Document:

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                                                                    EXHIBIT 10.1

                     CHANGE IN CONTROL SEVERANCE AGREEMENT

               THIS AGREEMENT ("Agreement") is made and entered into as of this
3rd day of October 2000 (the "Effective Date"), by and among Teledyne
Technologies Incorporated, a Delaware corporation (hereinafter referred to as
the "Company"), and Robert J. Naglieri, an individual residing at the address
set forth on the signature page of this Agreement (the "Executive").

                              W I T N E S S E T H:

               WHEREAS, the Board of Directors of the Company (the "Board") has
approved the Company entering into this agreement providing for certain
severance protection for the Executive following a Change in Control (as
hereinafter defined);

               WHEREAS, the Board of the Company believes that, should the
possibility of a Change in Control arise, it is imperative that the Company be
able to receive and rely upon the Executive's advice, if requested, as to the
best interests of the Company and its stockholders without concern that he or
she might be distracted by the personal uncertainties and risks created by the
possibility of a Change in Control; and

               WHEREAS, in addition to the Executive's regular duties, he or she
may be called upon to assist in the assessment of a possible Change in Control,
advise management and the Board of the Company as to whether such Change in
Control would be in the best interests of the Company and its stockholders, and
to take such other actions as the Board determines to be appropriate;

               NOW, THEREFORE, to assure the Company that it will have the
continued dedication of the Executive and the availability of his or her advice
and counsel notwithstanding the possibility, threat, or occurrence of a Change
in Control, and to induce the Executive to remain in the employ of the Company,
and for good and valuable consideration and the mutual covenants set forth
herein, the Company and the Executive, intending to be legally bound, agree as
follows:

                             Article I. Definitions

        Whenever used in this Agreement, the following terms shall have the
meanings set forth below when the initial letter of the word or abbreviation is
capitalized:

(a) "Accrued Obligations" means, as of the Effective Date of Termination, the
sum of (i) the Executive's Base Compensation through and including the Effective
Date of Termination, (ii) the amount of any bonus, incentive compensation,
deferred compensation and other cash compensation accrued by the Executive as of
the Effective Date of Termination under the terms of any such arrangement and
not then paid, including, but not limited to, AIP accrued but not paid for a
year ending prior to the year in which occur, the Effective Date of Termination,
(iii)

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unused vacation time monetized at the then rate of Base Compensation, (iv)
expense reimbursements or other cash entitlements, (v) amounts accrued under any
qualified, non-qualified or supplemental employee benefit plan, payroll
practice, policy or perquisite.

(b) "AIP" means the Company's Annual Incentive Plan as it exists on the date
hereof and as it may be amended, supplemented or modified from time to time or
any successor plan.

(c) "Base Compensation" shall mean (1) the highest annual rate of base salary of
the Executive within the time period consisting of one year prior to the date of
a Change in Control and the Effective Date of Termination and (2) the AIP bonus
target for performance in the calendar year that a Change in Control occurs or
the actual AIP payment for the year immediately preceding the Change in Control,
whichever is higher.

(d) "Beneficiary" shall mean the persons or entities designated or deemed
designated by the Executive pursuant to Section 7.2 herein.

(e) "Board" shall mean the Board of Directors of the Company.

(f) For purposes hereof, the term "Cause" shall mean the Executive's conviction
of a felony, breach of a fiduciary duty involving personal profit to the
Executive or intentional failure to perform stated duties reasonably associated
with the Executive's position; provided, however, an intentional failure to
perform stated duties shall not constitute Cause unless and until the Board
provides the Executive with written notice setting forth the specific duties
that, in the Board's view, the Executive has failed to perform and the Executive
is provided a period of thirty (30) days to cure such specific failure(s) to the
reasonable satisfaction of the Board.

(g) For the purposes of this Agreement, "Change in Control" shall mean, and
shall be deemed to have occurred upon the occurrence of, any of the following
events:

                (1) The Company acquires actual knowledge that (x) any Person,
                other than the Company, a subsidiary, any employee benefit
                plan(s) sponsored by the Company or a subsidiary, has acquired
                the Beneficial Ownership, directly or indirectly, of securities
                of the Company entitling such Person to 20% or more of the
                Voting Power of the Company, or (y) any Person or Persons agree
                to act together for the purpose of acquiring, holding, voting or
                disposing of securities of the Company or to act in concert or
                otherwise with the purpose or effect of changing or influencing
                control of the Company, or in connection with or as Beneficial
                Ownership, directly or indirectly, of securities of the Company
                entitling such Person(s) to 20% or more of the Voting Power of
                the Company; or

                (2) The completion of a Tender Offer is made to acquire
                securities of the Company entitling the holders thereof to 20%
                or more of the Voting Power of the Company; or

