Document:

Long Term Incentive Plan

    Exhibit
      10(w)

    

    

    
      	
              From:

            	
              David
                Rayburn

            	
              Date:

            	
              May
                9, 2005

            
	 	 	 	 
	
              To:

            	
              (Individuals
                named - Officers and key executives)

            	
              Subject:

            	
              Executive
                Compensation

            
	 	 
	 	 	 	 

    

    Modine
      is
      making changes to its executive compensation program for Fiscal 05/06. As a
      part
      of the communication of these changes, I want to review with you Modine’s
      executive compensation philosophy, the structure of our plans and the reasons
      for the changes occurring this year.

    

    Modine’s
      executive compensation plan is designed so that our total compensation exceeds
      the market when our performance targets are exceeded. The plan provides
      competitive compensation when target goals for cash and stock incentive plans
      are achieved. 

    

    Our
      executive compensation plan consists of many components including base pay,
      cash
      bonus, and stock incentives. You will find these components in the executive
      programs of our peers and industry in general. The goals we establish within
      our
      program, though, are tailored to Modine’s culture and operational
      challenges.

    

    The
      following are all parts of the executive compensation package:

    

    Base
      Salary.
      We
      target median or “market” base pay which is the median base salary for like
      positions based on broad industry surveys. Superior performance is recognized
      through above market merit increases. A competitive base salary target is part
      of all salaried employees’ compensation.

     

    Modine
      Management Incentive Plan (MIP). The
      Management Incentive Plan is our annual cash bonus plan. One corporate financial
      measure is used for all participants. Using one measure fosters cooperation
      among our divisions and plants and keeps managers focused on the performance
      of
      the corporation overall.

    

    The
      plan
      has a short term focus (one year) and is based on the fiscal results of the
      company using the Return on Assets Employed (ROAE) measure. We moved to this
      measure from a Return on Equity measure several years ago when we first focused
      on Value Based Management. ROAE drives performance by focusing the organization
      on asset utilization, working capital management and earnings
      improvement.

    

    The
      plan
      originally only included top level managers that directly impacted company
      performance. We expanded this plan in the United States a few years ago to
      include many of our middle managers and plant management staff since they
      influence performance through their actions and decisions. We also use this
      plan
      globally. The top management in Europe and Asia participate in the
      Plan.

    

    Long
      Term Incentive Plan: Long
      Term
      Incentive Plans are used to attract, retain and motivate key employees that
      directly impact the performance of the company. These plans are intended to
      reward performance over a period greater than one year. These plans are
      typically stock based plans so that stock price directly impacts the amount
      of
      compensation the executive receives. 

    

    Fiscal
      05/06 Executive Long Term Incentive Plan

    

    There
      are
      two levels of Long Term Incentive Plan participation. Top managers are eligible
      to participate in the Stock Option component of the program. Officers and key
      executives participate in the Stock Option component, Retention Restricted
      Stock
      component and the Performance Stock component of the Plan.

    

    Top
      Managers Plan

    

    The
      plan
      for top managers will remain the same as last year. Stock options for this
      group
      will continue to be granted based on the competitive Long Term Incentive value
      for the position (for example an operations manager will receive a greater
      number than a plant manager) and the stock price at the time of grant.

    

    Officers
      and Key Executives Plan

    

    The
      Long
      Term Incentive Plan for Officers and Key Executives is being changed for
      05/06.

    In
      prior
      years the number of options and restricted stock awards available for grant
      were
      fixed or pre-determined based on position. This methodology, while providing
      consistency from year to year, did not reflect current competitive practice
      or
      account for the changes in stock price. 

    

    Going
      forward, target annual Long Term Incentive (LTI) grants for each eligible
      position will be determined based on the competitive market value of LTI for
      the
      position. This value is determined by market surveys that look at competitive
      practice for like positions across a broad spectrum of industries. Target LTI
      will be a dollar value expressed as a percent of base salary. 

    

    The
      05/06
      Plan will have three components: 

    

    Stock
      options - performance focused, wealth is created by the appreciation of Modine
      stock over time. Stock options may be exercised within a 10 year period after
      grant. Options will continue to be granted in January.

    

    Retention
      Restricted Stock Awards - retention focused. A portion of the award vests each
      year. In 05/06 we are reducing the vesting period for future awards from five
      years to four years. Retention Restricted Stock awards will continue to be
      granted in January. 

