Form 4: Modine Manufacturing Co. Executive Receives Restricted Stock Award

Eric S. McGinnis, President of Climate Solutions at Modine Manufacturing Co., was granted 1,717 shares of restricted stock on May 16, 2024, which will vest over a three-year period.

Summary

• On May 16, 2024, Eric S. McGinnis, President of Climate Solutions at Modine Manufacturing Co., received an award of 1,717 shares of common stock.
• These shares are restricted stock units (RSUs) that will vest in three installments.
• 33% of the RSUs will vest on May 16, 2025, 33% on May 16, 2026, and the remaining 34% on May 16, 2027.
• Each RSU represents the contingent right to receive one share of Modine Manufacturing Co. common stock.
• Following this transaction, McGinnis beneficially owns 83,773 shares of Modine Manufacturing Co. common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects standard executive compensation practices, aligning executive interests with shareholder value through equity.

Positives

• The granting of restricted stock units aligns the executive's interests with those of the shareholders, incentivizing long-term performance.
• The vesting schedule encourages continued service and commitment from the executive over the next three years.

Future Outlook

The document does not contain any specific forward-looking statements regarding the company's future performance.

Industry Context

This type of equity compensation is common in publicly traded companies to incentivize executives and align their interests with shareholders.

Stakeholder Impact

• Shareholders: Aligns executive interests with shareholder value.
• Employees: Demonstrates commitment to leadership and potentially motivates performance.
• Executive: Provides additional compensation and ownership stake in the company.

Key Dates