Company: TDY
Filing Date: 2025-01-22
Form Type: 8-K
Source: 0001094285-25-000005
Chunk: 1

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-01-22
Form: 8-K
Item: Item 5.02
Chunk 1
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             Vice Chairman                                                                                              $169,247  

(3) The Committee approved the 2025 goals for the AIP cash bonus awards to each of Teledyne’s Named Executive Officers under the Plan. AIP award opportunities are expressed as a percentage of a participant’s base salary and are based on the achievement of pre-defined performance measures, with up to 200% of the target award eligible to be paid in the case of significant over-achievement. The majority of the award is based on Teledyne’s achievement of certain financial performance goals, with a smaller portion tied to the achievement of pre-established individual goals. Generally, 40% of the awards are tied to the achievement of predetermined levels of operating profit, 25% to the achievement of predetermined levels of revenue, 15% to the achievement of predetermined levels of managed working capital as a percentage of revenue and 20% to the achievement of specified individual performance objectives. In addition, per the Committee's policy, downward (but not upward) discretionary adjustments are allowed with respect to awards to Named Executive Officers identified in the proxy statement filed in the award year. AIP awards are generally paid from a pool not to exceed 11% of operating profit, subject to modification by the Committee. No AIP bonus will be earned in any year unless operating profit is positive, after accruing for bonus payments, and operating profit is at least 75% of the operating plan, subject in each case to modification by the Committee.

For 2025, subject to the performance measures and discretion of the Committee, as noted above, the following Named Executive Officers identified in Teledyne’s 2024 Proxy Statement are eligible for a target AIP cash bonus based on the following percentage of their annual base salary:

  Name                      Current Position                                                                   2025 AIP Award           
                                                                                   Opportunity as a Percentage of Base Salary           
  Edwin Roks                Chief Executive Officer                                                                       120           
  Stephen F. Blackwood      Senior Vice President and Chief Financial Officer                                                       80  
  Robert Mehrabian          Executive Chairman                                                                                     150  
  George C. Bobb III        President and Chief Operating Officer                                                         100           
  Jason VanWees             Vice Chairman                                                                                          100  
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(4) The Committee established a Performance-Based Restricted Stock Unit Award Program under the Plan for key employees, including the Named Executive Officers. This program provides grants of restricted stock units, generally each calendar