontinues payment of

benefits pursuant to paragraph (a) of this Section 11 and subsequently resumes

such payment, the first payment on account of a participant following such

discontinuance shall include an aggregate amount equal to the difference

between the payments which would have been made on account of such participant

under the trust agreement and the aggregate payments actually made on account

of such participant by the Company during any such period of discontinuance,

plus interest on such amount at a rate equivalent to the net rate of return

earned by the trust fund during the period of such discontinuance.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">12.&#160; <u>Reports to Participants</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The Committee

shall provide to each participant a report twice a year, as of each June 30 and

December 31, detailing the status of that participant&#146;s Accounts.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">13.&#160; <u>Amendment or Termination</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">This Plan may

be amended or terminated at any time by the Board of Directors of the Company

or by the Committee; <u>provided</u>, <u>however</u>, that no amendment may

reduce the interest rate on any covered compensation deferred pursuant to an

election made prior to the date on which such amendment is adopted and

announced by the Committee, whether or not credited to a participant&#146;s Account

prior to the effective date of such amendment.&#160;

Upon termination of the Plan, the Committee may distribute to each

participant the balances credited to his/her Accounts at the time of such

termination in the form of a lump sum or otherwise as it determines in its sole

discretion.&#160; The Company shall notify

each participant and each beneficiary currently entitled to benefits under the

Plan of termination of the Plan within ninety (90) days after such termination;

<u>provided</u> that the failure to give such notice shall not affect the

Company&#146;s rights hereunder.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">14.&#160; </font><u>Non-Assignability</u></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Interests in

covered compensation deferred or in a participant&#146;s Accounts shall not be

assignable or transferable or subject to attachment, garnishment, levy,

execution or other legal or equitable process, except by will or the laws of

descent and distribution.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">15.&#160; <u>Plan Not a Contract of Employment</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">This Plan is

not a contract of employment, and the terms of employment of any employee of

the Albany Group shall not be affected in any way by the Plan or related

instruments except as specifically provided in the Plan or such related

instruments.&#160; The establishment of the

Plan shall not be construed as conferring any legal rights upon any employee

for a continuation of employment, nor shall it interfere with the right of the

Albany Group to discharge any employee and to treat him/her without regard to

the effect which such treatment might have upon him/her as a participant.&#160; Each participant and all persons who may

have or claim any right by reason of his/her participation shall be bound by

the terms of the Plan and all agreements entered into pursuant thereto.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">16.&#160; <u>Construction</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160; The Plan is intended to

qualify as an unfunded plan maintained primarily for the purpose of providing

deferred compensation for a select group of management or highly compensated

employees as referred to in Section 201(2) of ERISA, and its terms shall be

interpreted accordingly.&#160; Otherwise, the

laws of the State of New York shall control the interpretation and performance

of the terms of the Plan.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160; If any provision of the

Plan, or the application of any such provision to any person or circumstances,

shall be invalid under any federal or state law, neither the application of

such provision to persons or circumstances other than those as to which such

provision is invalid nor any other provisions of the Plan shall be affected

thereby.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:58.5pt;margin-right:0in;margin-top:0in;text-indent:-22.5pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font></u>



<p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Exhibit A</font></font></u></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ALBANY INTERNATIONAL CORP.</font></font></u></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CENTENNIAL DEFERRED COMPENSATION PLAN</font></font></u></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Election as to Amount of Covered Compensation

to be Deferred</font></font></u></p>



<p style="font-size:10.0pt;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The undersigned, [a director] [and] [an eligible employee] under the

Centennial Deferred Compensation Plan (the &#147;Plan&#148;) of Albany International

Corp. (the &#147;Company&#148;), hereby elects as follows pursuant to Section 5 of such

Plan:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Please

withhold from my covered compensation payable in __________ the following:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:282.15pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(YEAR)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(check one only)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(a)&#160; ___% of my base salary per month,&#160; ___% of my annual bonus compensation and ___% of any other cash

compensation.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(b)&#160; $____ per month out of my base salary, $____ out of my annual

bonus compensation and $____ out of any other cash compensation.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(check one only)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(a)&#160; ___% of my directors&#146; fees.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(b)&#160; $____ out of my directors&#146; fees.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The foregoing

election shall be effective for the calendar year commencing January 1, ____

and ending December 31 of such year.&#160;

The foregoing election is subject to the terms and conditions of the

Plan, which are incorporated herein by reference.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">By executing

this election, I acknowledge that:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I have received (i)

a copy of the Plan, (ii) the most recent Annual Report of the Company

containing the Company&#146;s audited financial statements for the most recently

ended fiscal year of the Company and (iii) such other financial information

regarding the Company as I deem necessary in connection with my execution of

this election and my participation in the Plan; and</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I understand that my

rights under the Plan are as a general creditor of the Company and that no

funds of the Company will be set aside, in a trust or otherwise, for the

payment of benefits owing to me under the Plan.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';font-weight:bold"><br clear="all" style="page-break-before:

always">

</font></font></b>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">I

understand that any covered compensation which I defer pursuant to this

election will </font><u>not</u> be included as &#147;Compensation&#148; for purposes of

determining the percentage of my Compensation that I may have elected to

contribute or to have contributed to my account in the Company&#146;s Prosperity

Plus 401(k) Plan, and that such non-inclusion may reduce the contributions to

such account and may reduce the amount of matching contributions and

profit-sharing contributions (if any) for which I may be eligible under the

Company&#146;s Prosperity Plus 401(k) Plan and Prosperity Plus Employee Stock

Ownership Plan.</font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">I also understand that, with respect to any

retirements occurring after November 15, 2000, salary and bonus compensation

that has been deferred by an employee will no longer be excluded for purposes

of determining such employee&#146;s benefits under the Company&#146;s Pension Plus and

