Teledyne Technologies Non-Employee Director Compensation Summary (Effective July 26, 2005)

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Summary

This document outlines the compensation structure for non-employee directors of Teledyne Technologies, effective July 26, 2005. Directors receive an annual retainer of $40,000, paid semi-annually, and $1,500 for each board or committee meeting attended. Committee chairs receive additional annual retainers. Directors are also granted annual and initial stock options. At least 25% of the annual retainer must be paid in Teledyne stock or options. Compensation may be paid in cash, stock, options, or phantom stock under the company's 1999 Non-Employee Director Stock Compensation Plan.

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EX-10.1 2 v11116exv10w1.htm EXHIBIT 10.1 exv10w1  

Exhibit 10.1
Summary Chart
Board and Committee Fees for Non-Employee Directors
Effective July 26, 2005
     
Cash Compensation*
    
 
    
Annual Retainer Fee
   $40,000
(paid semi-annually)
    
 
    
Board Meeting Fee
   $1,500
 
    
Committee Meeting Fee
   $1,500 = Audit Committee
 
   $1,500 = Personnel and Compensation Committee
 
   $1,500 = Nominating and Governance Committee
 
    
Chair Annual Retainer Fee
   $7,000 = Audit Committee
 
   $4,000 = Personnel and Compensation Committee
 
   $4,000 = Nominating and Governance Committee
 
    
Option Grant
    
 
    
Annual Option Award
   4,000 shares
 
    
Initial Board Option Award
   2,000 shares
(election other than Annual Meeting)
    
 
*Payment may be made in stock, options or phantom stock under the Teledyne Technologies Incorporated 1999 Non-Employee Director Stock Compensation Plan, as amended. At least 25% of the Annual Retainer Fee must be in the form of Teledyne Common Stock or options to acquire Teledyne Common Stock.