Company: TDY
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001094285-25-000053
Chunk: 112

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 15
Chunk 112
---
 to employees for fiscal years 2024, 2023 and 2022 respectively, which is primarily recorded in the Digital Imaging segment.  At December 29, 2024, there was $28.1 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.8 years.  This amount can be impacted by employee retirements or terminations.Employee Performance-based Restricted Stock AwardsUnder Teledyne’s restricted stock award program key officers and executives receive a grant of stock equal to a specified percentage of the participant’s annual base salary at the date of grant.  The restricted stock is subject to transfer and forfeiture restrictions during an applicable “restricted period”.  The restrictions have both time-based and performance-based components.  The restricted period expires (and the restrictions lapse) on the third anniversary of the date of grant, subject to the achievement of stated performance objectives over a specified three-year performance period.  If employment is terminated (other than by death, retirement or disability) during the restricted period, the stock grant is forfeited. The estimated expense for restricted stock awards with both time-based and performance-based components to employees is based on a lattice-based simulation which takes into consideration several factors including volatility, risk free interest rates and the correlation of Teledyne’s stock price with the comparator, which has been the S&P 500 Index for awards granted since 2021.  The Company recorded $6.6 million, $5.2 million and $5.1 million in compensation expense related to restricted stock awards to employees for fiscal years 2024, 2023 and 2022, respectively.  At December 29, 2024, there was $6.8 million of total estimated unrecognized compensation cost related to non-vested awards which is expected to be recognized over a weighted-average period of approximately 1.3 years.Non-Employee Directors Restricted StockNon-employee directors each received restricted stock units valued at $170,000 in 2024, 2023 and 2022 or valued at half the amount for a person who becomes a director for the first time after the date of the Annual Meeting.  The restricted stock units generally vest one year following the date of grant and are settled in shares of common stock on the date of vesting unless a director has elected to defer settlement of the award until his or her separation from Board service.  The annual expense related to non-employee director’s restricted stock units was