Document:

Employment Agreement - David Rayburn

    Exhibit
      10.1

    

    MODINE
      MANUFACTURING COMPANY

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT made and entered into as of the 15th day of June, 2007,
      by
      and between Modine Manufacturing Company, a Wisconsin corporation, having its
      principal place of business in Racine, Wisconsin (the "Company"), and David
      B.
      Rayburn of Racine, Wisconsin ("Executive"). 

    

    WHEREAS,
      the Company has previously entered into an employment agreement with Executive;
      and

    

    WHEREAS,
      the Company has previously entered into a change in control and termination
      agreement with Executive; 

    

    WHEREAS,
      the Company and Executive wish to consolidate the terms of the prior employment
      agreement and the prior change in control and termination agreement into a
      single employment agreement that complies with Section 409A of the Internal
      Revenue Code; and 

    

    WHEREAS,
      the Company desires to engage Executive and Executive is desirous of committing
      himself to serve the Company for the period and on the terms herein provided.
      

    

    NOW,
      THEREFORE, in consideration of the foregoing and the respective covenants and
      agreements of the parties herein contained, the parties hereto agree as
      follows:

    

    1.  Employment;
      Period of Employment.

     

    The
      period of employment shall be the period beginning on the date hereof and
      terminating on the date 36 months after such date (the "Period of Employment"),
      provided that for each day from and after the date hereof the Period of
      Employment will automatically be extended for an additional day, unless either
      the Company or Executive has given written notice to the other party of its
      or
      his election to cease such automatic extension, in which case the Period of
      Employment shall be the 36-month period beginning on the date such notice is
      received by such other party.

     

    2.  Definitions. 

     

    For
      purposes of this Agreement:

     

    2.1  “Actual
      Bonus” shall mean the amount of Executive’s incentive bonus compensation
      actually payable for a fiscal year under an incentive compensation plan
      maintained by the Company. 

     

    2.2  "Affiliate"
      or "Associate" shall have the meaning set forth in Rule 12b-2 under the
      Securities Exchange Act of 1934, as amended.

     

    2.3  "Average
      Annual Earnings" shall mean the sum of Executive's Five-Year Average Base Salary
      and his Five-Year Average Actual Bonus. 

     

    2.4  "Base
      Salary" shall mean Executive's per annum base salary at the rate in effect
      on
      the date of a termination of employment; provided, however, that for purposes
      of
      Section 9, such rate shall in no event be less than the highest rate in
      effective for Executive at any time during the Period of
      Employment.

     

    2.5  "Beneficiary"
      shall mean the person or entity designated by Executive, by written instrument
      delivered to the Company, to receive the benefits payable under this Agreement
      in the event of his death. If Executive fails to designate a Beneficiary, or
      if
      no Beneficiary survives Executive, such death benefits shall be
      paid:

     

    (a)  to
      his
      surviving spouse; or

     

    (b)  if
      there
      is no surviving spouse, to his living descendants per
      stirpes;
      or

     

    (c)  if
      there
      is neither a surviving spouse nor descendants, to his duly appointed and
      qualified executor or personal representative.

     

    2.6  A
      "Change
      in Control" shall be deemed to take place on the occurrence of any of the
      following events:

     

    (a)  The
      commencement by an entity, person or group (other than the Company or an
      Affiliate or Associate) of a tender offer for at least 30% of the outstanding
      capital stock of the Company entitled to vote in elections of directors ("Voting
      Power");

     

    (b)  The
      effective time of (i) a merger or consolidation of the Company with one or
      more
      other corporations as a result of which the holders of the outstanding Voting
      Power of the Company immediately prior to such merger or consolidation (other
      than the surviving or resulting corporation or any Affiliate or Associate
      thereof) hold less than 50% of the Voting Power of the surviving or resulting
      corporation, or (ii) a transfer of 30% of the Voting Power, or a Substantial
      Portion of the Property, of the Company other than to an entity of which the
      Company owns at least 50% of the Voting Power; or

     

    (c)  During
      any period of 24 months that ends during the Period of Employment, regardless
      of
      whether such period commences before or after the effective date of this
      Agreement, the persons who at the beginning of such 24-month period were
      directors of the Company cease for any reason to constitute at least a majority
      of the Board of Directors of the Company.

