Leadership & Pay ·
Modine approves new executive severance plan with up to 3x pay for CEO upon Change in Control
MODModine Manufacturing Co
Modine Manufacturing Company approved changes to executive severance arrangements effective October 21 and 22, 2026. The company adopted a new Executive Severance Plan replacing the former Supplemental Severance Plan, designating CFO Michael B. Lucareli and General Counsel Erin J. Roth as participants with regular severance multiples of 1.5x and 1.0x, respectively, increasing to 2.5x and 2.0x following a Change in Control. CEO Neil Brinker received amended agreements providing for two times base salary plus target bonus upon qualifying termination without Cause or for Good Reason, escalating to three times such compensation within 24 months of a Change in Control. The company also updated Performance Stock Award and Restricted Stock Unit Agreements to enhance payout conditions upon Change in Control events. Modine Manufacturing Company designs and manufactures thermal management products and systems.