Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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    Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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Filed By
Romeo and Dye's
Section 16 Filer
www.section16.net



1. Name and Address of Reporting Person*

Standish J. Spencer

2. Issuer Name and Ticker or Trading Symbol
Albany International Corp. ("AIN")

6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
    Director                                   X 10% Owner
    Officer (give title below)          Other (specify below)

                                                  

(Last)      (First)     (Middle)

c/o Albany International Corp.
P.O. Box 1907

3. I.R.S. Identification Number
of Reporting Person,
if an entity (voluntary)

 

4. Statement for
Month/Day/Year
03/21/2003

(Street)

Albany, NY 12201-1907

5. If Amendment,
Date of Original
(Month/Day/Year)
 
7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
    Form filed by More than One Reporting Person

(City)     (State)     (Zip)

Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Trans-
action
Date
(Month/ Day/
Year)

2A. Deemed
Execution
Date,
if any
(Month/Day/
Year)

3. Trans-
action Code
(Instr. 8)

4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 & 5)

5. Amount of
Securities
Beneficially
Owned Follow-
ing Reported Transactions(s)
(Instr. 3 & 4)

6. Owner-
ship Form:
Direct (D)
or Indirect (I)
(Instr. 4)

7. Nature of Indirect
Beneficial Ownership
(Instr. 4)

Code

V

Amount

(A)
or
(D)

Price

Class A Common Stock

03/21/2003

 

C

 

100,000

A

1-for-1

 

I

 (1)

Class A Common Stock

03/21/2003(2)

 

S

 

100,000

D

$23.02

0

I

 (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number

FORM 4 (continued)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security

(Instr. 3)

2. Conver-
sion or
Exercise
Price of Derivative Security

3. Trans-
action Date

(Month/
Day/
Year)

3A. Deemed
Execution
Date,
if any
(Month/
Day/
Year)

4. Trans-
action
Code

(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)

(Instr. 3, 4 & 5)

6. Date Exercisable
and Expiration
Date
(Month/Day/
Year)

7. Title and Amount of Underlying Securities
(Instr. 3 & 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of
Derivative
Securities
Beneficially
Owned
Following
Reported Transaction(s)
(Instr. 4)

10. Owner-
ship Form
of Deriv-
ative
Security:
Direct (D)
or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exer-cisable

Expira-
tion
Date

Title

Amount or Number of
Shares

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

151,318

I

 (4)

Class B Common Stock

 (3)

03/21/03

 

C

 

 

100,000

 (3)

 (3)

Class A Common

100,000

 

2,074,030

I

 (1)

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

1,345,565

I

 (5)

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

108,729

I

 (6)

Employee Stock Option

$15.50

 

 

 

 

 

 

 (7)

05/01/08

Class A Common

 

 

200,000

I

(4)

Employee Stock Option

$15.00

 

 

 

 

 

 

 (7)

05/01/08

Class A Common

 

 

16,000

D

 

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

120,000

I

 (8)

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

120,000

I

 (9)

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

10,700

I

 (10)

Class B Common Stock

 (3)

 

 

 

 

 

 

 (3)

 (3)

Class A Common

 

 

10,700

I

 (11)

Explanation of Responses:

(1) Held by J. S. Standish Co. Undersigned is President and a director, and has the power to elect and remove all of the directors, of J. S. Standish Co.
(2) Sale pursuant to a 10b5-1 plan.
(3) Covertible, on a share-for-share basis, into Class A Common Stock.
(4) Held by Standish Delta Trust. Undersigned has neither voting nor investment power and disclaims beneficial ownership.
(5) Held by trust u/w Florence Standish. Undersigned has voting and investment power.
(6) Held by trust u/w J. C. Standish. Undersigned has voting and investment power.
(7) Fully exercisable.
(8) Held by the Christine L. Standish Delta Trust. Undersigned has sole voting and investment power, and disclaims beneficial ownership, with respect to such shares.
(9) Held by the John C. Standish Delta Trust. Undersigned has sole voting and investment power, and disclaims beneficial ownership, with respect to such shares.
(10) Held by the Christine L. Standish Gift Trust. Undersigned has sole voting and investment power, and disclaims beneficial ownership, with respect to such shares.
(11) Held by the John C. Standish Gift Trust. Undersigned has sole voting and investment power, and disclaims beneficial ownership, with respect to such shares.

  By: /s/ Kathleen M. Tyrrell
             Attorney-in-Fact
**Signature of Reporting Person
March 24, 2003
Date

**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
          If space is insufficient, See Instruction 6 for procedure.

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The undersigned hereby authorizes THOMAS H. HAGOORT, CHARLES J. SILVA, JR. AND KATHLEEN M. TYRRELL, and each of them with full power to act without the others, to sign and file, or cause to be filed, on behalf of the undersigned, any forms and other documents, including without limitation Forms 3 and 4 or any other forms hereafter substitute therefor, required or permitted to be filed by the undersigned pursuant to Section 16(a) of the Securities Exchange Act of 1934, as amended, or rules or regulations promulgated thereunder.



The authorization of a person named above shall automatically terminate at such time as such person ceases to be an employee of the Company.  The undersigned may terminate the authorization of any such person at any time by delivering written notice of termination to the Company.







Date: November 22, 1997



/s/ J. Spencer Standish