Document:

Exhibit 10.1 Administrative Rules for the Restricted Stock Award Program under the 2014 IAP

Exhibit 10.1

TELEDYNE TECHNOLOGIES INCORPORATED

2014 INCENTIVE AWARD PLAN

ADMINISTRATIVE RULES FOR THE

RESTRICTED STOCK AWARD PROGRAM

    

Article I.  Adoption and Purpose of the Program

1.01  Adoption.  These rules are adopted by the Personnel and Compensation Committee of the Board of Directors pursuant to the authority reserved in Article 12 of the Teledyne Technologies Incorporated 2014 Incentive Award Plan (the “Plan”).  The Plan is incorporated by reference in its entirety in these rules.  Capitalized terms used but not defined in these rules shall have the same meanings as in the Plan.  In the event of a conflict between the Plan and these rules, the provisions of the Plan shall control.

1.02  Purpose.  The Restricted Stock Award Program (the “Program”) is intended to assist the Company in attracting, retaining and motivating selected key management employees through the grant of restricted stock or restricted stock units that may vest upon the Company’s attainment of certain performance goals and the participant’s service with the Company for a specified period.  The Program will (i) serve as a tool for recruiting and retaining top talent, (ii) allow eligible individuals to share the benefits of future growth in the value of the Company and (iii) better align the financial interests of participants with those of the Company’s stockholders.

Article II.  Definitions

For purposes of these rules, the capitalized terms set forth below shall have the following meanings:

2.01    Award Agreement means a written agreement between the Company and a Participant or a written acknowledgment from the Company specifically setting forth the terms and conditions of an award of Restricted Stock or RSUs granted to a Participant pursuant to Article VI of these rules.

2.02    Committee means the Personnel and Compensation Committee of the Board.

2.03    Company means Teledyne Technologies Incorporated, a Delaware corporation, and its successors.

2.04    Date of Grant means the date as of which an award of Restricted Stock or RSUs are granted in accordance with Article VI of these rules.

2.05    Effective Date means April 23, 2014.

2.06    Fair Market Value means the average of the composite high and low quoted sales prices of a share of Common Stock, as reported on the Composite Tape for New York Stock Exchange Listed Companies, over the twenty (20) business days on which a sale was reported that immediately precede the applicable date.

2.07    Participant means any person designated pursuant to Article V of these rules as eligible to participate under the Program.

2.08    Performance Cycle means the multi-year performance cycle established by the Committee as applicable to an Award and set for in the Award Agreement.

2.09    Performance Goals means the performance goals established by the Committee upon the recommendation of the Chief Executive Officer as applicable to an Award and set forth in the Award Agreement.

2.10    Plan means the Teledyne Technologies Incorporated 2014 Incentive Award Plan, as the same may be amended from time to time.

2.11    Program means the Restricted Stock Award Program, as the same may be amended from time to time.

2.12    Restricted Period means the period established under Section 6.02(b) during which the restrictions apply to the Restricted Stock or an RSU.

2.13    Restricted Stock means shares of Common Stock awarded to a Participant subject to restrictions as described in Article VI of these rules.

2.14     RSU means a Restricted Stock Unit of Common Stock awarded to a Participant subject to restrictions as described in Article VI of these rules, with one Restricted Stock Unit equal to one share of Common Stock.

Article III.  Administration

The Program shall be administered by the Committee, which shall have exclusive and final authority and discretion in each determination, interpretation or other action affecting the Program and its Participants.  The Committee shall have the sole and absolute authority and discretion to interpret the Program, to modify these administrative rules for the Program, to approve, in accordance with Article V of these rules, the selection by the Company’s Chief Executive Officer of the persons who will be Participants hereunder, to impose such conditions and restrictions as it determines appropriate and to take such other actions and make such other determinations in connection with the Program as it may deem necessary or advisable.