    

    Performance
      stock awards - performance focused. Awards will be earned based on the
      attainment of corporate financial goals over a three year period and will be
      granted after the end of the performance period. The performance goals are
      discussed later in this letter. 

    

    The
      grant
      value for each component of Long Term Incentive plan is determined based on
      a
      percentage of your Target $LTI:

    

    Stock
      Options   =
      20% of
      your Target $LTI 

    Restricted
      Stock   =
      20% of
      your Target $LTI

    Target
      Performance Shares  =
      60% of
      your Target $LTI

    

    The
      grants will be calculated using the closing stock price on May 12th
      for
      Performance Shares and the Compensation Committee meeting date in January for
      Stock Options and Retention Restricted Stock Awards. The Performance shares
      are
      60% of $LTI at target performance. Actual performance shares will be granted
      based on achievement relative to the target goals. 

    

    As
      you
      can see from the allocation between LTI components, we are continuing to move
      more of our Long Term Incentives to performance awards.

    

    The
      Performance share element of the plan is being changed this year. In prior
      years
      restricted stock was earned based on achievement of the annual Earnings Per
      Share goal which, like our bonus goal, has a one year focus. Contemporary Long
      Term Incentive plans are expanding the time horizon for performance based
      plans.

    

    Under
      the
      new plan performance shares are earned based on performance over a three year
      period. Once earned, they are fully vested and will be granted immediately.
      Like
      prior years, the award amounts will vary based on performance. There will be
      a
      threshold, target and maximum performance share award. The maximum has been
      increased this year from 150% of target awards to 175% of target
      awards.

    

    Two
      measures will be used to determine the award of performance shares - an Earnings
      Per Share (EPS) measure and a Total Shareholder Return (TSR) measure. These
      two
      measures gauge performance relative to other large companies and focus
      management on driving differentiation in Modine’s earnings and stock
      performance. The EPS goal is measured on a three year period, which ensures
      that
      we make decisions with the intermediate term in mind; vs. trying to maximize
      a
      given year’s performance to the detriment of future periods. Relative
      shareholder return ensures that the quality of our decisions (capital,
      commercial, EH &S, governance, etc.) are all made to drive differentiated
      stock performance.

    

    Achievement
      and payout for each measure will be calculated and paid out independently of
      the
      other measure. EPS achievement is weighted at 60% of the target performance
      shares and TSR is weighted at 40% of the target performance shares.

    

    The
      EPS
      achievement is based on cumulative three year Earnings Per Share achievement
      and
      the target is set at a cumulative EPS that reflects 10% annualized growth during
      the three year period. The 10% annualized EPS growth goal was set at the average
      EPS growth of the S&P 500 over a ten year period. 

    

    The
      performance measure for Total Shareholder Return (TSR) is Modine’s performance
      relative to the performance of the S & P 500 over a three year period. The
      calculation of TSR includes both the stock price change over the three year
      period as well as dividends granted during the period. 

    

    A
      new
      performance period will begin each year so there will be multiple performance
      share periods, with separate goals, operating simultaneously. Attached is a
      document that explains the Fiscal 05/06 Long Term Incentive Plan and gives
      examples of payments.

    

    We
      are
      very excited about the opportunity the new Long Term Incentive Plan provides
      to
      participants. It provides market competitive long term incentive compensation
      at
      target performance. Superior performance that results in value creation for
      our
      shareholders increases our rewards under this plan.

    

    If
      you
      have any questions about the new Long Term Incentive Plan please contact me
      or
      Roger.

    

    

    

    Modine
      Long Term Incentive Plan 

    For
      Officers and Key Executives

    05/06

    

    Modine
      maintains a Long Term Incentive Plan for Modine officers and certain key
      executives. The Long Term Incentive Plan and its administration are governed
      by
      the Officer Nomination and Compensation Committee.

    

    Long
      Term Incentive - Target Payments

    

    Target
      annual Long Term Incentive (LTI) grants for each eligible position will be
      determined based on the competitive market value of LTI for the position. Target
      LTI will be a dollar value expressed as a percent of base salary.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Long
      Term Incentive - Plan Components

    

    The
      Plan
      has three components: stock options, retention restricted stock awards and
      performance stock awards. Each component will represent a proportion of the
      total Target LTI value ($LTI.) 

    

    Stock
      Options     =
      20% of
      Target $LTI

    Retention
      Restricted Stock   =
      20% of
      Target $LTI 

    Target
      Performance Shares   =
      60% of
      Target $LTI.

