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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Modine Manufacturing Co | NYSE:MOD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.15 | -1.11% | 102.62 | 105.78 | 101.85 | 103.80 | 436,504 | 19:39:06 |
☐ |
Preliminary Proxy Statement
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☐ |
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
|
☐ |
Definitive Proxy Statement
|
☒ |
Definitive Additional Materials
|
☐ |
Soliciting Material Pursuant to §240.14a-12
|
MODINE MANUFACTURING COMPANY
|
(Name of Registrant as Specified In Its Charter)
|
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
|
☒ |
No fee required.
|
☐ |
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
|
(1)
|
Title of each class of securities to which transaction applies:
|
|
(2)
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Aggregate number of securities to which transaction applies:
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(3)
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
|
|
(4)
|
Proposed maximum aggregate value of transaction:
|
|
(5)
|
Total fee paid:
|
|
☐ |
Fee paid previously with preliminary materials.
|
☐ |
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
|
(1)
|
Amount Previously Paid:
|
|
(2)
|
Form, Schedule or Registration Statement No.:
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(3)
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Filing Party:
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(4)
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Date Filed:
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· |
The table on page 26 of the Proxy Statement providing the specific levels of performance stock award metrics is updated to read as follows:
|
Performance
|
ROACE (50%)
|
Annual Revenue Growth
(50%)
|
|||
Threshold
|
10% of Target Awards
|
10% of Target Awards
|
|||
Target
|
100% of Target Awards
|
100% of Target Awards
|
|||
Maximum
|
200% of Target Awards
(1)
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200% of Target Awards
(1)
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(1) |
The Maximum for Mr. Burke for this award was limited to 156% of Target Awards due to the Plan limitation on individual award grants during a calendar year.
|
· |
The table on page 27 of the Proxy Statement under the heading “Long-Term Incentive Compensation” is corrected to accurately state the number of performance stock awards that would be earned by Mr. Burke upon achievement of each of the long-term incentive performance metrics at the “Maximum” level, as follows:
|
Performance Stock Awards
|
||||||||||
Shares Subject
to Stock
Options (#)
|
Shares of
Restricted
Stock (#)
|
Threshold
|
Target
|
Maximum
|
||||||
Mr. Burke
|
96,848
|
89,100
|
8,910
|
89,100
|
139,052
|
|||||
Mr. Lucareli
|
27,065
|
24,900
|
2,490
|
24,900
|
49,800
|
|||||
Mr. Marry
|
39,185
|
36,050
|
3,605
|
36,050
|
72,100
|
|||||
Ms. Kelsey
|
16,087
|
14,800
|
1,480
|
14,800
|
29,600
|
|||||
Mr. Bowser
|
15,374
|
14,144
|
1,414
|
14,144
|
28,288
|
|||||
Mr. Schwab
|
12,399
|
11,407
|
1,141
|
11,407
|
22,814
|
· |
Footnote 2 to the 2017 Summary Compensation Table beginning on page 31 of the Proxy Statement is updated to read as follows:
|
“(2) |
Represents the aggregate grant date fair value computed in accordance with FASB ASC Topic 718 for retention restricted stock awards and performance stock awards. For fiscal 2017, the Maximum grant date fair value for the performance stock awards are as follows for the NEOs – Mr. Burke $1,390,520; Mr. Lucareli $498,000; Mr. Marry $721,000; Ms. Kelsey $296,000; Mr. Bowser $282,880; and Mr. Schwab $228,140. See
Grants of Plan-Based Awards
for Fiscal 2017, Compensation Discussion and Analysis – Equity Incentives – Long-Term Incentive Compensation
and the
Outstanding Equity Awards at Fiscal Year End
table for further discussion regarding the retention restricted stock awards and the performance stock awards. The assumptions used to determine the value of the awards are discussed in Note 4 of the Notes to Consolidated Financial Statements contained in the Company’s Form 10-K for the fiscal year ended March 31, 2017.”
|
· |
The information provided for Mr. Burke in the table on page 34 of the Proxy Statement under the heading “Grants of Plan-Based Awards for Fiscal 2017” is corrected to accurately state the maximum number of shares Mr. Burke could earn pursuant to the fiscal 2017 grant of performance stock awards, as follows:
|
Name
|
Grant
Date
|
Estimated Future Payouts
Under Non-Equity
Incentive Plan Awards (1)
|
Estimated Future Payouts of
Performance-based
Awards Under
Equity Incentive Plan Awards (2)
|
All Other
Stock
Awards;
Number
of
Shares of
Stock or
Units
(#) (2)
|
All Other
Option
Awards;
Number of
Securities
Under-lying
Options
(#) (2)
|
Exercise
or Base
Price of
Option
Awards
($/Sh)
|
Grant Date
Fair Value
of Stock
and Option
Awards
($)
|
||||||||||||||||||||||||||||
Threshold
($)
|
Target
($)
|
Max
($)
|
Threshold
(#)
|
Target
(#)
|
Max
(#)
|
||||||||||||||||||||||||||||||
Thomas A.
