Company: TDY
Filing Date: 2025-01-22
Form Type: 8-K
Source: 0001094285-25-000005
Chunk: 2

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-01-22
Form: 8-K
Item: Item 5.02
Chunk 2
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 year, to key employees at an aggregate fair market value equal to a specified percentage of each recipient’s annual base salary as of the date of the grant, unless otherwise determined by the Committee. The restricted stock units are subject to both a time-based and performance-based component. In general, the vesting period for each grant of restricted stock units extends from the date of the grant to the third anniversary of such date, with the units vesting on the third anniversary. However, unless the Committee determines otherwise, if Teledyne fails to meet certain minimum performance goals for a multi-year performance cycle (typically three years) established by the Committee as applicable to a restricted stock unit award, then none of the restricted stock units will vest and all restricted stock units are forfeited. If Teledyne achieves the minimum established performance goals, but fails to attain an aggregate level of 100% of the targeted performance goals, then only a portion of the restricted stock units will vest. The performance goal for the 2025-2027 restricted stock award is the total shareholder return of Teledyne’s common stock as compared to the S& P 500 Index. In order for a participant's restricted stock units to vest, Teledyne’s three-year aggregate total shareholder return (as measured by Teledyne’s stock price) must be at the 25th percentile of the three-year aggregate total shareholder return of the companies comprising the S& P 500 Index at the beginning of the performance period. If Teledyne’s total shareholder return is less than the 25th percentile of the companies comprising the S& P 500 Index, no restricted stock units would vest; if it equals the 25% percentile, 50% of the restricted stock units will vest; if it ranges from the 25th percentile to the 50th percentile, a portion of the restricted stock units will vest; and if it is greater than the 50th percentile, all restricted stock units will vest but the participant does not receive additional shares. The calculation of total shareholder return assumes that all dividends are reinvested.

For the 2025-2027 Restricted Stock Unit Award, the percentage of base salary used to determine the amount of the grant for the following Named Executive Officers identified in Teledyne’s 2024 Proxy Statement is set forth below:

  Name                      Current Position                                       2025 Restricted Stock Award Opportunity as a Percentage of Base Salary           
  Edwin Roks                Chief Executive Officer                                                                                                   120           
  Stephen F. Blackwood      Senior Vice