Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 20, 2020, the Compensation Committee of the Registrant's Board of Directors granted a retention incentive in the form of a Retention Bonus Agreement to the Registrant's Chief Financial Officer, Mr. Stephen Nolan, a named executive officer as defined by S-K Item 402(a)(3). A copy of the Form of Retention Bonus Agreement used for such award is being filed with this report as Exhibit 10(n)(v), and is incorporated by reference herein.

Pursuant to the Retention Bonus Agreement, Mr. Nolan will have the opportunity to earn a Retention Bonus of $750,000 provided he remains employed with the Registrant through January 21, 2023. Under the agreement, Mr. Nolan will be paid $250,000 on each of three payment dates provided he is still employed with the Registrant on the payment date. The payment dates are January 21, 2021, January 21, 2022 and January 21, 2023. Payment is made in cash. In the event Mr. Nolan's employment with the Registrant terminates prior to a payment date any portion of the Retention Bonus which has not already been paid shall be forfeited and shall not vest; provided however, that in the event that Mr. Nolan's employment with the registrant is involuntarily terminated by Albany without Cause (as defined in the Severance Agreement signed between the Registrant and Mr. Nolan dated April 1, 2019), prior to a payment date, the remainder of the Retention Bonus shall be earned, and Employee's entitlement to payment of the remainder shall vest immediately.

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