|
NA
|
88,450
|
884,500
|
1,769,000
|
NA
|
||||||||||||||||||||||||||||||
Burke
|
5/31/16
|
8,910
|
89,100
|
139,052
|
891,000
|
||||||||||||||||||||||||||||||
5/31/16
|
89,100
|
891,000
|
|||||||||||||||||||||||||||||||||
5/31/16
|
96,848
|
10.00
|
445,501
|
· |
The information provided for Mr. Burke in the table on page 35 of the Proxy Statement under the heading “Outstanding Equity Awards at Fiscal Year End” is corrected to accurately state the number of unearned shares, units, or other rights under Equity Incentive Plans Awards that have not vested as of the Fiscal 2017 year end, as follows:
|
Name
|
Number of
Securities
Underlying
Unexercised
Options
Exercisable
(#)(1)
|
Number of
Securities
Underlying
Unexercised
Options
Unexercisable
(#)(1)
|
Option
Exercise
Price ($)
|
Option
Expiration
Date
|
Number of
Shares or
Units of
Stock that
Have Not
Vested
(#)(2)
|
Market
Value of
Shares or
Units of
Stock that
Have Not
Vested
($)(2)
|
Equity
Incentive Plan
Awards;
Number of
Unearned
Shares, Units
or Other
Rights that
Have Not
Vested (#)(3)
|
Equity Incentive
Plan Awards;
Market or
Payout Value of
Unearned
Shares, Units
or Other Rights
that Have Not
Vested ($)(3)
|
|||||||||||||||||||||
Thomas A.
|
31,848
|
13.33
|
2/11/18
|
187,978
|
2,293,332
|
264,571
|
3,227,766
|
||||||||||||||||||||||
Burke
|
90,572
|
5.01
|
6/9/19
|
||||||||||||||||||||||||||
39,586
|
9.26
|
6/11/20
|
|||||||||||||||||||||||||||
112,016
|
7.43
|
7/1/20
|
|||||||||||||||||||||||||||
27,622
|
14.93
|
7/21/21
|
|||||||||||||||||||||||||||
69,565
|
5.75
|
6/5/22
|
|||||||||||||||||||||||||||
35,766
|
11,924
|
10.40
|
6/3/23
|
||||||||||||||||||||||||||
18,916
|
18,916
|
14.94
|
6/2/24
|
||||||||||||||||||||||||||
13,884
|
41,654
|
11.39
|
6/2/25
|
||||||||||||||||||||||||||
-
|
96,848
|
10.00
|
5/31/26
|
· |
The information provided for Mr. Burke in the table set forth on page 43 of the Proxy Statement under the heading “Potential Payments Upon Termination of Employment or Change in Control Table” is corrected to accurately reflect the projected value of the accelerated vesting of equity in the event of Mr. Burke’s death or Disability as of the Fiscal 2017 year end, as follows:
|
Name
|
Cash Payment ($)
|
Accelerated Vesting
of Equity ($)(1)
|
Retirement Plan
Benefits: Pension Plan
(Qualified & SERP)
($)
|
Perquisites and Continued
Benefits ($)
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Total ($)
|
|||||||||||||
Thomas A. Burke
|
||||||||||||||||||
Death
|
0
|
$
|
3,946,265
|
NA
|
NA
|
$
|
3,946,265
|
|||||||||||
Disability
|
$
|
3,862,313
|
$
|
3,946,265
|
NA
|
(2)
|
$
|
7,808,578
|
||||||||||
Involuntary Termination
|
$
|
3,994,511
|
0
|
NA
|
$
|
160,311
|
(3)
|
$
|
4,154,822
|
|||||||||
Termination if Change in Control
|
$
|
6,211,000
|
(4)
|
$
|
4,157,145
|
NA
|
$
|
4,509,695
|
(5)
|
$
|
14,877,840
|
|||||||
Change in Control (no termination)
|
NA
|
NA
|
NA
|
NA
|
NA
|
1 Year Modine Manufacturing Chart |
1 Month Modine Manufacturing Chart |
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