Exhibit 10.1

   

    

  MODINE MANUFACTURING COMPANY

  PERFORMANCE CASH AWARD

  AWARD AGREEMENT

  

  

  We are pleased to inform you that you have been granted an opportunity to earn a Performance Cash Award of Modine Manufacturing Company (the “Company”), subject to the terms and conditions of this Award Agreement.  This
    Award Agreement is not subject to the Modine Manufacturing Company 2020 Incentive Compensation Plan (the “Plan”), but all terms used in this Award Agreement and not otherwise defined herein shall have the same meanings as set forth in the Plan.

   

  
    	
            Full name of Grantee:

          	 
	 	 
	
            Date of Award:

          	 
	 	 
	
            Target amount of Performance Cash:

          	 
	 	 
	
            Performance Period:

          	
            April 1, 2021 to March 31, 2024

          


  

  

  

  1.  Performance Cash Award.  You are hereby granted a Performance Cash Award, subject to the terms and conditions of this Award Agreement.  “Performance Cash” means a cash award that is conditioned upon the
    satisfaction of one or more pre-established Performance Goals. The amount of Performance Cash that will be earned hereunder if the Target Performance Goals are achieved is set forth above.

  

  

  2.  Terms of Performance Cash Award and Performance Goals.  You have been granted an opportunity to earn a cash payment under this Performance Cash Award.  The actual amount of Performance Cash that would be earned
    by you will be determined as described below, based upon the actual results for the Performance Period set forth above compared to the Performance Goals set forth below, provided that you remain an employee of the Company or a Subsidiary for the entire
    Performance Period (subject to the provisions below regarding death, Disability or retirement) and the achievement of the Performance Goals is greater than the Threshold amount specified below (the “Conditions”).  If either of these Conditions is not
    satisfied, then except as otherwise provided in this Award Agreement, no Performance Cash shall be earned.  The Performance Goals for this Performance Cash Award are: Cash Flow Return on Invested Capital (“Cash Flow ROI”) and Average Annual Adjusted
    EBITDA Growth (“Revenue Growth”), with each having a 50% weight.  The Threshold Performance Goals are the minimum Performance Goals necessary for the Performance Period that must be achieved by the Company in order for you to qualify for any
    Performance Cash and the Maximum Performance Goals are the minimum Performance Goals for the Performance Period in order for you to qualify for the maximum amount of Performance Cash earned under this Performance Cash Award.

   

  

  
    
      


  

  
  
    	
            Performance Goal: Cash Flow ROI

          	
            Performance Cash Award Earned Based on 

            Achievement of Performance Goal

          
	
            Threshold:  7.0%

          	
            5% of Target amount of Performance Cash

          
	
            Target:   10.5%

          	
            50% of Target amount of Performance Cash

          
	
            Maximum:   ≥14.0%

          	
            100% of Target amount of Performance Cash

          


  

  

  

  
    	
            Performance Goal: Average Annual 

            Adjusted EBITDA Growth

          	
            Performance Cash Award Earned Based on 

            Achievement of Performance Goal

          
	
            Threshold:  2.0%

          	
            5% of Target amount of Performance Cash

          
	
            Target: 7.0%

          	
            50% of Target amount of Performance Cash

          
	
            Maximum: ≥12.0%

          	
            100% of Target amount of Performance Cash

          


  

  

  

  “Cash Flow ROI” or “Cash Flow Return on Invested Capital” means the sum of Adjusted Free Cash Flow plus Cash Interest, all divided by Average Capital Employed.  Adjusted Free Cash Flow equals “Net cash provided by
    operating activities”, less “Expenditures for property, plant and equipment” (both as reported externally for the Company’s audited financial statements), plus or minus Permitted Adjustments (defined below) and Cash Interest equals cash paid for
    interest expense related to outstanding debt.  Average Capital Employed for each fiscal year equals total debt plus shareholders’ equity averaged over five points (i.e., the last day of each fiscal quarter and prior fiscal year-end); and where
    shareholder’s equity excludes shareholder equity attributable to noncontrolling interests.  Permitted Adjustments include:

