SEC Contract Filing

Filing Date: 2019-02-25

Document Content:
<DOCUMENT>
<TYPE>EX-10.40
<SEQUENCE>2
<FILENAME>exhibit1040changeinctrlsev.htm
<DESCRIPTION>EXHIBIT 10.40 CHANGE IN CONTROL SEVERANCE AGREEMENT - EDWIN ROKS
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2019 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s17C1942C6444A7B602471616144EF02E"></a></div><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.40</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:4px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">CHANGE IN CONTROL SEVERANCE AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (&#8220;Agreement&#8221;) is made and entered into as of this 1st day of August, 2018 (the &#8220;Effective Date&#8221;), by and among Teledyne Technologies Incorporated, a Delaware corporation (hereinafter referred to as the &#8220;Company&#8221;), and Edwin Roks, an individual residing at the address set forth on the signature page of this Agreement (the &#8220;Executive&#8221;).</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">W I T N E S S E T H:</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Board of Directors of the Company (the &#8220;Board&#8221;) has approved the Company entering into this Agreement providing for certain severance protection for the Executive following a Change in Control (as hereinafter defined);</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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&#8217;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; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, in addition to the Executive&#8217;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; and</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">WHEREAS, the Executive believes it is in the best interest of Executive to enter into this Agreement; </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Article I.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;&#32;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Definitions</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;">&#8220;Accrued Obligations&#8221; means, as of the Effective Date of Termination, the sum of (i) the Executive&#8217;s base salary accrued but not then paid through and including the Effective Date of Termination, (ii) the amount of any bonus, incentive compensation, deferred compensation </font></div><div><br></div><div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">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