Article IV.  Common Stock Issuable under the Program

4.01  Number of Shares of Common Stock Issuable.  Subject to adjustments as provided in Section 11.07 of the Plan, the maximum number of shares of Common Stock  available for issuance under the Program (including shares underlying an RSU) shall be such number as the Committee grants.  The Common Stock to be offered under the Program shall be authorized and unissued Common Stock, or Common Stock which shall have been reacquired by the Company and held in its treasury.

4.02  Shares Subject to Terminated Awards.  Shares of Common Stock forfeited as provided in Section 6.02 of these rules may again be issued under the Program.

Article V.  Participation

     Participants in the Program shall be those officers and key employees of the Company selected by the Chief Executive Officer and approved by the Committee, each in its sole discretion, as eligible to participate in the Program.  The designation of a Participant with respect to any year shall not entitle that person to be designated as a Participant with respect to any other year.  The Chief Executive Officer and the Committee shall consider such factors as each deems pertinent in selecting and approving Participants.  The Committee shall promptly provide to each person designated as a Participant written notice of his or her designation.

Article VI.  Restricted Stock and RSU

6.01    Restricted Stock Awards.  Each calendar year, each Participant designated for that year shall receive a grant of Restricted Stock, or, if applicable a grant of RSUs, with an aggregate Fair Market Value equal to a percentage of the Participant’s annual base salary in effect on the Date of Grant.  Unless otherwise determined by the Committee, the applicable percentage shall be thirty percent.  The terms of all such Restricted Stock or RSU grants shall be set forth in an Award Agreement between the Company and the Participant which shall contain such forfeiture periods and conditions, restrictions and other provisions, not inconsistent with these rules, as shall be determined by the Committee.

(a)    Issuance of Restricted Stock.  As soon as practicable after the Date of Grant of Restricted Stock, the Company shall cause to be transferred on the books of the Company shares of Common Stock, registered on behalf of the Participant, evidencing such Restricted Stock, but subject to forfeiture to the Company retroactive to the Date of Grant if an Award Agreement delivered to the Participant by the Company with respect to the Restricted Stock is not duly executed by the Participant and timely returned to the Company.  Until the lapse or release of all restrictions applicable to an award of Restricted Stock, the stock certificates representing such Restricted Stock shall be held in custody by the Company or its designee.  Common Stock underlying an RSU shall be issued upon the vesting of such RSU as provided herein and/or in the Award Agreement.

(b)    Common Stockholder Rights.  Beginning on the Date of Grant of the Restricted Stock and subject to execution of the Award Agreement as provided in Section 6.01(a) of these rules, the Participant shall become a stockholder of the Company with respect to all Common Stock subject to the Award Agreement and shall have all of the rights of a stockholder, including, but not limited to, the right to vote such Common Stock and the right to receive dividends or distributions, if any, paid with respect to such Common Stock; provided, however, that any Common Stock or cash distributed as a dividend or otherwise with respect to any Restricted Stock as to which the restrictions have not yet lapsed shall be subject to the same restrictions as such Restricted Stock and shall be held as prescribed in Section 6.01(a) of these rules.  This provision shall not apply to RSUs.

(c)    Restriction on Transferability.  None of the Restricted Stock nor any RSU may be assigned, transferred (other than by will or the laws of descent and distribution), pledged, sold or otherwise disposed of prior to lapse or release of the restrictions applicable thereto.

(d)    Delivery of Common Stock Upon Release of Restrictions.  Unless otherwise provided in the applicable Award Agreement, upon expiration or earlier termination of the Restricted Period without a forfeiture and the satisfaction of or release from any other conditions prescribed by the Committee, the restrictions applicable to the Restricted Stock or to the RSU shall lapse or vest, as the case may be.  As promptly as administratively feasible thereafter, subject to the requirements of Section 7.02 of these rules, the Company shall deliver to the Participant, or, in the case of the Participant’s death, to the Participant’s legal representatives, one or more stock certificates for the appropriate number of shares of Common Stock, free of all such restrictions, except for any restrictions that may be imposed by law.
    
