Summary Plan Description



 Exhibit 10.23 
 Teledyne Technologies Incorporated 
 Performance Service Program

 (under the 2008 Incentive Award Plan) 
 Summary Plan Description 
 January 24, 2012 

This document constitutes part of a Prospectus covering securities registered under the 

Securities Act of 1933. Neither the Securities and Exchange Commission nor any state securities 

commission has approved or disapproved of these securities or passed upon the accuracy or 

adequacy of this prospectus. Any representation to the contrary is a criminal offense. 

Plan Concept 
 The Performance Service
Program (PSP) is designed to reward executives and senior managers (“Participants”) for the achievement of the following pre-specified goals, measured over a three-year period: 
 Three-year aggregate operating profit 
 Three-year aggregate revenue 

Three-year aggregate return to shareholders 

Awards will be based on the goals of the corporation for all Participants. 
 Eligibility and Participation 
 Eligibility for this Plan is intended to be restricted to
Participants whose actions most directly affect the long-term success of the Company. For each three-year award, participation will be determined based on nomination by the Chief Executive Officer and approval by the Personnel and Compensation
Committee of the Company’s Board of Directors. The award is based on a stated percent of a Participant’s annual base salary. Participation in one cycle does not guarantee participation in any subsequent cycle. 







 Calculation of Targeted Performance Service Award 

Awards will be denominated in cash during the Performance Period, with the Targeted Performance Service Award calculated according to the following
formula: 
  

									
	Cash	 		    		 		    	
	Base Salary at Beginning	 	x	    	Target Opportunity	 	=	    	Target
	Performance Period	 		    	A Percent of Salary	 		    	Cash Award


This can be illustrated as follows: 
  

			
	EXAMPLE	  	
		
	Salary Rate:	  	$150,000
	Target Percent	  	100%

 The
Targeted Performance Service Award would be calculated as follows: 
  

					
	Cash	  		 	
	Base Salary	  	$150,000	 	
	X Target Percentage	  	X      100%	 	
		  	  
	 	
		  	$150,000	 	

 The Personnel and Compensation Committee shall have full power to revise and adjust the Targeted Performance Service
Award for a three-year cycle and the positions eligible to participate in the Plan at any time during the three-year performance period. 

Performance Period 
 Performance will be
measured over three fiscal years of the Company, with a new three-year Performance Period established every three years. 

  
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 Performance Measurement 
 Performance will be measured based on the aggregate results over the three year Performance Period at the corporate level for all participants and will be based on the following performance measures:

  

	 	•	 	 Three-Year Aggregate Operating Profit – 40% 


  

	 	•	 	 Three-Year Aggregate Revenue – 30% 


  

	 	•	 	 Three-Year Aggregate Return to Shareholders – 30% 


 The Russell 2000 Index, in which Teledyne Technologies is included, will be used as the benchmark for return to shareholders. 
 At the beginning of each Performance Period, a matrix will be established and submitted for approval by the Personnel and Compensation Committee. This matrix will be used to determine the Performance
Service Award the Participant is entitled to, subject to a maximum Award of 200 percent of the “Target Opportunity”. 

Non-Transferability 
 Performance Service
Awards are non-transferable. 
 Form of Payment 
 Payments from the PSP will be in the form of cash. Payments will be made over a three-year period and as soon as practicable following the approval of the award amounts by the Personnel and Compensation
Committee. For example for the 2012 to 2014 Performance Period, 1/3 of the fully determined Performance Service Award would be paid in each of 2015, 2016 and 2017. 

  
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 Termination of Employment 
 If a Participant terminates employment because of retirement, such Participant’s PSP participation will be prorated based on the number of full months of employment, divided by 36. Awards will be
paid at the same time as Awards are paid to active Participants. 
 If a Participant terminates employment for any other reason, the current
cycle’s incentive and any prior cycle’s installment payment or payments will be forfeited unless deemed otherwise by the Personnel and Compensation Committee. 
 Tax Consequences 
 Generally and currently taxes are not payable until the Performance
Period is completed and the applicable installment is to be paid during the three-year period following the completion of the Performance Period. For U. S. Federal income tax purposes, the value of a Participant’s distribution is taxable as
wages at ordinary income tax rates in the year in which it is received. State and local income tax laws generally provide for the same treatment. At the time each installment payment for a completed Performance Period is to be paid, additional
information regarding taxes due will be distributed. 
 Additional Information 
 WHERE YOU CAN FIND MORE INFORMATION 
 As required by the SEC, the Company
has filed a Registration Statement on Form S-8 relating to the 2008 Incentive Award Plan. The Registration Statements incorporate by reference certain other documents that the Company files with the SEC. Those documents are also incorporated by
reference into the prospectus relating to the Incentive Plan that meet the requirements of Section 10(a) of the Securities Act of 1933, as amended. This Information Statement is a part of the Section 10(a) prospectus. This means that the
Company can disclose important information to you by referring you to the documents incorporated by reference. The information incorporated by reference is an important part of the Section 10(a) prospectus, and information that the Company
files later with the SEC will automatically update and supersede this information. This information from time to time includes statements about the risks and challenges that the Company faces, including the risks associated with an investment in the
Common Stock. 
 By writing or telephoning the Office of the Executive Vice President, General Counsel and Secretary of the Company, you may
request a free copy of: 
  

	 	•	 	 the 2008 Incentive Award Plan, 


  

	 	•	 	 the documents incorporated by reference into the Registration Statement and the Section 10(a) prospectus (other than certain exhibits),




  
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	 	•	 	 all previously furnished Incentive Plan information documents that constitute part of the Section 10(a) prospectus, and



  

	 	•	 	 the Company’s Annual Report to Stockholders for its latest fiscal year. 



You should direct your request to: 
 John T.
Kuelbs 
 Executive Vice President, General Counsel 
 and Secretary 
 Teledyne Technologies Incorporated 

1049 Camino Dos Rios 
 Thousand Oaks, CA 91360

 Telephone: 805-373-4602 
 Facsimile:
805-373-4621 
 Or 
 Melanie S. Cibik

 Vice President, Associate General Counsel and Assistant Secretary 
 Teledyne Technologies Incorporated 
 1049 Camino Dos Rios 

Thousand Oaks, CA 91360 
 Telephone:
805-373-4605 
 Facsimile: 805-373-4610 

  
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