Supplemental Executive Retirement plans.&#160;

My decision to defer will not, therefore, have any adverse effect on my

benefits under those plans.</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">&nbsp;</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-weight:bold">I further understand that any covered

compensation which I defer pursuant to this election may nevertheless be

subject to certain employment taxes on a current basis, such as taxes under the

Federal Insurance Contributions (Social Security) Act.</font></font></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">Executed this _____ day of

____________, ____.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">__________________________________</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Signature</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font size="2" face="Times New Roman"><font style="font-size:10.0pt;

font-weight:bold;font-style:italic">Employees

of the Albany Group who work outside the United States should consult with

their personal tax adviser regarding the effect of participation in the Plan on

their particular circumstances</font></font></i></b></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font></u>



<p align="right" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Exhibit B</font></font></u></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">ALBANY INTERNATIONAL CORP.</font></font></u></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">CENTENNIAL DEFERRED COMPENSATION PLAN</font></font></u></p>



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



<p align="center" style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Election as to Time and Manner in which Deferred Compensation shall be

Distributed</font></font></u></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The

undersigned, [a director] [and][an eligible employee] under the Centennial

Deferred Compensation Plan (the &#147;Plan&#148;) of Albany International Corp. (the

&#147;Company&#148;), hereby elects as follows, pursuant to Section 7(a) of such Plan:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">1.&#160; <u>Time of Distribution</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">The balances

credited to my Accounts (as defined in the Plan) shall be distributed to me, or

such distribution shall commence:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(check one only)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(a)&#160; _____ on the earlier of _______________ <u>[Month/Day/Year]</u>

or my termination of service as a director of the Company or as an employee of

the Company and its subsidiaries (collectively, the &#147;Albany Group&#148;).</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(b)&#160; _____ upon my termination of service as an employee of the Albany

Group (whether or not I am then a director of the Company).</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(c)&#160; _____ upon the later of my termination of service as a director

of the Company or as an employee of the Albany Group.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&#147;Termination

of service&#148; shall include any termination of service resulting from my death or

disability (as defined in the Company&#146;s Pension Plus Plan, as amended from time

to time).</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">2.&#160; <u>Manner of Distribution</u></font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Distribution

shall be made as follows (if option (a) is checked in paragraph 1 above, only

option (a) may be checked below):</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(check one only)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">(a)&#160; _____ in a lump sum</font></font></p>



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



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(b)&#160;&#160; _____ in approximately equal monthly

installments over __ years (not to exceed 30)</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:0in;text-indent:-18.7pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:0in;text-indent:-18.7pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(c)&#160;&#160;&#160; _____

in a lump sum equal to ___% of my aggregate Account balances on the date

distribution commences, followed by approximately equal monthly installments

over ___ years (not to exceed 30).</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:0in;text-indent:-18.7pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:18.7pt;margin-right:0in;margin-top:0in;text-indent:-18.7pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">(d)&#160;&#160; in

approximately equal monthly installments over ___ years (not to exceed 28),

followed by a lump sum equal to ___% of my aggregate Account balances on the

date distribution commences.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<font size="2" face="Times New Roman"><font style="font-size:10.0pt;font-family:'Times New Roman';"><br clear="all" style="page-break-before:always">

</font></font>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">3.&#160; </font><u>Designation of

Beneficiaries</u></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Upon my death,

the following person(s) shall be entitled to receive the balances credited to

my Accounts:</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<table width="100%" style="width:100.0%;

 border-collapse:collapse;">

 <tr>

  <td width="5%" valign="top" style="width:5.24%;border:none;border-bottom:solid windowtext .5pt;

  padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Name</font></font></p>

  </td>

  <td width="26%" valign="top" style="width:26.56%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="6%" valign="top" style="width:6.98%;border:none;border-bottom:solid windowtext .5pt;

  padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Address</font></font></p>

  </td>

  <td width="24%" valign="top" style="width:24.8%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="10%" valign="top" style="width:10.38%;border:none;border-bottom:

  solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">Relationship</font></font></p>

  </td>

  <td width="21%" valign="top" style="width:21.4%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" colspan="2" valign="top" style="width:31.8%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" colspan="2" valign="top" style="width:31.8%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" colspan="2" valign="top" style="width:31.8%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" colspan="2" valign="top" style="width:31.8%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" colspan="2" valign="top" style="width:31.8%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="31%" colspan="2" valign="top" style="width:31.8%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="width:2.32%;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;padding:0in 0in 0in 0in">

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

  </td>

  <td width="31%" colspan="2" valign="top" style="width:31.78%;border:none;

  border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in">

  <p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;">&nbsp;</p>

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<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">I understand

that the foregoing elections under paragraphs 1 and 2 above are irrevocable,

except as provided in Sections 7 and 8 of the Plan, and apply to all covered

compensation the receipt of which I may elect to defer in the future pursuant

to the Plan.&#160; The foregoing elections

are subject to the terms and conditions of the Plan, which are incorporated

herein by reference.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">Executed this _____ day of

____________, ____.</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">_______________________________________</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">Signature</font></font></p>



<p style="font-size:10.0pt;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font size="2" face="Times New Roman"><font style="font-size:

10.0pt">&nbsp;</font></font></p>



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10.0pt">&nbsp;</font></font></p>



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