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                (3) The occurrence of a successful solicitation subject to Rule
                14a-11 under the Securities Exchange Act of 1934 as amended (or
                any successor Rule) (the "1934 Act") relating to the election or
                removal of 50% or more of the members of the Board or any class
                of the Board shall be made by any person other than the Company
                or less than 51% of the members of the Board (excluding vacant
                seats) shall be Continuing Directors; or

                (4) The occurrence of a merger, consolidation, share exchange,
                division or sale or other disposition of assets of the Company
                as a result of which the stockholders of the Company immediately
                prior to such transaction shall not hold, directly or
                indirectly, immediately following such transaction a majority of
                the Voting Power of (i) in the case of a merger or
                consolidation, the surviving or resulting corporation, (ii) in
                the case of a share exchange, the acquiring corporation or (iii)
                in the case of a division or a sale or other disposition of
                assets, each surviving, resulting or acquiring corporation
                which, immediately following the transaction, holds more than
                20% of the consolidated assets of the Company immediately prior
                to the transaction;

provided, however that (A) if securities beneficially owned by Executive are
included in determining the Beneficial Ownership of a Person referred to in
Section (i), (B) if Executive is named pursuant to Item 2 of the Schedule 14D-1
(or any similar successor filing requirement) required to be filed by the bidder
making a Tender Offer referred to in Section (ii) or (C) if Executive is a
"participant" as defined in Instruction 3 to Item 4 of Schedule 14A under the
1934 Act in a solicitation referred to in Section (iii) then no Change of
Control with respect to Executive shall be deemed to have occurred by reason of
any such event.

               For the purposes of Section 1(g), the following terms shall have
the following meanings:

               (i) The term "Person" shall be used as that term is used in
               Section 13(d) and 14(d) of the 1934 Act as in effect on the
               Effective Date hereof.

               (ii) "Beneficial Ownership" shall be determined as provided in
               Rule 13d-3 under the 1934 Act as in effect on the Effective Date
               hereof.

               (iii) A specified percentage of "Voting Power" of a company shall
               mean such number of the Voting Shares as shall enable the holders
               thereof to cast such percentage of all the votes which could be
               cast in an annual election of directors (without consideration of
               the rights of any class of stock, other than the common stock of
               the company, to elect directors by a separate class vote); and
               "Voting Shares" shall mean all securities of a company entitling
               the holders thereof to vote in an annual election of directors
               (without consideration of the rights of any class of stock, other
               than the common stock of the company, to elect directors by a
               separate class vote).

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               (iv) "Tender Offer" shall mean a tender offer or exchange offer
               to acquire securities of the Company (other than such an offer
               made by the Company or any subsidiary), whether or not such offer
               is approved or opposed by the Board.

               (v) "Continuing Directors" shall mean a director of the Company
               who either (x) was a director of the Company on the date hereof
               or (y) is an individual whose election, or nomination for
               election, as a director of the Company was approved by a vote of
               at least two-thirds of the directors then still in office who
               were Continuing Directors (other than an individual whose initial
               assumption of office is in connection with an actual or
               threatened election contest relating to the election of directors
               of the Company which would be subject to Rule 14a-11 under the
               1934 Act, or any successor Rule).

(h) "Code" shall mean the Internal Revenue Code of 1986, as amended.

(i) "Effective Date of Termination" shall mean the date on which the Executive's
employment terminates in a circumstance in which Section 2.1 provides for
Severance Benefits (as defined in Section 2.1).

(j) "Good Reason" shall mean, without the Executive's express written consent,
the occurrence of any one or more of the following:

        (1) A material diminution of the Executive's authorities, duties,
responsibilities, or status (including offices, titles, or reporting
relationships) as an employee of the Company from those in effect as of one
hundred eighty (180) days prior to the Change in Control or as of the date of
execution of this Agreement if a Change in Control occurs within one hundred
eighty (180) days of the execution of this Agreement (the "Reference Date") or
the assignment to the Executive of duties or responsibilities inconsistent with
his position as of the Reference Date, other than an insubstantial and
inadvertent act that is remedied by the Company promptly after receipt of notice
thereof given by the Executive, and other than any such alteration which is
consented to by the Executive in writing;

        (2) The Company's requiring the Executive to be based at a location in
excess of thirty-five (35) miles from the location of the Executive's principal
job location or office immediately prior to the Change in Control, except for
required travel on the Company's business to an extent substantially consistent
with the Executive's present business obligations;

        (3) A reduction in the Executive's annual salary or any material
reduction by the Company of the Executive's other compensation or benefits from
that in effect on the Reference Date or on the date of the Change in Control,
whichever is greater;

        (4) The failure of the Company to obtain an agreement satisfactory to
the Executive from any successor to the Company to assume and agree to perform
the Company's obligations under this Agreement, as contemplated in Article 5
herein; and

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        (5) Any purported termination by the Company of the Executive's
employment that is not effected pursuant to a Notice of Termination satisfying
the requirements of Section 2.6 below, and for purposes of this Agreement, no
such purported termination shall be effective.

