UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Teledyne Technologies Incorporated

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)		1-15295 (Commission File Number)		25-1843385 (I.R.S. Employer Identification No.)

1049 Camino Dos Rios Thousand Oaks, California (Address of principal executive offices)		91360-2362 (Zip Code)

Registrant’s telephone number, including area code: (805) 373-4545

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c))

 

 

Item 2.02 Results of Operations and Financial Condition

On January 28, 2010, Teledyne Technologies Incorporated issued a press release with respect to its fourth quarter 2009 and fiscal year end 2009 financial results. That press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference. The information furnished pursuant to this Item 2.02 shall in no way be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements for Certain Officers

On January 19, 2010, the Personnel and Compensation Committee of Teledyne’s Board of Directors took the following actions:

(a) The Committee authorized payment of Annual Incentive Plan (“AIP”) cash bonus awards to each of the Named Executive Officers identified in Teledyne’s 2009 Proxy Statement with respect to the fiscal year ended January 3, 2010. AIP award opportunities are expressed as a percentage of a participant’s base salary and are based on the achievement of pre-defined performance measures, with up to 200% of the target award eligible to be paid in the case of significant over-achievement. The majority of the award is based on Teledyne’s achievement of certain financial performance goals, with a smaller portion tied to the achievement of pre-established individual goals. Generally, 40% of the awards are tied to the achievement of predetermined levels of operating profit, 25% to the achievement of predetermined levels of revenue, 15% to the achievement of predetermined levels of accounts receivable and inventory as a percentage of revenue and 20% to the achievement of specified individual performance objectives. These predetermined levels may vary by business unit. In addition, a discretionary adjustment of plus or minus 20% is allowed, although aggregate upward adjustments will not exceed 5%, unless otherwise determined by the Committee. AIP awards are generally from a pool of up to 11% of operating profit, subject to modification by the Committee. No AIP bonus will be earned in any year unless operating profit is positive, after accruing for bonus payments, and operating profit is at least 75% of the operating plan, subject in each case to modification by the Committee.

The following table sets forth the current AIP cash bonus payments for the fiscal year ended January 3, 2010, to the Named Executive Officers identified in Teledyne’s 2009 Proxy Statement. The bonus awards reflect 2009 operating results relative to the Company’s 2009 business plan, the accomplishments of the Named Executive Officers during challenging times and other factors, including the exercise of discretion by the Committee:

Name		Position		2009 Bonus
Robert Mehrabian		Chairman, President and Chief Executive Officer		$	993,000
John T. Kuelbs		Executive Vice President, General Counsel and Secretary		$	348,000
Dale A. Schnittjer		Senior Vice President and Chief Financial Officer		$	350,000
Aldo Pichelli		President and Chief Operating Officer, Electronics and Communications Segment		$	233,500
Susan L. Main		Vice President and Controller		$	180,000

For 2010, subject to the performance measures and discretion of the Committee, as noted above, the following Named Executives Officers are eligible for a target AIP cash bonus based on the following percentage of their annual base salary:

				2010 AIP Award
				Eligibility as a %
Name		Position		of Base Salary
Robert Mehrabian		Chairman, President and Chief Executive Officer			100	%
John T. Kuelbs		Executive Vice President, General Counsel and Secretary			60	%
Dale A. Schnittjer		Senior Vice President and Chief Financial Officer			60	%
Aldo Pichelli		President and Chief Operating Officer, Electronics and Communications Segment			60	%
Susan L. Main		Vice President and Controller			45	%

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit 99.1		Press Release announcing fourth quarter 2009 and fiscal year end 2009 financial results dated January 28, 2010

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated January 28, 2010

EXHIBIT INDEX

Description

Exhibit 99.1		Press Release announcing fourth quarter 2009 and fiscal year end 2009 financial results dated January 28, 2010.