6.02  Terms of Restricted Stock and RSU.

(a)    Forfeiture of Restricted Stock.  Subject to Section 6.02(e) of these rules, all Restricted Stock shall be forfeited and returned to the Company, and all RSU shall be deemed unvested and forfeited,  and all rights of the Participant with respect to such Restricted Stock or RSU shall cease and terminate in their entirety if during the Restricted Period (i) the Participant transfers, sells or otherwise disposes of the Restricted Stock, (ii) as of the end of the applicable Performance Cycle, the Committee determines that the Company failed to achieve certain minimum Performance Goals during the Performance Cycle, or (iii) except as otherwise provided in Section 6.02(d) or upon a Change in Control, the employment of the Participant with the Company and its affiliates terminates for any reason.

(b)    Restricted Period.  Unless the Committee, in its discretion, provides otherwise in the applicable Award Agreement, the Restricted Period for any grant of Restricted Stock or RSUs shall extend from the Date of Grant to the third anniversary of the Date of Grant; provided, however, that, subject to the Committee’s discretion under Section 6.02(e), in no event shall the Restricted Period expire prior to the date that the Committee makes its determinations with respect to the Company’s attainment of the applicable Performance Goals as described in Section 6.02(c).

(c)    Forfeiture Upon Failure to Attain Certain Performance Goals.  If, as of the end of the Performance Cycle during the applicable Restricted Period, the Committee determines that the Company has achieved certain minimum Performance Goals for the Performance Cycle, a portion of the Restricted Stock (up to 100%) shall be forfeited (or, in the case of an RSU, a portion of the RSU award shall vest (up to 100%)) if the Committee determines that the Company’s overall percentage attainment of the Performance Goals established for the Performance Cycle is less than 100%.  In that event, a portion of the Restricted Stock shall be forfeited (or, in the case of RSU awards, a portion of the RSU award shall be deemed unvested) that is equal to (i) the aggregate number of shares of Restricted Stock or RSUs reduced by (ii) the aggregate number of shares of Restricted Stock or RSUs multiplied by the Company’s percentage attainment (but not more than 100%) of the Performance Goals established for the Performance Cycle, as determined by the Committee (any fractional share resulting from this calculation shall be rounded up to the next whole share).  Except as provided in Section 6.02(d), any Restricted Shares or RSUs which are not forfeited or which have vested under this Section 6.02(c) shall continue to be subject to the applicable restrictions for the remainder of the Restricted Period.

(d)    Death, Disability or Retirement Prior to Expiration of the Performance Cycle.  Unless otherwise provided in the applicable Award Agreement, in the event of the 

termination of a Participant’s employment due to death, disability (as determined in the sole discretion of the Committee) or retirement pursuant to the retirement policy of the Company or its applicable subsidiaries prior to the expiration of the applicable Performance Cycle, the Participant (or the Participant’s beneficiaries) shall continue to hold the Restricted Stock through the expiration of the applicable Performance Cycle. At that time, the restrictions shall lapse (or such RSU award shall vest) with respect to a portion of the Restricted Stock or RSUs equal to (i) the number of shares of Restricted Stock or number of RSUs that would not be subject to forfeiture or, in the case of RSUs, have vested under Section 6.02(a) or (c) had the Participant remained employed by the Company through the end of the Performance Cycle multiplied by (ii) a fraction, the numerator of which is the number of full months during which the Participant was employed by the Company from the beginning of the applicable Performance Cycle through the date of the Participant’s termination of employment and the denominator of which is the total number of months in the Performance Cycle (any fractional share resulting from this calculation shall be rounded up to the next whole share).  Any remaining shares of Restricted Stock (or unvested RSUs) shall be forfeited as of the end of the applicable Performance Cycle.  If all of the Participant’s Restricted Stock would be forfeited (or RSUs would be unvested) under Section 6.02(a) or (c), then all of the Participant’s Restricted Stock or RSUs shall be forfeited as of the end of the applicable Performance Cycle.