The Executive's right to terminate employment for Good Reason shall not be
affected by the Executive's (A) incapacity due to physical or mental illness or
(B) continued employment following the occurrence of any event constituting Good
Reason herein.

(k) "PSP" means the Company's Performance Share Program as it exists on the date
hereof and as it may be, amended, supplemented, or modified from time to time or
any successor plan.

(l) "SARP" means the Company's Stock Acquisition and Retention Program as it
exists on the date hereof and as it may be, amended, supplemented or modified
from time to time or any successor plan.

(m) "Severance Compensation" means three times Base Compensation.

                         Article II. Severance Benefits

        2.1 Right to Severance Benefits. The Executive shall be entitled to
receive from the Company severance benefits described in Section 2.2 below
(collectively, the "Severance Benefits") if a Change in Control shall occur and
within twenty-four (24) months after the Change in Control either of the
following shall occur:

                (a)     an involuntary termination of the Executive's employment
                        with the Company without Cause; or

                (b)     a voluntary termination of the Executive's employment
                        with the Company for Good Reason.

        2.2 Severance Benefits. In the event that the Executive becomes entitled
to receive Severance Benefits, as provided in Section 2.1, the Company shall
provide the Executive with total Severance Benefits as follows (but subject to
Sections 2.5 and 2.6):

                (a)     The Executive shall receive a single lump sum cash
                        Severance Compensation payment within thirty (30) days
                        of the Effective Date of Termination.

                (b)     The Executive shall receive the Accrued Obligations.

                (c)     The Executive shall receive as AIP for the year in which
                        occurs the Effective Date of Termination a lump sum cash
                        payment paid within thirty (30) days of the Effective
                        Date of Termination equal to that which would have been
                        paid if corporate and personal performance had achieved
                        120%

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                        of target objectives established for the annual period
                        in which the Change in Control occurred, multiplied by a
                        fraction, the numerator of which is the number of days
                        elapsed in the current fiscal period to the Effective
                        Date of Termination, and the denominator of which is
                        365.

                (d)     The Executive shall receive a lump sum payment paid
                        within thirty (30) days of the Effective Date of
                        Termination (in accordance with the then current PSP;
                        provided that any portion of the PSP award which would
                        have been paid in stock under the PSP is to be paid in
                        cash based on the current market value of the stock)
                        which payment will be determined based upon actual
                        performance for the number of full years of completed
                        then current PSP measurement period(s) at the time of
                        the Effective Date of Termination and for years not yet
                        completed in the then current PSP measurement period(s)
                        Executive will be assumed to have met all applicable
                        goals at 120% of performance.

                (e)     All welfare benefits, including medical, dental, vision,
                        life and disability benefits pursuant to plans under
                        which the Executive and/or the Executive's family is
                        eligible to receive benefits and/or coverage shall be
                        continued for a period of thirty-six (36) months after
                        the Effective Date of Termination. Such benefits shall
                        be provided to the Executive at no less than the same
                        coverage level as in effect as of the date of the Change
                        in Control. The Company shall pay the full cost of such
                        continued benefits, except that the Executive shall bear
                        any portion of such cost as was required to be borne by
                        key executives of the Company generally at the date of
                        the Change in Control. Notwithstanding the foregoing,
                        the benefits described in this Section 2.2(e) may be
                        discontinued prior to the end of the periods provided in
                        this Section to the extent, but only to the extent, that
                        the Executive receives substantially similar benefits
                        from a subsequent employer. In the event any insurance
                        carrier shall refuse to provide coverage to a former
                        employee, the Company shall secure comparable coverage
                        or may self-insure the benefits if it pays such benefits
                        together with a payment to the Executive equal to the
                        federal income tax consequences of payments to a former
                        highly compensated employee from a discriminatory
                        self-insured plan.

                (f)     The Executive shall be entitled to reimbursement for
                        actual payments made for professional outplacement
                        services or job search not to exceed $25,000 in the
                        aggregate.

                (g)     In determining the Executive's pension benefit following
                        entitlement to a Severance Benefit, the Executive shall
                        be deemed to have satisfied the age and service
                        requirements for full vesting under the Company's
                        qualified (within applicable legal parameters),
                        non-qualified and supplemental pension plans as of the
                        Effective Date of Termination such that the

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                        Executive shall be entitled to receive the full accrued
                        benefit under all such plans in effect as of the date of
                        the Change in Control, without any actuarial reduction
                        for early payment.