    

    Stock
      Options

    

    Stock
      Options will be granted in January. Stock Options will vest immediately once
      the
      participant has one year of service with the company. 

    

    Black
      Scholes methodology, a widely used methodology for calculating the expected
      value of a stock option, is used to determine the number of stock options
      awarded.

    

    The
      number of Stock Option shares will be calculated using the stock price and
      the
      then current Black Scholes factor (.3174 for 05/06) to reflect the current
      value
      of an option. The calculation is as follows:

    

    (Target
      $LTI X 20%) / (Stock price X .3174)

    

    Retention
      Restricted Stock Awards

    

    Retention
      Restricted Stock Awards will be granted in January. Retention Restricted Stock
      will vest at a rate of 25% a year beginning at the end of year one.

    

    The
      number of Restricted Stock shares will be calculated using the stock price
      and a
      risk of forfeiture adjustment of .9293 to reflect four year vesting.

    

    The
      forfeiture adjustment increases the number of awards slightly and is made
      because these awards are part of current compensation but are not paid out
      until
      future years. Should you leave the company under certain circumstances unvested
      awards will be forfeited. This adjustment provides some additional compensation
      to participants in recognition of that risk. The calculation is as
      follows:

    

    Target
      $LTI X 20% / (Stock price X .9293)

    

    Performance
      Shares

    

    The
      Performance Shares will be based on a three year performance period and will
      be
      earned at the conclusion of the performance period with no vesting restrictions.
      

    

    The
      number of Performance shares at target performance will be calculated using
      the
      stock price and a risk of forfeiture adjustment of .9151 for a three year
      performance period. 

    

    The
      forfeiture adjustment increases the number of awards slightly and is made
      because these awards are part of current compensation but are not paid out
      until
      future years. Should you leave the company under certain circumstances during
      the performance period the awards will be forfeited or pro-rated. This
      adjustment provides some additional compensation to participants in recognition
      of that risk. The calculation is as follows:

    

    The
      calculation is as follows:

    

    Target
      $LTI X 60% / (Stock price X .9151) = Target Performance Shares

    

    Please
      see attachments I and II for graphs of the Long Term Incentive Plan components
      and vesting periods. An example of the allocation of shares between the Long
      Term Incentive Plan components is shown on Attachment III

    

    Performance
      Share Plan:

    

    Performance
      shares are earned based on performance over a three year period. Once earned,
      they are fully vested.

    

    Two
      measures will be used to determine the award of performance shares - an Earnings
      Per Share (EPS) measure and a Total Shareholder Return (TSR) measure.
      Achievement and payout for each measure will be calculated and paid out
      independently of the other measure. EPS achievement is weighted at 60% of the
      target performance shares and TSR is weighted at 40% of the target performance
      shares.

    

    There
      are
      threshold, target and maximum performance awards as shown below. Once threshold
      performance is achieved award payout will be interpolated based on achievement
      of the goal up to the maximum awards:

    

    

    Performance   EPS
           TSR

    

    Threshold  50%
      of
      Target Awards  25%
      of
      Target Awards

    Target   100%
      of
      Target Awards  100%
      of
      Target Awards

    Maximum  175
      % of
      Target Awards  175%
      of
      Target Awards

    

     

    EPS
      Measure -60% Weighting

    

    The
      EPS
      achievement is based on cumulative three year Earnings Per Share achievement
      and
      the target is set at a cumulative EPS that reflects 10% year over year growth
      during the three year period.

    

    Attachment
      IV shows the threshold, target and maximum goals for the EPS measure for the
      performance period beginning April 1, 2005.

    

    Total
      Shareholder Return- 40% Weighting

    

    The
      performance measure for Total Shareholder Return (TSR) is Modine’s performance
      relative to the performance of the S & P 500 over a three year period.

    

    The
      calculation of TSR will consider both the stock price change over the three
      year
      period as well as dividends granted during the period. 

    

    The
      performance goals and corresponding payout awards are shown on Attachment
      V.

    Attachment
      VI shows an example of a payout based on the two performance
      measures.

    

    Performance
      Share Periods

    

    The
      performance cycles for the plan are three year periods. A new performance period
      will begin each year so there will be multiple performance share periods, with
      separate goals, operating simultaneously; Attachment VII provides a graphic
      display of the performance periods. 