(e)    Adjustment of Performance Cycle; Waiver of Restricted Period; Change in Control.  Notwithstanding anything contained in this Article VI to the contrary, unless otherwise provided in the applicable Award Agreement, the Committee shall have discretion to adjust the applicable Performance Cycle or waive the Restricted Period or any other restrictions or conditions with respect to all or a portion of the Restricted Stock or RSUs as provided under Sections 7.02(b) and 8.02(e) of the Plan; provided, further, in the event of a Change in Control of the Company, restrictions on all Restricted Stock granted under the Program shall lapse and all unvested RSUs shall vest in their entirety immediately in accordance with Section 7.03 of the Plan.

Article VII.  Miscellaneous

7.01  Limitations on Transfer.  The rights and interest of a Participant under the Program may not be assigned or transferred other than by will or the laws of descent and distribution.  During the lifetime of a Participant, only the Participant personally may exercise rights under the Program.

7.02  Taxes.  The Company shall be entitled to withhold (or secure payment from the Participant in lieu of withholding) the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any Common Stock or RSUs issuable under the Program, or with respect to any income recognized upon the lapse of restrictions or vesting applicable to Restricted Stock or RSUs, and the Company may defer issuance of Common Stock hereunder until and unless indemnified to its satisfaction against any liability for any such tax.  The amount of any withholding or tax payment shall be determined by the Committee or its delegate and shall be payable by the Participant at such time as the Committee determines.  The Committee shall prescribe in each Award Agreement one or more methods by which the Participant will be permitted to satisfy his or her tax withholding obligation, which methods may include, without limitation, the payment of cash by the Participant to the Company and the withholding, at the appropriate time, of shares of Common Stock otherwise issuable to the Participant in a number sufficient, based upon the Fair Market Value (as such term is defined in the Plan) of such Common Stock, to satisfy such tax withholding requirements.

7.03  Legends.  All certificates for Common Stock delivered under the Program shall be subject to such transfer restrictions set forth in these rules and such other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed and any applicable federal or state securities law, and the Committee may cause a legend or legends to be endorsed on any such certificates making appropriate references to those restrictions.

7.04  Amendment and Termination.   The Committee shall have complete power and authority to amend or terminate these rules at any time it is deemed necessary or appropriate.  No termination or amendment of the Program may, without the consent of the Participant to whom any award shall previously have been granted under the Program, adversely affect the right of that individual under such award; provided, however, that the Committee may, in its sole discretion, make such provision in the Award Agreement for amendments which, in its sole discretion, it deems appropriate.Exhibit 10.2 Form of Restricted Stock Award Agreement unde the 2014 Incentive Award Plan

Exhibit 10.2
        
RESTRICTED STOCK AWARD AGREEMENT

[date]

The parties to this Restricted Stock Award Agreement (this “Agreement”) are Teledyne Technologies Incorporated, a Delaware corporation (the “Company”), and ______________ (the “Executive”).

WITNESSETH:

WHEREAS, the Company has adopted the Teledyne Technologies Incorporated Restricted Stock Award Program (the “Program”) for the benefit of eligible employees of the Company and its subsidiaries;

WHEREAS, the terms and conditions of the Program are set forth in administrative rules (the “Rules”) adopted by the Personnel and Compensation Committee of the Board of Directors of the Company pursuant to the authority reserved in Article 12 of the Teledyne Technologies Incorporated 2014 Incentive Award Plan (the “Plan”);

WHEREAS, the Executive has been designated as a participant under the Program who is eligible to receive a restricted stock grant; and

WHEREAS, to provide an incentive to the Executive to focus on long-term Company performance, the Company desires to grant shares of the Company’s Common Stock to the Executive subject to certain transfer and forfeiture restrictions set forth in this Agreement, as well as the provisions of the Program, which shall lapse upon the third anniversary of the date of this Agreement (the “Date of Grant”) and the attainment of certain Performance Goals (as defined in Paragraph 1.8(b)) for the Performance Cycle (as defined in Paragraph 1.8(a));

NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:

1.    RESTRICTED SHARES

1.1    Grant of Restricted Shares.

(a)    As of the Date of Grant, the Company grants to the Executive [number of shares] shares of Common Stock (the “Restricted Shares”), subject to the restrictions set forth in Paragraph 1.2 of this Agreement, the terms and conditions of the Program and the other terms and conditions contained in this Agreement.  If and when the restrictions set forth in Paragraph 1.2 expire in accordance with the terms of this Agreement without forfeiture of the Restricted Shares, and upon the satisfaction of all other applicable conditions as to the Restricted Shares, such shares shall no longer be considered Restricted Shares for purposes of this Agreement.
(b)    As soon as practicable after the Date of Grant, the Company shall direct that a stock certificate or certificates representing the applicable Restricted Shares be registered in the name of and issued to the Executive.  Such certificate or certificates shall be held in the custody of the Company or its designee until the expiration of the applicable Restricted Period (as defined in Paragraph 1.3).  On or 

before the date of execution of this Agreement, the Executive has delivered to the Company one or more stock powers endorsed in blank relating to the Restricted Shares.

(c)    Each certificate for the Restricted Shares shall bear the following legend (the “Program Legend”):

The ownership and transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Restricted Stock Award Program under the Teledyne Technologies Incorporated 2014 Incentive Award Plan and a Restricted Stock Award Agreement entered into between the registered owner and Teledyne Technologies Incorporated.  Copies of such Program and Agreement are on file in the offices of Teledyne Technologies Incorporated, 1049 Camino Dos Rios, Thousand Oaks, CA  91360.

In addition, the stock certificate or certificates for the Restricted Shares shall be subject to such stop-transfer orders and other restrictions as the Company may deem advisable under the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed, and any applicable federal or state securities law, and the Company may cause a legend or legends to be placed on such certificate or certificates to make appropriate reference to such restrictions.

(d)    As soon as administratively practicable following the expiration of the Restricted Period without a forfeiture of the Restricted Shares, and upon the satisfaction of all other applicable conditions as to the Restricted Shares, including, but not limited to, the payment by the Executive of all applicable withholding taxes, the Company shall deliver or cause to be delivered to the Executive a certificate or certificates for the applicable Restricted Shares which shall not bear the Program Legend.

1.2    Restrictions.

(a)    The Executive shall have all rights and privileges of a stockholder as to the Restricted Shares, including the right to vote and receive any dividends or other distributions with respect to the Restricted Shares, except that the following restrictions shall apply:

(i)  the Executive shall not be entitled to delivery of the certificate or certificates for the Restricted Shares until the expiration of the Restricted Period without a forfeiture of the Restricted Shares and upon the satisfaction of all other applicable conditions;

(ii)  none of the Restricted Shares may be sold, transferred, assigned, pledged or otherwise encumbered or disposed of during the Restricted Period (other than by will or the laws of descent and distribution), except pursuant to rules adopted by the Committee in accordance with the Program;

(iii)  all shares of Common Stock or cash distributed as a dividend or distribution, if any, with respect to the Restricted Shares prior to the expiration of the Restricted Period shall be delivered to and held by the Company and subject to the same restrictions as the Restricted Shares until the termination of the Restricted Period; and

(iv)  all of the Restricted Shares (and cash dividends) shall be forfeited and returned to the Company and all rights of the Executive with respect to the Restricted 

Shares shall terminate in their entirety on the terms and conditions set forth in Paragraph 1.4.

(b)    Any attempt to dispose of Restricted Shares or any interest in the Restricted Shares in a manner contrary to the restrictions set forth in this Agreement shall be null, void and ineffective.

