| ☐ | Preliminary Proxy Statement |
| ☐ | 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) |
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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) | 200% of Target Awards(1) |
| (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 ($) | Total ($) | |||||||||||||
| 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 | |||||||||||||