  

  

  Restructuring Charges

  	

        	•	
          Fees and expenses for restructuring consultants or financial advisors

        


  	

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          Employee severance, outplacement and related benefits

        


  	

        	•	
          Employee insurance and benefits continuation

        


  	

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          Contractual salary continuation for terminated employees

        


  	

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          Equipment transfers and facility preparation

        


  	

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          Environmental services (e.g., plant clean-up prior to sale)

        


  

  

  Acquisition and Divestiture Charges

  	

        	•	
          Fees and expenses for transaction advisors (i.e., financial advisors, consultants, lawyers an accountants)

        


  	

        	•	
          Integration expenses

        


  	

        	•	
          Other incremental costs and charges that are non-recurring and directly related to the transaction

        


  

  

  Other

  	

        	•	
          Fees and expenses for strategy advisory services associated with a specific transaction or unique project

        


  	

        	•	
          Unusual, non-recurring or extraordinary cash and non-cash charges or income

        


  

  

  
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  Adoption of New Accounting Standards

  	

        	•	
          The impact of the adoption of new U.S. GAAP accounting standards and significant changes in the Company’s accounting methods.

        


  

  

  Divestitures

  	

        	•	
          The impact of significant divestitures, such that annual metrics will be calculated on a “continuing operations” basis for the periods following divestiture.

        


  

  

  Notwithstanding the foregoing, the Committee may disregard all or part of any Permitted Adjustment as separately applicable to each performance metric if doing so would decrease the amount payable under this Performance
    Cash Award.

  

  

  “Average Annual Adjusted EBITDA Growth” means the simple three-year arithmetic average of the Company’s Adjusted EBITDA Growth during the Performance Period, as reported externally for the Company’s audited financial
    statements. Adjusted EBITDA Growth equals current-year Adjusted EBITDA minus prior-year Adjusted EBITDA, with that total divided by prior-year Adjusted EBITDA. Adjusted EBITDA equals “Operating Income” plus “Depreciation and
    Amortization Expenses”, both as reported externally for the Company’s audited financial statements, plus or minus Permitted Adjustments.

  

  

  If actual Cash Flow ROI or EBITDA Growth for the Performance Period is between Threshold and Target and/or between Target and Maximum, the amount of Performance Cash earned shall be determined on a linear basis.  In the
    event that the Company’s actual Cash Flow ROI or EBITDA Growth does not meet the Threshold for the Performance Period, no Performance Cash shall be earned relative to such metric under this Performance Cash Award.  In the event that the Company’s
    actual Cash Flow ROI or EBITDA Growth exceeds the Maximum for the Performance Period, only the Maximum percentage of the Target amount of Performance Cash set forth above shall be earned relative to such metric.

  

  

  3.  Payment of Performance Cash.   Performance Cash earned shall be paid after the end of the Performance Period as soon as administratively practicable after the Committee has approved and certified the amount of
    Performance Cash that has been earned hereunder or, in the event of payment covered under Paragraph 4 below, within thirty (30) days of the date of your termination of employment.

   

  4.  Change in Control.    Notwithstanding anything in this Agreement to the contrary, upon a Change in Control, all outstanding Performance Cash Awards shall be deemed to have satisfied the Target Performance Goals
    and shall be paid pro-rata based upon the period worked during the Performance Period as of the date of an involuntary termination of your employment by the Company or a Subsidiary without Cause within one year following a Change in Control.

   

  5.  Death or Disability.  Notwithstanding anything in this Agreement to the contrary, upon your termination of employment due to death or Disability (as defined herein), a prorated portion (based on the period
    working during the Performance Period) of the Performance Cash granted to you hereunder shall vest based on the Company’s actual achievement of the Performance Goals at the end of the Performance Period as certified by the Committee, and payment will
    be made to you after the Committee has approved and certified the amount of Performance Cash that has been earned hereunder.  For purposes of this Award Agreement, “Disability” shall mean “permanent and total disability” as defined in Section 22 (e)(3)
    of the Code.