    

    Plan
      Provisions - Retirement and Termination

    

    The
      plan
      has various provisions for the treatment of performance shares when a
      participant leaves the company during a performance period. Attachment VIII
      provides a list of these provisions.EXHIBIT 10.17

                            EMPLOYMENT AGREEMENT

This contract of Employment is made and entered into by and between Thomas
Nelson, Inc., a Tennessee corporation, hereinafter referred to as "Employer",
and Jerry Park, hereinafter referred to as "Employee."

Employer desires to employ Employee in the capacity of Sr. Vice President,
Trade Sales & Christian Markets, with all principal powers, duties and
responsibilities attendant thereto, and such other duties as shall be requested
of Employee by the Company, and Employee desires to be so employed by Employer.
In consideration therefore, the parties mutually agree as follows:

A. TERM OF AGREEMENT
   -----------------

The term of this contract shall be for a period of one (1) year commencing on
January 27, 1998 and thereafter shall automatically renew for additional
thirty (30) day periods unless 1) cancelled upon thirty (30) days written
notice by either party or 2) superseded by a new employment agreement.

B.  EMPLOYEE COMPENSATION
    ---------------------

Employee's remuneration shall be as set forth in Schedule A attached to this
Agreement and incorporated herein.

C.  EMPLOYEE CONDUCT
    ----------------

As Sr. Vice President, Trade Sales & Christian Markets, Employee recognizes and
understands his fiduciary relationship with and responsibilities to Employer.
Employee therefore promises to act always in good faith and in the best
interests of Employer in the discharge of his duties and obligations.
Further, Employee agrees to devote his full time and efforts to his employment
with Employer. Should Employee during the term of this Agreement fail to so
devote his full working time and efforts to the benefit of Employer for any
reason other than illness or disability, or should he engage in any activity
or business enterprise competing or conflicting with the business or activities
of Employer, its subsidiaries, partners, or agents, or should he engage in any
illegal or criminal conduct or acts of insubordination, or should he violate
any of the terms and provisions of Subparagraph D(1) hereunder, then Employer,
at its sole discretion, may terminate the employment of Employee immediately.
All Employee's rights hereunder shall end upon such termination by Employer and
Employee's only rights in such event shall be to receive all salary accrued
through the date of termination.

D.  CONFIDENTIAL CLAUSES AND NON-COMPETITION AGREEMENT
    --------------------------------------------------

Employee further agrees as follows:

(1)  During Employment by Employer:

     Confidential Information

     Employee recognizes and acknowledges that there are certain trade secrets
     related to Employer's Bible, book, gift, and related businesses including,
     but not limited to, the names, royalties, account information and/or
     business relationships pertaining to Employer's artists, authors, writers,
     customers, and manufacturers, as well as certain information related to
     manufacturing schedules and procedures, new products, future plans,
     marketing practices, sales volumes of various products, and other items
     of Employer's businesses not specifically mentioned herein.

     Employee recognizes and understands that he holds a position of fiduciary
     privilege, and except as authorized in writing by Employer, he agrees
     during the term of this Agreement and thereafter to refrain from
     disclosing to any person, firm, corporation, partnership, association or
     other business entity, or to use for his own benefit, any trade secrets,
     unique business information, plans, products, manufacturing data, customer
     lists, author or artist lists, or any other confidential information
     relating to any and all ongoing business activities of Employer, or its
     parent company, or its subsidiaries the disclosure of which he knows, or
     in the exercise of reasonable care should have reason to know, may, can,
     or will be damaging or harmful to Employer's business activities or those
     of its parent company, affiliates, or subsidiaries, or which disclosure
     shall serve to direct or divert corporate opportunities, product sales,
     and/or profits away from Employer, its parent company, its affiliates,
     its subsidiaries, partners, or agents, to the person, firm, corporation,
     partnership, association, or the given entity to whom or to which such
     disclosure is made.

(2)  Subsequent to Termination of Employment:

     Non-Competition

     Employee agrees that for a period extending two (2) years from the date of
     Employee's termination with Employer for any reason:

     (i)   He will not negotiate or enter into any contract with any artist,
           author, writer, editor, designer, packager or other person who, at
           the time of termination, is under contract to Employer, or its
           parent, affiliates or subsidiaries, or with whom Employer or its
           parent, affiliates or subsidiaries is negotiating at such time, or
           with whom Employer or its parent, affiliates or subsidiaries enters
           into any contract or agreement during the non-compete period
           hereunder.  Employee further agrees not to negotiate or enter into
           contract with any of the above persons for a period of two (2) years
           following the expiration of any such person's contract with Employer
           or its parent, affiliates or subsidiaries.