        2.3. Stock Options. All Company stock options previously granted to the
Executive shall be fully vested and exercisable immediately upon a Change in
Control. Such options shall be exercisable for the remainder of the term
established by the Company's stock option plan as if the options had vested in
accordance with the normal vesting schedule and the Executive had remained an
employee of the Company. Company stock acquired pursuant to any such exercise
may be sold by the Executive free of any Company restrictions, whatsoever (other
than those imposed by federal and state securities laws).

        2.4. SARP. In the event of entitlement to a Severance Benefit, all
forfeiture restrictions on all Company stock purchased by or granted to the
Executive under the Company's SARP shall lapse and all shares of restricted
stock shall vest. All of the foregoing shares may be sold by the Executive free
of any Company restrictions whatsoever (other than those imposed by federal and
state securities laws). Any promissory notes of Executive under the SARP shall
be paid off by the Executive within ninety (90) days after Executive's receipt
of the Severance Benefits.

        2.5. Termination for any Other Reason. If the Executive's employment
with the Company is terminated under any circumstances other than those set
forth in Section 2.1, including without limitation by reason of retirement,
death, disability, discharge for Cause or resignation without Good Reason, or
any termination, for any reason, that occurs prior to a Change in Control (other
than as provided below) or after twenty-four (24) months following a Change in
Control, the Executive shall have no right to receive the Severance Benefits
under this Agreement or to receive any payments in respect of this Agreement. In
such event Executive's benefits, if any, in respect of such termination shall be
determined in accordance with the Company's retirement, survivor's benefits,
insurance, and other applicable plans, programs, policies and practices then in
effect. Notwithstanding anything in this Agreement to the contrary, if the
Executive's employment with the Company is terminated at any time from three (3)
to eight (8) months prior to the date on which a Change in Control occurs either
(i) by the Company other than for Cause or (ii) by the Executive for Good
Reason, and it is reasonably demonstrated that termination of employment (a) was
at the request of an unrelated third party who has taken steps reasonably
calculated to effect a Change in Control, or (b) otherwise arose in connection
with or in anticipation of the Change in Control, then for all purposes of this
Agreement the termination shall be deemed to have occurred as if immediately
following a Change in Control for Good Reason and the Executive shall be
entitled to Severance Benefits as provided in Section 2.2 hereof.
Notwithstanding anything in this Agreement to the contrary, if the Executive's
employment with the Company is terminated at any time within three (3) months
prior to the date on which a Change in Control occurs either (i) by the Company
other than for Cause or (ii) by the Executive for Good Reason, such termination
shall conclusively be deemed to have occurred as if immediately following a
Change in Control for Good Reason and the Executive shall be entitled to
Severance Benefits as provided in Section 2.2. hereof.

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        2.6. Notice of Termination. Any termination by the Company for Cause or
by the Executive for Good Reason shall be communicated by Notice of Termination
to the other party. For purposes of this Agreement, a "Notice of Termination"
shall mean a written notice which shall indicate the specific termination
provision in this Agreement relied upon, and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Executive's employment under the provision so indicated.

        2.7. Withholding of Taxes. The Company shall withhold from any amounts
payable under this Agreement all Federal, state, local, or other taxes that are
legally required to be withheld.

        2.8. Certain Additional Payments by the Company.

                (a)     Notwithstanding anything in this Agreement to the
                        contrary, in the event it shall be determined that any
                        economic benefit or payment or distribution by the
                        Company to or for the benefit of the Executive, whether
                        paid or payable or distributed or distributable pursuant
                        to the terms of this Agreement or otherwise (a
                        "Payment"), would be subject to the excise tax imposed
                        by Section 4999 of the Code or any interest or penalties
                        with respect to such excise tax (such excise tax,
                        together with any such interest and penalties, are
                        hereinafter collectively referred to as the "Excise
                        Tax"), then the Executive shall be entitled to receive
                        an additional payment (a "Gross-Up-Payment") in an
                        amount such that after payment by the Executive of all
                        taxes (including any interest or penalties imposed with
                        respect to such taxes), including any Excise Tax imposed
                        upon the Gross-Up Payment, the Executive retains an
                        amount of the Gross-Up Payment equal to the Excise Tax
                        imposed upon the Payments.

