Document:

exv10w2

Exhibit 10.2

RESTRICTED STOCK AWARD AGREEMENT

January 20, 2009

          The parties to this Restricted Stock Award Agreement (this “Agreement”) are Teledyne
Technologies Incorporated, a Delaware corporation (the “Company”), and «FirstName» «LastName» (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
2008 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 in the year 2009; 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 «Grant» 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 2008 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;

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     (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

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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

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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, 2009
through December 31, 2010, 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, 2010 divided by (ii) the Russell 2000 Index at January 1, 2009.

          (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, 2010 is divided by (ii) the Fair Market Value of a
share of the Company’s Common Stock at January 1, 2009.

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          (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: Executive Vice President, General Counsel and Secretary

To the Executive:

«FirstName» «LastName»

«Address1»

«City»

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

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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

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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
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 	 	«FirstName» «LastName»

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Exhibit 10.3

Teledyne Technologies Incorporated

Performance Share Plan

(under the 2008 Incentive Award Plan)

Summary Plan Description

January 20, 2009

Plan Concept

The Performance Share Plan (PSP) is designed to reward executives and senior managers
(“Participants”) for the achievement of the following pre-specified goals, measured over a
three-year period:

Three-year aggregate operating profit

Three-year aggregate revenue

Three-year aggregate return to shareholders

Awards will be based on the goals of the corporation for all Participants.

Eligibility and Participation

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

 

 

Calculation of Targeted Performance Share Award

Awards will be denominated in 1/2 shares and 1/2 cash during the Performance Period, with the
Targeted Performance Share Award calculated according to the following formula:

Shares

	 	 	 	 	 	 	 	 	 	 	 
	Base
Salary 
Beginning of
Performance Period

	x 1/2	x Target Opportunity
As a Percent of Salary
	 	/
	Average Stock Price on the
Day
Committee approves
new PSP Three-Year Program
	=
	 	Target
Number of
Shares
Awarded

Cash

	 	 	 	 	 	 	 	 	 	 	 
	Base Salary
at Beginning
Of Performance Period
	 	x 1/2	 	x	 	Target Opportunity
As a Percent of Salary	 	=	 	Target
Cash Award
	 
	 	 	 	 	 	 	 	 	 	 
	This can be illustrated as follows:
	 	 	 	 	 	 	 	 

EXAMPLE

	 	 	 	 	 
	Salary Rate:
	 	$	150,000	 
	Target Percent
	 	 	100	%
	Thirty Day Average Stock Price:
	 	$	10.00	 

The Targeted Performance Share Award would be calculated as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shares	 	 	 	 	 	Cash	 	 	 	 	 
	Base Salary
	 	$	150,000	 	 	Base Salary	 	$	150,000	 
	X Target Percent:
	 	X	100	%	 	X Target Percent	 	X 	100	%
	X 1/2
	 	X 	1/2	 	 	X 1/2	 	 	X 	1/2	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	/ Stock Price
	 	/ 	10.00	 	 	 	 	 	 	$	75,000	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	 
	 	= 	7,500	 	 	 	 	 	 	 	 	 

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

Performance Period

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

2

 

Performance Measurement

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

	•	 	Three-Year Aggregate Operating Profit – 40%
	 
	•	 	Three-Year Aggregate Revenue – 30%
	 
	•	 	Three-Year Aggregate Return to Shareholders – 30%

The Russell 2000 Index, in which Teledyne Technologies is included, will be used as the benchmark
for return to shareholders.

At the beginning of each Performance Period, a matrix will be established and submitted for
approval by the Personnel and Compensation Committee. This matrix will be used to determine the
Performance Shares Award the Participant is entitled to, subject to a maximum Award of 200 percent
of the “Target Opportunity”.

Non-Transferability

Performance Share Awards are non-transferable.

Form of Payment

Payments from the Performance Share Plan will be in the form of shares of common stock and cash,
with the payout taking the same form as the denomination of the award at the beginning of the
Performance Period. Payments will be made over a three-year period and as soon as practicable
following the approval of the award amounts by the Personnel and Compensation Committee. If there
are not sufficient full value award shares under the plan, then cash will be paid in lieu of
shares.

Deferral of Award

Participants will have the right to defer up to 100 percent of their payout under the Performance
Share Plan (expressed as a percent of the total award or as specified number of shares). Deferral
elections must be made prior to the beginning of the three-year Performance Period. These
deferrals will be for five years, ten years, or the earlier to occur of retirement or termination
of employment, at the Participant’s election.

3

 

Termination of Employment

If a Participant terminates employment because of retirement, such Participant’s PSP participation
will be prorated based on the number of full months of employment, divided by 36. Awards will be
paid at the same time as Awards are paid to active Participants.

If a Participant terminates employment for any other reason, the current cycle’s incentive and any
prior cycle’s installment payment or payments will be forfeited unless deemed otherwise by the
Personnel and Compensation Committee.

Tax Consequences

Generally and currently taxes are not payable until the Performance Cycle is completed and the
applicable installment is to be paid during the three-year period following the completion of the
Performance Cycle. For Federal income tax purposes, the value of a Participant’s distribution is
taxable as wages at ordinary income tax rates in the year in which it is received. State and local
income tax laws generally provide for the same treatment. At the time each installment payment for
a completed Performance Cycle is to be paid, additional information regarding taxes due will be
distributed.

4

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