1.3    Restricted Period and Lapse of Restrictions.  Subject to the provisions contained in Paragraphs 1.4, 1.6 and 1.7, the restrictions set forth in Paragraph 1.2 shall apply for a period (the “Restricted Period”) beginning on the Date of Grant and ending on the third anniversary of the Date of Grant; provided, however, that, subject to the Committee’s discretion under Paragraph 1.7, in no event shall the Restricted Period expire prior to the date that the Committee makes its determinations with respect to the Company’s attainment of the applicable Performance Goals as described in Paragraph 1.4(a).

1.4    Forfeiture.

(a)    If, during the Restricted Period, the Restricted Shares have not been forfeited under Paragraph 1.4(b) as of the end of the Performance Cycle (as defined in Paragraph 1.8(b)), Restricted Shares shall be forfeited, on a proportionate basis as determined by the Committee and as provided below, to extent the Company’s aggregate return to shareholders for the Performance Cycle, as measured by the Company’s Common Stock price, is less than 100% of the performance of the Russell 2000 Index for the Performance Cycle; provided, however, that all of the Restricted Shares shall be forfeited if the Committee determines that the Company’s aggregate return to shareholders for the Performance Cycle, as measured by the Company’s Common Stock price, is not at least 35% of the performance of the Russell 2000 Index for the Performance Cycle.  If the Committee determines that the Company’s aggregate return to shareholders for the Performance Cycle is at least 35% of the performance of the Russell 2000 Index for the Performance Cycle, a portion of the Restricted Shares shall be forfeited that is equal to (i) the aggregate number of Restricted Shares reduced by (ii) the quotient of the aggregate number of Restricted Shares multiplied by the TDY Stock Price-Russell 2000 Percentage (as defined in Paragraph 1.8(c)) (but not more than 100%) (any fractional share resulting from this clause (ii) calculation shall be rounded up to the next whole share). Except as provided in Paragraph 1.4(c), any Restricted Shares which are not forfeited under this Paragraph 1.4(a) shall continue to be subject to the restrictions set forth in Paragraph 1.2 for the remainder of the Restricted Period.

(b)    Subject to Section 6.02(e) of the Rules, if during the applicable Restricted Period (i) the Executive’s employment with the Company and its subsidiaries terminates for any reason except as otherwise provided in Paragraph 1.4(c), (ii) there occurs a material breach of this Agreement by the Executive or (iii) the Executive fails to meet the tax withholding obligations described in Paragraph 1.5(b), all rights of the Executive to the Restricted Shares shall terminate immediately and be forfeited in their entirety.

(c)    If, during the Restricted Period, the Executive’s employment terminates due to his or her death, disability (as determined in the sole discretion of the Committee) or retirement pursuant to the retirement policy of the Company or its applicable subsidiaries prior to the expiration of the Performance Cycle, the Executive (or the Executive’s beneficiaries) shall continue to hold the Restricted Shares through the expiration of the Performance Cycle.  At that time, the restrictions shall lapse with respect to a portion of the Restricted Shares equal to (i) the number of Restricted Shares that would not be subject to forfeiture under Paragraph 1.4(a) had the Executive remained employed by the Company through the end of the Performance Cycle multiplied by (ii) a fraction, the numerator of which is the number of full months during which the Executive was employed by the Company from the beginning of 

the Performance Cycle until the date of the Executive’s termination of employment and the denominator of which is the total number of months in the Performance Cycle (any fractional share resulting from this calculation shall be rounded up to the next whole share).  Any remaining Restricted Shares shall be forfeited as of the end of the Performance Cycle.  If all of the Restricted Shares would have been forfeited under Paragraph 1.4(a), then all of the Restricted Shares shall be forfeited under this Paragraph 1.4(c) as of the end of the Performance Cycle.

(d)    In the event of any forfeiture under this Paragraph 1.4, the certificate or certificates representing the forfeited Restricted Shares shall be cancelled to the extent of any Restricted Shares that were forfeited.

1.5    Withholding.

(a)    The Committee shall determine the amount of any withholding or other tax required by law to be withheld or paid by the Company with respect to any income recognized by the Executive with respect to the Restricted Shares.