  

  

  
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  6.  Retirement.  Notwithstanding anything in this Agreement to the contrary, upon your retirement (with Committee approval), the Committee may, in its sole discretion, vest some or all of the Performance Cash
    granted to you hereunder and payment shall be made on such terms and conditions as the Committee may deem appropriate; provided, however, such payment shall be made in a manner that is exempt from or complies with Section 409A of the Code.

  

  

  7.  Forfeiture.  Other than as described above in Paragraph 4 regarding a Change in Control or Paragraphs 5 or 6 regarding death, Disability or retirement, upon your termination of employment with the Company or a
    Subsidiary for any reason during the Performance Period, you will forfeit all Performance Cash covered by this Agreement.

  

  

  8.  Transfer.  This Performance Cash Award shall be nontransferable.  Notwithstanding the foregoing, you shall have the right to transfer this Performance Cash Award upon your death, either by the terms of your
    will or under the laws of descent and distribution.

  

  

  9.  No Obligation of Employment.  This Performance Cash Award shall not impose any obligation on the Company to continue your employment with the Company or any Subsidiary.

  

  

  10.  Controlling Provisions.  In the event of a conflict between the terms of this Award Agreement and any employment agreement or change in control agreement between you and the Company, this Award Agreement shall
    control.

  

  

  11.  Forfeiture Under Recoupment Policy.  The Company shall have the power and the right to require you to forfeit and return the Performance Cash paid hereunder consistent with any recoupment policy maintained by
    the Company under applicable law, as such policy is amended from time to time.

  

  

  12.  Amendment.  The Committee may from time to time amend, modify, suspend or terminate this Award Agreement; provided, however, that no such action shall adversely affect the Grantee without the Grantee’s
    consent.

  

  

  13.  Use of Words.  The use of words of the masculine gender in this Award Agreement is intended to include, wherever appropriate, the feminine or neuter gender and vice versa.

  

  

  14.  Successors.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company.

  

  

  15.  Taxes.  The Company may require payment of or withhold any tax which it believes is required as a result of this Performance Cash Award, and the Company may defer making payment with respect to Performance
    Cash earned hereunder until arrangements satisfactory to the Company have been made with respect to such tax withholding obligations.

  

  

  16. Committee Discretion.  Notwithstanding anything in this Agreement, the Committee retains the discretion to make negative adjustments to the final determination of the achievement of any Performance Goals.

  

  

  
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  17.  No Legal or Tax Advice.  Notwithstanding anything stated in this Award Agreement, the Company is not providing any legal or tax advice related to this Performance Cash Award or any value received therefrom.
    Nothing stated in this Award Agreement is intended to cover any legal or tax situation. You are encouraged to consult your own legal and/or tax advisors to address any questions or concerns you may have regarding this Award Agreement or any value
    received therefrom.

  

  

  18. Controlling Law.  The law of the State of Wisconsin, except its law with respect to choice of law, shall be controlling in all matters relating to this Agreement.

  

  

  By your electronic agreement and the signature of the Company’s representative below, you and the Company agree that this Performance Cash Award awarded to you under this Award Agreement is subject to the terms and
    conditions hereof.  You hereby agree to accept as binding any decision of the Committee with respect to the interpretation of this Award Agreement, or any other matters associated therewith.

  

  

  IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed as of ________, 2021.

  

  

  	 	
          MODINE MANUFACTURING COMPANY

        
	 	 	 
	 	
          By:

        	
          /s/Neil D. Brinker

        
	 	 	
          Neil D. Brinker

        
	 	 	
          President and Chief Executive Officer

        


  

  

  

  

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