Company: TDY
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054478
Chunk: 67

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 67
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 targeted performance goal for the 2024-2026 RSU awards is the total stockholder return of our common stock as compared to the S&P 500 Index. In order for RSUs 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 RSUs would vest; if it equals the 25% percentile, 50% of the RSUs will vest; if it ranges from the 25th percentile to the 50th percentile, a portion of the RSUs will vest; and if it is greater than the 50th percentile, all RSUs are vested but the participant does not receive additional units or shares. The calculation of total shareholder return assumes that all dividends are reinvested. We believe that benchmarking the performance-based RSU performance goals to a broader market index like the S&P 500 Index aligns the interest of management and stockholders because executives are rewarded only to the extent that our stock price performs relative to the stock prices of companies with similar market capitalizations. A participant cannot transfer the RSUs. In addition, during the performance period, unvested RSUs generally will be forfeited upon a participant’s termination of employment. A description of the treatment of performance-based RSUs upon termination of employment in cases of death, disability or retirement can be found under the heading “ Potential Payments Upon Termination or a Change in Control” beginning on page 78 of this Proxy Statement. Upon vesting of RSUs, we will issue to the recipient the appropriate number of shares of common stock, as determined by the Committee based on achievement of the specified performance objectives, with one share of common stock issued free of restrictions for each vested RSU. Vesting of 2021 and 2022 Performance-Based Restricted Stock Grants We granted performance-based restricted stock and RSUs to key employees, including the NEOs, on January 26, 2021 and January 25, 2022. Restrictions on 89.4% of the 2021 performance-based restricted stock award lapsed on January 26, 2024, since the performance of our stock price was 89.4% of that of the S&P 500 for