(b)    If the Executive timely files an election under Section 83(b) of the Internal Revenue Code and in accordance with Treasury Regulation Section 1.83-2 with respect to the Restricted Shares, the Executive shall meet the applicable tax withholding obligation by paying the appropriate amount in cash to the Company.  If the Executive fails to meet this tax withholding obligation to the satisfaction of the Company on or before the date the Executive files his or her election under Section 83(b), all rights of the Executive to the Restricted Shares shall forthwith terminate and be forfeited in their entirety.

(c)    If the Executive does not file an election under Section 83(b) of the Internal Revenue Code with respect to the Restricted Shares, the Executive shall meet the applicable tax withholding obligation by paying the appropriate amount in cash to the Company or, with the approval of the Committee, by either (i) having the Company retain a number of Restricted Shares having a Fair Market Value (as defined in the Plan) as of the date of such retention, or (ii) delivering to the Company a number of previously acquired shares of Common Stock (other than shares of Common Stock credited to the Executive’s account under a Company sponsored defined contribution plan or shares of Common Stock subject to outstanding, but unexercised stock options) having a Fair Market Value (as defined in the Plan) determined as of the business day preceding the date of delivery to the Company, equal to the amount of such withholding obligation.  If the Executive fails to meet this tax withholding obligation to the satisfaction of the Company, the withholding obligation shall be met as described in clause (i) above.

(d)    The Committee shall be authorized, in its sole discretion, to establish such rules and procedures relating to the use of shares of Common Stock to satisfy tax withholding obligations as it deems necessary or appropriate to facilitate and promote the conformity of the Executive’s transactions under the Program with Rule 16b-3 under the Securities Exchange Act of 1934, as amended, if such Rule is applicable to transactions by the Executive.

1.6    Change in Control.  Notwithstanding any provision of this Agreement to the contrary, in the event of a Change in Control of the Company during the Restricted Period, all of the Restricted Shares (not otherwise forfeited prior to the Change in Control) shall vest and the applicable restrictions shall lapse immediately.

1.7    Committee’s Discretion.  Notwithstanding any provision of this Agreement to the contrary, the Committee shall have discretion under Section 6.02(e) of the Rules to adjust the Performance 

Cycle or waive the Restricted Period or any other restrictions or conditions with respect to all or a portion of the Restricted Shares at any time.

1.8    Defined Terms.  Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Program or the Plan, as the case may be.  Except as expressly elsewhere in this Agreement, for purposes of this Agreement, the capitalized terms set forth below shall have the following meanings:

(a)    “Fair Market Value” for the purposes of Paragraph 1.8(e) of this Agreement means, on any date, the average of the high and low quoted sales prices of a share of Common Stock, as reported on the Composite Tape for the New York Stock Exchange Listed Companies on such date or, if there were no sales on such date, on the last date preceding such date on which a sale was reported.

(b)    “Performance Cycle” shall specifically refer to the period commencing January 1, [year of grant] through December 31, [year of grant + 2 years], including any adjustments to such Cycle made by the Committee.

(c)    “Performance Goals” shall refer to the goal of the Company’s aggregate return to shareholders, as measured by its Common Stock price, being equal to or exceeding the performance of the Russell 2000 Index during the Performance Cycle.

(d)    “Russell 2000 Index Performance” means the quotient of (i) the Russell 2000 Index at December 31, [year of grant + 2 years] divided by (ii) the Russell 2000 Index at January 1, [year of grant].

(e)    “TDY Stock Price Performance” shall the quotient of (i) the Fair Market Value of a share of the Company’s Common Stock at December 31, [year of grant + 2 years] is divided by (ii) the Fair Market Value of a share of the Company’s Common Stock at January 1, [year of grant].

(f)    “TDY Stock Price-Russell 2000 Index Percentage” shall mean the quotient of (i) the TDY Stock Price Performance divided by (ii) the Russell 2000 Index Performance.

2.    REPRESENTATION OF THE EXECUTIVE

The Executive hereby represents to the Company that the Executive has read and fully understands the provisions of this Agreement and the Program and his or her decision to participate in the Program is completely voluntary.

