MODINE MANUFACTURING CO
For the period ended Aug 21, 2025. Filed Jul 9, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Aug 21, 2025 · Filed Jul 9, 2025
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Contents
PAY VERSUS PERFORMANCE
Modine and the HCC Committee strive for alignment between executive compensation and company performance, which we expect will enhance shareholder return over the long-term. This pay-for-performance philosophy is reflected in the design of the compensation program that uses a mix of cash and equity vehicles plus incentives that are tied to strong financial and operational performance measures.
Pay versus Performance Table
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K under the Securities Act, we are providing the following information about the relationship between Compensation Actually Paid" (“CAP”) to our CEOs, or principal executive officers ("PEOs"), and our other NEOs as compared to the Company’s total shareholder return (TSR), the TSR of our selected peer group, our GAAP net income, and our Company-selected performance measure, Adjusted EBITDA. For further information concerning the Company’s performance-based approach to executive compensation and how the Company aligns executive compensation with the Company’s performance, refer to theCompensation Discussion and Analysis of this proxy statement.
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2025 Pay vs. Performance Table
| · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · · · · · · Average SCT · Average Compensation · Value of Initial Fixed $100 · · · | ||||||||||||||||||||||||||||
| · · SCT Total · · SCT Total Compensation · · SCT Total · · Compensation · · Compensation · · Compensation · · Total Compensation · · Actually Paid to · · Invested Based On: · · · · · · | ||||||||||||||||||||||||||||
| · · Compensation for · · for Second · · Compensation for · · Actually Paid to · · Actually Paid to · · Actually Paid to · · for Other · · Other · · Company · · Peer · · Net Income · · Adj. EBITDA8 | ||||||||||||||||||||||||||||
| Year · First PEO1 · PEO2 · Third PEO3 · First CEO1,4 · Second PEO2,4 · Third PEO3,4 · NEOs5 · NEOs4,5 · TSR6 · Group6 · ($M)7 · ($M) | ||||||||||||||||||||||||||||
| 2025 | | $12,706,532 | | | N/A | | | N/A | | $9,639,794 | | | N/A | | | N/A | | $4,622,644 | | $2,953,383 | | $2,361.54 | | $255.04 | | $184.0 | | $392.1 |
| 2024 | | $8,505,827 | | | N/A | | | N/A | | $39,819,460 | | | N/A | | | N/A | | $2,318,983 | | $11,394,298 | | $2,928.90 | | $275.70 | | $161.5 | | $314.3 |
| 2023 | | $4,824,132 | | | N/A | | | N/A | | $8,200,158 | | | N/A | | | N/A | | $2,138,078 | | $3,658,664 | | $709.20 | | $203.70 | | $153.1 | | $212.1 |
| 2022 | | $2,013,440 | | | N/A | | | N/A | | $712,768 | | | N/A | | | N/A | | $914,617 | | $246,552 | | $277.20 | | $195.70 | | $85.2 | | $158.8 |
| 2021 | | $2,931,370 | | $1,828,486 | | $5,838,871 | | $3,685,253 | | $4,207,179 | | $5,556,770 | | $1,164,622 | | $1,789,683 | | $454.50 | | $187.60 | | $(210.7) | | $164.8 | ||||
| (1) | “First PEO” reflects compensation for Modine’s current CEO, Neil Brinker, who assumed the role on December 1, 2020. |
| (2) | “Second PEO” reflects compensation for Michael Lucareli, who served as interim CEO from August 4, 2020, until December 1, 2020, as well as CFO for the entire fiscal year 2021. |
| (3) | “Third PEO” reflects compensation for Modine’s former CEO, Thomas Burke, who served in the role until August 4, 2020. |
| (4) | CAP reflects the SEC methodology, with adjustments for calculating CAP from Summary Compensation Table (“SCT”) values provided in the table below. |
| (5) | NEOs used for the average non-CEO NEO for each fiscal year are as follows: |
−2025: Michael Lucareli, Eric McGinnis, Adrian Peace, Erin Roth and Brian Agen
−2024: Michael Lucareli, Eric McGinnis, Adrian Peace and Brian Agen.
−2023: Michael Lucareli, Eric McGinnis, Sylvia Stein and Brian Agen.
