AGREEMENT, dated November 5, 1997, by and between ALBANY INTERNATIONAL CORP., a
Delaware corporation ("AI") and MICHAEL C. NAHL ("the Optionee"), an officer of AI.
WHEREAS, as an incentive to encourage the Optionee to remain in the employ of AI and its subsidiaries by
affording the Optionee a greater interest in the success of AI and its subsidiaries, AI desires to grant to the
Optionee an option to purchase shares of its Class A Common Stock;
WHEREAS, the Optionee desires to obtain such option on the terms and conditions provided for herein;
NOW, THEREFORE, in consideration of the premises, the mutual covenants herein set forth and other good and
valuable considerations receipt of which is hereby acknowledged, AI and the Optionee hereby agree as follows:
1. GRANT OF OPTION. Subject to the terms and conditions set, AI hereby grants to the Optionee the right
and option ("the Option") to purchase 250,000 treasury shares (subject to adjustments as provided in paragraph
6 hereof) of Class A Common Stock of AI ("the Optioned Shares").
2. PURCHASE PRICE. The purchase price of the Optioned Shares shall be $25-9/16 per share (subject to
adjustment as provided in paragraph 6 hereof).
3. TERM. The term of the Option shall be for a period of twenty years from the date hereof; provided, however,
that the term of the Option may be terminated at any time by the Committee if the Committee determines that the
Optionee has engaged in a Competing Activity (as hereinafter defined) without the specific written consent of AI;
PROVIDED, FURTHER, THAT THE COMMITTEE MAY AT ANY TIME ACCELERATE THE
EXPIRATION OF THE TERM OF THE OPTION TO A DATE NOT LESS THAN TEN YEARS FROM
THE DATE HEREOF PROVIDED THAT SUCH DATE SHALL NOT BE EARLIER THAN SIX MONTHS
AFTER THE DATE WHEN WRITTEN NOTICE OF SUCH ACCELERATION SHALL HAVE BEEN
RECEIVED BY THE OPTIONEE.
4. EXERCISABILITY. The Option shall become exercisable only if, prior to the termination of employment of
the Optionee by AI and i