Effective July 26, 2005, Diane C. Creel resigned from the Board of Directors of Teledyne Technologies due to outstanding personal commitments and scheduling conflicts. A copy of the Press Release announcing her resignation is filed as Exhibit 99.2 to this Form 8-K. In accordance with its By-laws, in light of Ms. Creels resignation, the Board reduced the number of directors to eight. Director Michael T. Smith succeeded Ms. Creel as Chair of the Companys Nominating and Governance Committee

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.