| − | 2022: Michael Lucareli, Eric McGinnis, Sylvia Stein, Brian Agen, Matthew McBurney, and Joel Casterton. |
| − | 2021: Sylvia Stein, Matthew McBurney, Joel Casterton, and Scott Bowser. Mr. Lucareli was not included in the 2021 average as he served as interim CEO during this year. |
| (6) | Cumulative TSR is measured as of a beginning date of April 1, 2020 (i.e., March 31, 2020, stock price is the base date for calculation). Peer group TSR for all years reflects values for the S&P MidCap 400 Industrials Index, the same benchmark used in our 2025 annual report on Form 10-K. Prior to 2024, the TSR peer group reflected the S&P SmallCap 600 Industrials. In 2024, based upon the Company’s higher market capitalization as compared with the prior year, the Company determined the S&P MidCap 400 Industrials Index was more representative of its business. Had we used the values for the S&P SmallCap 600 Industrials Index for peer group TSR, the values would have been: 2021 = $195.4; 2022 = $195.4; 2023 = $204.5; 2024 = $274.4; and 2025 = $260.0. |
| (7) | Net Income reflects net earnings (loss) attributable to Modine, as disclosed in our financial statements. |
| (8) | Adjusted EBITDA is defined as “Operating Income” plus “Depreciation and Amortization Expenses,” both as reported externally for the Company’s audited financial statements, plus or minus permitted adjustments. |
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Adjustments to Calculate Compensation Actually Paid
| · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · Pension Benefits · · Equity Awards · | |||||||||||||||||||||||||
| · · · · · · · · · · · · · · · · Add Year-End · · · · · Add Change in · · · · Deduct Fair · · Add · · · | |||||||||||||||||||||||||
| · · · · · · · Deduct SCT · · Add · · Deduct SCT · · Fair Value of · · Add Fair Value · · Value of Prior · · Add Change in · · Value of Awards · · Dividends · · · | |||||||||||||||||||||||||
| · · · · · · · Change in · · Pension · · Stock and · · Unvested · · of Equity · · Years' Awards · · Value of Vested · · Not Meeting · · Paid on · · · | |||||||||||||||||||||||||
| · · · · · · · Pension · · Service · · Option · · Equity Granted · · Vested and · · Unvested at · · Equity Granted · · Vesting · · Unvested · · · | |||||||||||||||||||||||||
| Fiscal Year · Executive · SCT Total · Value · Cost · Awards · in Year · Granted in Year · FYE · in Prior Years · Conditions · Equity · Total CAP1 | |||||||||||||||||||||||||
| 2025 | | First PEO (Brinker) | | $12,706,532 | | | N/A | | $0 | | $(5,175,010) | | $7,655,045 | | $0 | | $(5,704,698) | | $157,925 | | $0 | | $0 | | $9,639,794 |
| | | Avg. Non-PEO NEO | | $4,622,644 | | $(2,598) | | $0 | | $(2,513,875) | | $1,527,632 | | $29,879 | | $(998,927) | | $288,627 | | $0 | | $0 | | $2,953,383 | |
| 2024 | | First PEO (Brinker) | | $8,505,827 | | | N/A | | $0 | | $(3,675,008) | | $23,073,770 | | $0 | | $11,109,400 | | $805,470 | | $0 | | $0 | | $39,819,460 |
| | | Avg. Non-PEO NEO | | $2,318,983 | | $(956) | | $0 | | $(773,249) | | $4,854,880 | | $0 | | $4,121,144 | | $873,495 | | $0 | | $0 | | $11,394,298 | |
| 2023 | | First PEO (Brinker) | | $4,824,132 | | N/A | | $0 | | $(1,485,011) | | $3,070,765 | | $0 | | $1,195,145 | | $595,127 | | $0 | | $0 | | $8,200,158 | |
| | | Avg. Non-PEO NEO | | $2,138,078 | | $0 | | $0 | | $(780,496) | | $1,417,493 | | $0 | | $717,756 | | $165,833 | | $0 | | $0 | | $3,658,664 | |
| 2022 | | First PEO (Brinker) | | $2,013,440 | | N/A | | $0 | | $(1,147,900) | | $540,677 | | $0 | | $(398,489) | | $(294,961) | | $0 | | $0 | | $712,768 | |
| | | Avg. Non-PEO NEO | | $914,617 | | $0 | | $0 | | $(408,039) | | $169,336 | | $26,867 | | $(259,562) | | $(119,480) | | $(77,187) | | $0 | | $246,552 | |
| 2021 | | First PEO (Brinker) | | $2,931,370 | | N/A | | $0 | | $(2,222,258) | | $2,169,102 | | $807,039 | | $0 | | $0 | | $0 | | $0 | | $3,685,253 | |
| | | Second PEO (Lucareli) | | $1,828,486 | | $(14,691) | | $0 | | $(780,213) | | $2,007,439 | | $0 | | $953,896 | | $212,262 | | $0 | | $0 | | $4,207,179 | |
| | | Third PEO (Burke) | | $5,838,871 | | N/A | | $0 | | $0 | | $0 | | $0 | | $0 | | $232,007 | | $(514,108) | | $0 | | $5,556,770 | |
| | | Avg. Non-PEO NEO | | $1,164,622 | | $(8,278) | | $0 | | $(278,776) | | $494,382 | | $0 | | $345,139 | | $81,547 | | $(8,952) | | $0 | | $1,789,683 | |
| (1) | Columns may not sum due to rounding. |
Relationship Between Compensation Actually Paid (CAP) and Performance Measures
The Pay versus Performance table above and the charts below illustrate the following:
| ◾ | CAP to our PEOs (i.e., CEOs) and average NEOs has generally tracked with our TSR performance – CAP has declined in years where TSR has declined, and CAP has increased in years of positive TSR. This alignment reflects the design choices of our compensation program that include a mix of equity incentives and cash incentives tied to key financial performance indicators, which then translate in our market performance. Additionally, CAP values reflect changes in the value of executives’ outstanding equity holdings that fluctuate with changes in our stock price. |
| ◾ | CAP has also generally tracked with our Adjusted EBITDA, moving directionally together year-over-year. This is influenced by the use of Adjusted EBITDA as a performance measure in our incentive program, and the measure being a key performance measure influencing the value of our stock. Conversely, CAP has not always moved in alignment with Net Income due to the measure’s significant fluctuations as a result of accounting requirements. |
| ◾ | Modine’s TSR has significantly outperformed the Pay versus Performance comparator group, the S&P 400 Industrials Index, over the 5-year period as well as over the latest year. |
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Tabular List Metrics
The table below lists our most important performance measures used to link "Compensation Actually Paid" for our NEOs to company performance over the fiscal year ending March 31,2025. These measures are used to determine payouts for our annual incentive plan, our long-term performance cash plan, and our long-term performance share plan. For more information on our incentive plan measures and goals, refer to theCompensation Discussion and Analysis section of this proxy statement. The performance measures included in this table are not ranked by relative importance.
Most Important Metrics
Adjusted EBITDA Growth
Adjusted EBITDA Margin
Cash Flow ROI
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