
													Average SCT		Average Compensation		Value of Initial Fixed $100
	SCT Total		SCT Total Compensation		SCT Total		Compensation		Compensation		Compensation		Total Compensation		Actually Paid to		Invested Based On:
	Compensation for		for Second		Compensation for		Actually Paid to		Actually Paid to		Actually Paid to		for Other		Other		Company		Peer		Net Income		Adj. EBITDA⁸
Year	First PEO¹		PEO²		Third PEO³		First CEO^1,4		Second PEO^2,4		Third PEO^3,4		NEOs⁵		NEOs^4,5		TSR⁶		Group⁶		($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.

Named Executive Officers, Footnote

(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.

(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.

Adjustment To PEO Compensation, Footnote

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.

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,953,383

11,394,298

3,658,664

246,552

1,789,683

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Company Selected Measure

Tabular List, Table

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 the Compensation 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

Peer Group Total Shareholder Return Amount

255.04

275.7

203.7

195.7

187.6

Company Selected Measure Amount

392,100,000

314,300,000

212,100,000

158,800,000

164,800,000

Peer group total shareholder return

$ 260

$ 274.4

$ 204.5

$ 195.4