Company: TDY
Filing Date: 2025-02-28
Form Type: PRE 14A
Source: 0001193125-25-042748
Chunk: 53

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-02-28
Form: PRE 14A
Chunk 53
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 was promoted to Teledyne’s President and Chief Operating Officer and Robert Mehrabian became Teledyne’s Executive Chairman. In connection with these promotions, in October 2023, the Personnel and Compensation Committee approved changes that resulted in compensation increases for Dr. Roks and Mr. Bobb effective January 1, 2024. Jason VanWees, Teledyne’s Vice Chairman, also received a compensation increase effective January 1, 2024. In October 2023, the Committee further amended and restated the Employment Agreement with Dr. Mehrabian in connection with these management changes that resulted in lower overall compensation starting January 1, 2024, as described in more detail below under the heading “Employment Agreement with Dr. Mehrabian.” As part of these management changes and promotions, the Committee rebalanced the long-term compensation of NEOs and other senior executives to set an equal value mix among the three components of Teledyne’s long-term compensation programs (stock options, cash-based performance plan, and performance-based restricted stock units), with each component representing 1/3 of the value of such executive’s target total long-term compensation. The Committee made this change in order to align the weighting of these components with broader market norms and the manner in which these components had been weighted in Dr. Mehrabian’s Employment Agreement since 2021. In making these compensation changes, the Committee consulted with and received input from Exequity, the Committee’s independent compensation consultant. Despite our record financial performance in 2024, Annual Incentive Plan (“AIP”) awards (short-term cash opportunity) to NEOs for 2024 were lower than target, due principally to the failure to meet threshold levels of the managed working capital component of the AIP award at the corporate level, which represented 15% of the overall award opportunity, and to lower performance against our revenue and earnings targets. Payouts under our 2022-2024 Performance Plan and our 2022-2024 restricted stock unit awards were also below target levels due to lower performance against our revenue, earnings and return to stockholder targets over the three-year performance period. In January 2024, we issued stock options to NEOs and other key employees. No stock options were issued in 2023 due to changes in grant timing practices. 2024 “Say-on-Pay”Vote At the Company’s 2024 Annual Meeting of Stockholders held on April 24, 2024, the non-binding