Teledyne Technologies Incorporated (NASDAQ:TDY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
(e) On December 20, 2016, the Personnel and Compensation Committee of the Board of Directors of Teledyne Technologies Incorporated (“Teledyne”) took the following actions:
(i) The Committee made a special one-time grant of a Restricted Stock Unit (RSU) Award consisting of 16,045 RSUs to Robert Mehrabian, Teledyne’s President, Chairman and Chief Executive Officer. The RSUs vest in three equal annual installments beginning December 20, 2017, so long as Dr. Mehrabian remains employed with Teledyne on the applicable installment vesting date. Each RSU represents a contingent right to receive one share of Teledyne Common Stock upon vesting. In deciding to grant the RSU award, the Committee considered general industry and industry peer compensation information provided by its independent compensation consultants, retention strategy, executive performance, including Dr. Mehrabian’s role in identifying, implementing and integrating transformative acquisitions, and other factors.
(ii) The Committee increased the Annual Incentive Plan (AIP) target for Aldo Pichelli, Teledyne’s Chief Operating Officer, from 80% of base salary to 50% of base salary, beginning with the AIP award for the 2017 fiscal year. In increasing the target percentage, the Committee considered general industry and industry peer compensation information provided by its independent compensation consultants, executive performance, and other factors.
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