                (b)     Subject to the provisions of Section 2.8(c), all
                        determinations required to be made under this Section
                        2.8, including whether a Gross-Up Payment is required
                        and the amount of such Gross-Up Payment, shall be made
                        by the Company's regular outside independent public
                        accounting firm (the "Accounting Firm") which shall
                        provide detailed supporting calculations both to the
                        Company and the Executive within fifteen (15) business
                        days of the Effective Date of Termination, if
                        applicable, or such earlier time as is requested by the
                        Company . The initial Gross-Up Payment, if any, as
                        determined pursuant to this Section 2.8(b), shall be
                        paid to the Executive within five (5) days of the
                        receipt of the Accounting Firm's determination. If the
                        Accounting Firm determines that no Excise Tax is payable
                        by the Executive, it shall furnish the Executive with an
                        opinion that he or she has substantial authority not to
                        report any Excise Tax or excess parachute payments on
                        his or her federal income tax return. Any determination
                        by the Accounting Firm shall be binding upon the Company
                        and the Executive. As a result of the uncertainty in the
                        application of Section 4999 of the Code at the time of
                        the initial determination by the Accounting Firm

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                        hereunder, it is possible that Gross-Up Payments which
                        will not have been made by the Company should have been
                        made ("Underpayment"), consistent with the calculations
                        required to be made hereunder. In the event that the
                        Company exhausts its remedies pursuant to Section 2.8(c)
                        and the Executive thereafter is required to make a
                        payment of any Excise Tax, the Accounting Firm shall
                        determine the amount of the Underpayment that has
                        occurred and any such Underpayment shall be promptly
                        paid by the Company to or for the benefit of the
                        Executive.

                (c)     The Executive shall notify the Company in writing of any
                        claim by the Internal Revenue Service that, if
                        successful, would require the payment by the Company of
                        the Gross-Up Payment. Such notification shall be given
                        as soon as practicable but no later than ten (10)
                        business days after the later of either (i) the date the
                        Executive has actual knowledge of such claim, or (ii)
                        ten (10) days after the Internal Revenue Service issues
                        to the Executive either a written report proposing
                        imposition of the Excise Tax or a statutory notice of
                        deficiency with respect thereto, and shall apprise the
                        Company of the nature of such claim and the date on
                        which such claim is requested to be paid. The Executive
                        shall not pay such claim prior to the expiration of the
                        thirty-day period following the date on which he gives
                        such notice to the Company (or such shorter period
                        ending on the date that any payment of taxes with
                        respect to such claim is due). If the Company notifies
                        the Executive in writing prior to the expiration of such
                        period that the Company desires to contest such claim,
                        the Executive shall: (i) give the Company any
                        information reasonably requested by the Company relating
                        to such claim, (ii) take such action in connection with
                        contesting such claim as the Company shall reasonably
                        request in writing from time to time, including, without
                        limitation, accepting legal representation with respect
                        to such claim by an attorney reasonably selected by the
                        Company, (iii) cooperate with the Company in good faith
                        in order effectively to contest such claim, (iv) permit
                        the Company to participate in any proceedings relating
                        to such claim; provided, however, that the Company shall
                        bear and pay directly all costs and expenses (including
                        additional interest and penalties) incurred in
                        connection with such contest and shall indemnify and
                        hold the Executive harmless, on an after-tax basis, for
                        any Excise Tax or income tax, including interest and
                        penalties with respect thereto, imposed as a result of
                        such representation and payment of costs and expenses.
                        Without limitation of the foregoing provisions of this
                        Section 2.8(c), the Company shall control all
                        proceedings taken in connection with such contest and,
                        at its sole option, may pursue or forego any and all
                        administrative appeals, proceedings, hearings and
                        conferences with the taxing authority in respect of such
                        claim and may, at its sole option, either direct the
                        Executive to request or accede to a request for an
                        extension of the statute of limitations with respect
                        only to the tax claimed, or pay the tax claimed and sue
                        for a refund or contest the claim in any

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                        permissible manner, and the Executive agrees to
                        prosecute such contest to a determination before any
                        administrative tribunal, in a court of initial
                        jurisdiction and in one or more appellate courts, as the
                        Company shall determine; provided, however, that if the
                        Company directs the Executive to pay such claim and sue
                        for a refund, the Company shall advance the amount of
                        such payment to the Executive, on an interest-free basis
                        and shall indemnify and hold the Executive harmless, on
                        an after-tax basis, from any Excise Tax or income tax,
                        including interest or penalties with respect thereto,
                        imposed with respect to such advance or with respect to
                        any imputed income with respect to such advance; and
                        provided further that any extension of the statute of
                        limitations requested or acceded to by the Executive at
                        the Company's request and relating to payment of taxes
                        for the taxable year of the Executive with respect to
                        which such contested amount is claimed to be due is
                        limited solely to such contested amount. Furthermore,
                        the Company's control of the contest shall be limited to
                        issues with respect to which a Gross-Up Payment would be
                        payable hereunder and the Executive shall be entitled to
                        settle or contest, as the case may be, any other issue
                        raised by the Internal Revenue Service or any other
                        taxing authority.