     (ii)  He will not attempt to procure, nor encourage others to procure, the
           employment of any employees of Employer or its parent, affiliates
           or subsidiaries who are employed at the time of execution hereof, or
           such employees as may become employed by Employer or any of its
           subsidiaries during the non-compete period hereunder.

     (iii) He will not engage in publishing, producing, selling or distributing
           Bibles, religious or secular books, or audio/video product, or
           religious or secular gift or stationery products, nor divert to
           other companies any artists, authors, writers, editors, designers,
           packagers, or any other person under contract with Employer or its
           parent, affiliates or subsidiaries or with whom Employer is
           negotiating at the time of termination, in any geographical region
           in which Employer or its parent, affiliates or subsidiaries conduct
           such business or sell such products both as of the time of execution
           hereof and throughout the non-compete period hereunder.

     (iv)  He agrees never to make, utter, write, nor otherwise publish
           derogatory or defamatory statements which can, may, or do cause
           harm, whether intended or not, to the relationship between Employer
           or its parent, affiliates, or subsidiaries and any of their
           customers, personnel, producers, artists, authors, or writers.

E.  REMEDIES
    --------

Employee acknowledges that he will receive privileged information from Employer
during his employment and that he will have substantial access to Employer's
trade secrets, business information and personnel data.  In consideration of
his employment and the privilege of access to Employer's trade secrets,
information, business methods and procedures, and personnel data, Employee
acknowledges that the restrictions contained within paragraph D are reasonable
and necessary in order to preserve Employer's legitimate interests and that any
violation thereof would result in irreparable injury to Employer for which
monetary damages would be an inadequate remedy.  Therefore, Employee
acknowledges and agrees that in the event of any violations thereof, Employer
may seek from any court of competent jurisdiction preliminary and permanent
injunctive relief as well as an equitable accounting of all Employee's profits
or benefits arising out of such violation, which rights shall be cumulative and
in addition to any other action or remedies to which Employer may be entitled.

In the event that any Non-Competition provision of this Agreement shall be held
by a court of competent jurisdiction to be, in any respect, an unreasonable
restriction of Employee, then the court so holding may reduce the territory to
which it pertains and/or the period of time to which it operates or effect any
other change to the extent necessary to render the Non-Competition provisions
and the Non-Disclosure of Information provisions of this Contract enforceable
by the said court.

F.  WAIVERABILITY OF PROVISIONS
    ---------------------------

In case any provision in this Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected nor impaired thereby and such
provisions shall be enforced to the fullest extent possible in accordance
with the mutual intent of the parties hereto.

G.  NON-WAIVER AGREEMENT
    --------------------

No provision of this Agreement may be modified, waived or discharged unless
such waiver, modification or discharge is agreed to in writing and is signed
by the Employee and an officer of Employer.  No waiver by either party hereto
of the other party's compliance with, or breach of, any condition or provision
herein to be performed by said party shall constitute a simultaneous waiver
of any other terms, provisions or conditions herein nor shall such waiver by
either party constitute a continuing waiver of said pertinent term, provision,
or condition subsequent thereto unless such continuation of waiver is agreed
to in writing by the parties pursuant to the terms of this paragraph.

H.  WARRANTIES AND REPRESENTATION
    -----------------------------

This Agreement, including attachments, contains the entire agreement between
the parties hereto and no agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made
by either party which are not set forth expressly in this Agreement.

I.  APPLICABLE LAW
    --------------

The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the State of Tennessee and the parties hereto
submit to the exclusive jurisdiction of the courts of Davidson Country,
Tennessee, which shall be the venue for resolution of any dispute arising
herefrom.  The costs of any such litigation to enforce all or part of this
Agreement, including without limitation, court costs and attorney's fees,
shall be paid by the party found to be in default hereunder or who is
otherwise found to be acting or to have acted contrary to the term hereof.

Agreement is made and entered into this 25th day of March, 1998.

ACCEPTED BY                                  THOMAS NELSON, INC.

/s/ Jerry Park                        By:       /s/ Sam Moore
--------------------------                  --------------------------
    Jerry Park                        Name:         Sam Moore
                                            --------------------------
                                      Title:           CEO
                                            --------------------------

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