3.    NOTICES

All notices or communications under this Agreement shall be in writing, addressed as follows:

To the Company:

Teledyne Technologies Incorporated
1049 Camino Dos Rios
Thousand Oaks, CA  91360
Attention:  Senior Vice President, General Counsel and Secretary
        
            

To the Executive:
        
[name and address of Executive]

        

Any such notice or communication shall be (a) delivered by hand (with written confirmation of receipt) or sent by a nationally recognized overnight delivery service (receipt requested) or (b) be sent certified or registered mail, return receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in writing from time to time), and the actual date of receipt shall determine the time at which notice was given.

		
	4.
	ASSIGNMENT; BINDING AGREEMENT

This Agreement shall be binding upon and inure to the benefit of the heirs and representatives of the Executive and the assigns and successors of the Company, but neither this Agreement nor any rights hereunder shall be assignable or otherwise subject to hypothecation by the Executive.

5.    ENTIRE AGREEMENT; AMENDMENT; TERMINATION

This Agreement represents the entire agreement of the parties with respect to the subject matter hereof.  The provisions of the Plan and the Rules are incorporated in this Agreement in their entirety.  In the event of any conflict between the provisions of this Agreement and the Plan or the Rules, the provisions of the Plan or the Rules, as the case may be, shall control.  The Agreement may be amended at any time by written agreement of the parties hereto; provided, however, that the Committee shall have the authority to amend this Agreement in any respect that it deems appropriate in its sole discretion.

		
	6.
	GOVERNING LAW

This Agreement and its validity, interpretation, performance and enforcement shall be governed by the laws of the State of Delaware other than the conflict of laws provisions of such laws.

		
	7.
	SEVERABILITY

If, for any reason, any provision of this Agreement is held to be prohibited or invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, but such provision shall be deemed amended to accomplish the objectives of such provision as originally written to the fullest extent permitted by law, and each such other provision shall to the full extent consistent with law continue in full force and effect.  If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the rest of such provision not held so invalid, and the rest of such provision, together with all other provisions of this Agreement, shall to the full extent consistent with law continue in full force and effect.

		
	8.
	NO RIGHT TO CONTINUED EMPLOYMENT OR PARTICIPATION; EFFECT ON OTHER PLANS

This Agreement shall not confer upon the Executive any right with respect to continuance of employment by the Company or its subsidiaries or continuance of participation under the Program, nor shall it interfere in any way with the right of the Company and its subsidiaries to terminate the Executive’s 

employment at any time.  Income realized by the Executive pursuant to this Agreement shall not be included in the determination of benefits under any benefit plan of the Company in which the Executive may be enrolled or for which the Executive may become eligible unless otherwise specifically determined by resolution of the Board.  Participation in the Program during the Performance Cycle or Restricted Period shall not entitle the Executive to participate in the Program during any other Performance Cycle or Restricted Period.

		
	9.
	NO STRICT CONSTRUCTION

No rule of strict construction shall be implied against the Company, the Committee or any other person in the interpretation of any of the terms of the Program, this Agreement or any rule or procedure established by the Committee.

10.    USE OF THE WORD “EXECUTIVE”

Wherever the word “Executive” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the executors, the administrators, or the person or persons to whom the Restricted Shares may be transferred by will or the laws of descent and distribution, the word “Executive” shall be deemed to include such person or persons.

11.    FURTHER ASSURANCES

The Executive agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements (including, without limitation, stock powers with respect to shares of Common Stock issued as a dividend or distribution on Restricted Shares) which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of this Agreement and the Program.

IN WITNESS WHEREOF, the parties have duly executed this Agreement, as of the day and year first above written.

TELEDYNE TECHNOLOGIES INCORPORATED

	
		
	By:
	 

	Title:
	Chairman, President and Chief Executive Officer

EXECUTIVE

	
	
	 

	[name]

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