                (d)     If, after the receipt by the Executive of an amount
                        advanced by the Company pursuant to Section 2.8(c), the
                        Executive becomes entitled to receive any refund with
                        respect to such claim, the Executive shall (subject to
                        the Company's complying with the requirements of Section
                        2.8(c)) promptly pay to the Company the amount of such
                        refund (together with any interest paid or credited
                        thereon after taxes applicable thereto). If, after the
                        receipt by the Executive of an amount advanced by the
                        Company pursuant to Section 2.8(c), a determination is
                        made that the Executive shall not be entitled to any
                        refund with respect to such claim and the Company does
                        not notify the Executive in writing of its intent to
                        contest such denial of refund prior to the expiration of
                        thirty (30) days after such determination, then such
                        advance shall be forgiven and shall not be required to
                        be repaid and the amount of such advance shall offset,
                        to the extent thereof, the amount of Gross-Up Payment
                        required to be paid.

                (e)     In the event that any state or municipality or
                        subdivision thereof shall subject any Payment to any
                        special tax which shall be in addition to the generally
                        applicable income tax imposed by such state,
                        municipality, or subdivision with respect to receipt of
                        such Payment, the foregoing provisions of this Section
                        2.8 shall apply, mutatis mutandis, with respect to such
                        special tax.

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                  Article III. The Company's Payment Obligation

        3.1 Payment Obligations Absolute. Except as otherwise provided in the
last sentence of Section 2.2(e), the Company's obligation to make the payments
and the arrangements provided for in this Agreement shall be absolute and
unconditional, and shall not be affected by any circumstances, including,
without limitation, any offset, counterclaim, recoupment, defense, or other
right that the Company may have against the Executive or any other party. All
amounts payable by the Company under this Agreement shall be paid without notice
or demand. Each and every payment made hereunder by the Company shall be final,
and the Company shall not seek to recover all or any part of such payment from
the Executive or from whomsoever may be entitled thereto, for any reasons
whatsoever. Notwithstanding any other provisions of this Agreement to the
contrary, the Company shall have no obligation to make any payment to the
Executive hereunder to the extent, but only to the extent, that such payment is
prohibited by the terms of any final order of a Federal or state court or
regulatory agency of competent jurisdiction; provided, however, that such an
order shall not affect, impair, or invalidate any provision of this Agreement
not expressly subject to such order.

        3.2 Contractual Rights to Payments and Benefits. This Agreement
establishes and vests in the Executive a contractual right to the payments and
benefits to which he or she is entitled hereunder. Nothing herein contained
shall require or be deemed to require, or prohibit or be deemed to prohibit, the
Company to segregate, earmark, or otherwise set aside any funds or other assets,
in trust or otherwise, to provide for any payments to be made or required
hereunder. The Executive shall not be obligated to seek other employment in
mitigation of the amounts payable or arrangements made under any provision of
this Agreement, and the obtaining of any such other employment shall in no event
effect any reduction of the Company's obligations to make the payments and
arrangements required to be made under this Agreement, except to the extent
provided in the last sentence of Section 2.2(e).

                   Article IV . Enforcement and Legal Remedies

        4.1. Consent to Jurisdiction. Each of the parties hereto irrevocably
consents to personal jurisdiction in any action brought in connection with this
Agreement in the United States District Court for the Central District of
California or any California court of competent jurisdiction. The parties also
consent to venue in the above forums and to the convenience of the above forums.
Any suit brought to enforce the provisions of this Agreement must be brought in
the aforementioned forums.

        4.2 Cost of Enforcement. In the event that it shall be necessary or
desirable for the Executive to retain legal counsel in connection with the
enforcement of any or all of his or her rights to Severance Benefits under
Section 2.2 of this Agreement, and provided that the Executive substantially
prevails in the enforcement of such rights, the Company, as applicable, shall
pay (or the Executive shall be entitled to recover from the Company, as the case
may be) the Executive's reasonable attorneys' fees, costs and expenses in
connection with the enforcement of his or her rights.

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                      Article V. Binding Effect; Successors

        The rights of the parties hereunder shall inure to the benefit of their
respective successors, assigns, nominees, or other legal representatives. The
Company shall require any successor (whether direct or indirect, by purchase,
merger, reorganization, consolidation, acquisition of property or stock,
liquidation, or otherwise) to all or a significant portion of the assets of the
Company, as the case may be, by agreement in form and substance reasonably
satisfactory to the Executive, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company, as the
case may be, would be required to perform if no such succession had taken place.
Regardless of whether such agreement is executed, this Agreement shall be
binding upon any successor in accordance with the operation of law and such
successor shall be deemed the "Company", as the case may be, for purposes of
this Agreement.

