Albany International Corp. has announced the compensation terms for its Vice President, Controller, and Principal Accounting Officer, Mr. Valashinas, effective from June 9, 2025. His initial base salary is set at $335,000.00 per year. The company's Compensation Committee customarily reviews and adjusts executive officers' salaries in April of each year.
Mr. Valashinas is eligible for a short-term incentive award for service performed in 2025. This award, to be determined and paid in cash during early 2026, is based on Company performance with respect to three metrics: Adjusted EBITDA, free cash flow, and safety. He will be entitled to receive between 0% and 200% of a target award, equal to thirty percent (30%) of his annual base salary.
Additionally, he will be eligible for a long-term incentive award, structured in two separate grants. The first is a performance share units ("PSU Award"), to be determined and paid in shares of Company stock during early 2028. The performance goal for this award is based on three metrics: Adjusted EBITDA, return on invested capital, and relative total shareholder return.
The second grant is a share-settled restricted stock unit award ("RSU Award"). He will be entitled to receive one-third of the award grant on the first three anniversaries of the grant date, with the grant for the 2025 RSU Award being a number of shares equal to twenty percent (20%) of his annual base salary.
Mr. Valashinas is also eligible for a special one-time equity bonus grant incentive with an aggregate value of $180,000.00. This special one-time equity bonus grant will be in the form of an additional grant of share-settled restricted stock units ("Special RSU Award"). The Special RSU Award shall vest as to one-half of the units awarded on the first anniversary of the grant date, one-fourth on the second anniversary of the grant date, and one-fourth on the third anniversary of the grant date.
In addition to his compensation, Mr. Valashinas will be entitled to four weeks of vacation with pay per year and will be eligible to participate in all of the Company’s employee benefit plans, policies, and arrangements applicable to other executive officers generally. Today the company's shares have moved -0.01% to a price of $65.77. For the full picture, make sure to review ALBANY INTERNATIONAL CORP /DE/'s 8-K report.