                          Article VI. Term of Agreement

        The term of this Agreement shall commence on the Effective Date and
shall continue in effect for three (3) full years (the "Term") unless further
extended as provided in this Article. The Term of this Agreement shall be
automatically and without action by either party extended for one additional
calendar month on the last business day of each calendar month so that at any
given time there are no fewer than 35 nor more than 36 months remaining unless
one party gives written notice to the other that it no longer wishes to extend
the Term of this Agreement, after which written notice, the Term shall not be
further extended except as may be provided in the following sentence. However,
in the event a Change in Control occurs during the Term, this Agreement will
remain in effect for the longer of: (i) thirty-six (36) months beyond the month
in which such Change in Control occurred; or (ii) until all obligations of the
Company hereunder have been fulfilled and all benefits required hereunder have
been paid to the Executive or other party entitled thereto.

                           Article VII. Miscellaneous

        7.1 Employment Status. Neither this Agreement nor any provision hereof
shall be deemed to create or confer upon the Executive any right to be retained
in the employ of the Company or any subsidiary or other affiliate thereof.

        7.2 Beneficiaries. The Executive may designate one or more persons or
entities as the primary and/or contingent Beneficiaries of any Severance
Benefits owing to the Executive under this Agreement. Such designation must be
in the form of a signed writing acceptable to the Board of Directors of the
Company. The Executive may make or change such designation at any time.

        7.3 Entire Agreement. This Agreement contains the entire understanding
of the Company and the Executive with respect to the subject matter hereof. Any
payments actually made under this Agreement in the event of the Executive's
termination of employment shall be in

                                      -12-
<PAGE>   13

lieu of any severance benefits payable under any severance plan, program, or
policy of the Company to which the Executive might otherwise be entitled.

        7.4 Gender and Number. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine; the plural shall
include the singular, and the singular shall include the plural.

        7.5 Notices. All notices, requests, demands, and other communications
hereunder must be in writing and shall be deemed to have been duly given if
delivered by hand or mailed within the continental United States by first-class
certified mail, return receipt requested, postage prepaid, to the other party,
addressed as follows:

        (a)    If to the Company:

               Teledyne Technologies Incorporated
               2049 Century Park East
               15th Floor
               Los Angeles, California 90067
               Attn: Senior Vice President, General Counsel and Secretary

        (b) If to Executive, to him or her at the address set forth at the end
of this Agreement. Addresses may be changed by written notice sent to the other
party at the last recorded address of that party.

        7.6 Execution in Counterparts. The parties hereto in counterparts may
execute this Agreement, each of which shall be deemed to be original, but all
such counterparts shall constitute one and the same instrument, and all
signatures need not appear on any one counterpart.

        7.7. Severability. In the event any provision of this Agreement shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Agreement, and the Agreement shall be
construed and enforced as if the illegal or invalid provision had not been
included. Further, the captions of this Agreement are for convenience of
reference and not part of the provisions hereof and shall have no force and
effect.

        7.8. Modification. No provision of this Agreement may be modified,
waived, or discharged unless such modification, waiver, or discharge is agreed
to in writing and signed by the Executive and on behalf of the Company.

        7.9. Applicable Law. To the extent not preempted by the laws of the
United States, the laws of the State of California, other than the conflict of
law provisions thereof, shall be the controlling laws in all matters relating to
this Agreement.

                                      -13-
<PAGE>   14

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

                                TELEDYNE TECHNOLOGIES INCORPORATED

                                By:           /s/ Robert Mehrabian
                                   --------------------------------------------
                                               Robert Mehrabian

                                Title:  President and Chief Executive Officer

                                EXECUTIVE
                                               /s/ Robert J. Naglieri
                                -----------------------------------------------
                                Name:       Robert J. Naglieri
                                Address:    9321 Kensington Way
                                            Franklin, WI 53132

                                      -14-<PAGE>   1

                                                                    EXHIBIT 10.1

                         AMENDMENT AGREEMENT NUMBER FOUR
                         TO LOAN AND SECURITY AGREEMENT

       THIS AMENDMENT AGREEMENT NUMBER FOUR TO LOAN AND SECURITY AGREEMENT (this
"Amendment"), dated as of September 29,2000 is entered into between U.S. BANK
NATIONAL ASSOCIATION, FORMERLY KNOWN AS SANTA MONICA BANK ("Bank"), on the one
hand, and INTERVISUAL BOOKS, INC., a California corporation ("IBI"), and FAST
FORWARD MARKETING, INC., a California corporation formerly known as FFM
ACQUISITION CORP. ("FFM"), on the other hand, and amends that certain Loan and
Security Agreement, dated as of May 12, 1999, between Bank and Borrower, as
amended by that certain Amendment Agreement Number One to Loan and Security
Agreement, dated as of September 30, 1999, and as further amended by that
certain Amendment Agreement Number Two to Loan and Security Agreement, dated as
of November 17, 1999, and as further amended by that certain Amendment Agreement
Number Three to Loan and Security Agreement, dated as of May 1, 2000
(collectively, the "Agreement"). IBI and FFM are sometimes individually and
collectively referred to as "Borrower." All terms which are defined in the
Agreement shall have the same definition when used herein unless a different
definition is ascribed to such term under this Amendment, in which case, the
definition contained herein shall govern. This Amendment is entered into in
light of the following facts:

                                    RECITALS

       WHEREAS, Borrower has requested that Bank amend certain Financial
Covenants of the Agreement;

       WHEREAS, Bank has agreed to honor Borrower's request to amend those
certain Financial Covenants as set forth in this Amendment.

       NOW, THEREFORE, the parties agree as follows:

       1. The Agreement shall be amended by deleting Section 7.10 and replacing
it with a new Section 7.10 as follows:

                     7.10 Financial Covenants. Borrower shall be in compliance
              with the following financial covenants which shall be measured on
              a quarterly basis:

                                       1
<PAGE>   2

                      A.     A Debt to Tangible Effective Net Worth
                      Ratio of not more than the following:

<TABLE>
<CAPTION>
                      Time Period                         Maximum Ratio
                      -----------                         -------------
<S>                                                       <C>
                      As of March 31, 2000                1.80 to 1.0
                      As of June 30, 2000                 1.85 to 1.0
                      As of September 30, 2000            2.50 to 1.0
                      As of December 31, 2000             1.80 to 1.0
                      As of March 31, 2001                1.80 to 1.0
</TABLE>

                      B.     Working Capital of not less than the
                      following:

<TABLE>
<CAPTION>
                      Time Period                         Minimum Amount
                      -----------                         --------------
<S>                                                       <C>
                      As of March 31, 2000                $400,000
                      As of June 30, 2000                 <$200,000>
                      As of September 30, 2000            <$690,000>
                      As of  December 31, 2000            $900,000
                      As of March 31, 2001                $500,000
</TABLE>

                      C.     Tangible Net Worth of not less than the
                      following:

<TABLE>
<CAPTION>
                      Time Period                         Minimum Amount
                      -----------                         --------------
<S>                                                       <C>
                      As of March 31, 2000                $4,500,000
                      As of June 30, 2000                 $4,200,000
                      As of September 30, 2000            $4,100,000
                      As of December 31, 2000             $5,000,000
                      As of March 31, 2001                $4,500,000
</TABLE>

       2. This Amendment shall be deemed effective as of the date first
hereinabove written. Except as specifically amended herein, the Agreement shall
remain in full force and effect without any other changes, amendments or
modifications.

                                       2
<PAGE>   3
       IN WITNESS WHEREOF, Bank and Borrower have executed this Amendment.

                                    INTERVISUAL BOOKS, INC.,
                                    a California corporation

                                    By  /s/ Dan P. Reavis
                                      ------------------------------------------
                                    Title: Executive Vice President
                                          --------------------------------------

                                    FAST FORWARD MARKETING, INC.,
                                    a California corporation

                                    By /s/ Dan P. Reavis
                                      ------------------------------------------
                                    Title: President
                                          --------------------------------------

                                    U.S. BANK NATIONAL ASSOCIATION

                                    By /s/ Joel Everitt
                                      ------------------------------------------
                                    Title: Vice President
                                          --------------------------------------

                                       3
<PAGE>   4
                          ACKNOWLEDGMENT BY GUARANTORS

       The undersigned acknowledge that Borrower and Bank are currently entering
into that certain Amendment Agreement Number Four to Loan and Security Agreement
(the "Amendment"). The undersigned hereby consent to the terms of the Amendment
and agree and acknowledge that their respective Continuing Guaranties, dated as
of May 12, 1999, executed by the undersigned in favor of Bank (collectively, the
"Guaranties"), are currently in full force and effect and that they shall
continue to guaranty the Obligations of Borrower owing to Bank in accordance
with the terms of the Guaranties.

                                        /s/ Waldo H. Hunt
                                        ----------------------------------------
                                        Waldo H. Hunt, an individual

                                        /s/ Waldo H. Hunt
                                        ----------------------------------------
                                        Waldo H. Hunt, an individual, as trustee
                                        of the Hunt Family Trust

                                       4

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