     

    2.7  "Code"
      shall mean the Internal Revenue Code of 1986, as amended.

     

    2.8  "Defined
      Contribution Plan" shall mean any Retirement Plan that is a defined contribution
      plan as defined in Section 3(34) of the Employee Retirement Income Security
      Act
      of 1974, as amended ("ERISA").

     

    2.9  "Five-Year
      Average Base Salary" shall mean the average of Executive's per annum Base Salary
      (determined without reference to the proviso in section 2.4) payable for the
      five-year period ending on the last day of the Company's fiscal year immediately
      preceding the fiscal year of Executive's Termination; provided, however, if
      Executive had not been employed for the entire five-year period, "Five-Year
      Average Base Salary" shall mean the average of Executive's per annum Base Salary
      payable over his actual period of employment. 

     

    2.10  "Five-Year
      Average Actual Bonus" shall mean the average of Executive's Actual Bonus payable
      under the Company's Management Incentive Plan, or such equivalent successor
      plan
      as may be adopted by the Company, for the five-year period ending on the last
      day of the Company's fiscal year immediately preceding the fiscal year of
      Executive's Termination; provided, however, if Executive had not been employed
      for the entire five-year period, "Five-Year Average Actual Bonus" shall mean
      the
      average of Executive's Actual Bonus payable over his actual period of
      employment.

     

    2.11  "Good
      Cause" shall be deemed to exist if, and only if:

     

    (a)  Executive
      engages in an act of dishonesty constituting a felony that results or is
      intended to result directly or indirectly in gain or personal enrichment at
      the
      expense of the Company; or 

     

    (b)  Executive
      breaches any provision of section 12 (relating to confidential information),
      and
      such breach results in a demonstrably material injury to the
      Company.

     

    2.12  "Good
      Reason" shall mean at least one of the following events has occurred without
      the
      consent of Executive:

     

    (a)  A
      material diminution in Executive’s Base Salary;

     

    (b)  A
      material diminution in Executive’s authority, duties or
      responsibilities;

     

    (c)  A
      material diminution in the authority, duties, or responsibilities of the
      supervisor to whom Executive is required to report, including requirements
      that
      the Executive report to a corporate officer or employee instead of reporting
      directly to the Board of Directors; or

     

    (d)  A
      material diminution in the budget over which Executive retains
      authority;

     

    (e)  A
      material change in the geographic location at which Executive must perform
      the
      services; or

     

    (f)  Any
      other
      action or inaction that constitutes a material breach of the terms of this
      Agreement 

     

    provided
      that in any event set forth in this section 2.12, (i) Executive shall have
      provided notice of the Good Reason condition to the Company and election to
      terminate his employment under this Agreement within 90 days of the occurrence
      of the Good Reason event and (ii) the Company’s 30 day cure period has expired.

     

    An
      election by Executive to terminate his employment for Good Reason shall not
      be
      deemed a voluntary termination of employment by Executive for the purpose of
      this Agreement or any plan or practice of the Company.

     

    2.13  “Pension
      Plan” shall mean any Retirement Plan that is a defined benefit plan as defined
      in Section 3(35) of ERISA.

     

    2.14  "Retirement
      Plan" shall mean any qualified or supplemental employee pension benefit plan,
      as
      defined in Section 3(2) of ERISA, currently or hereinafter made available by
      the
      Company in which Executive is eligible to participate.

     

    2.15  "Severance
      Period" shall mean the period beginning on the date Executive's employment
      with
      the Company terminates under circumstances described in section 9.1 of this
      Agreement and ending on the date 36 months thereafter.

     

    2.16  "Substantial
      Portion of the Property of the Company" shall mean 50% of the aggregate book
      value of the assets of the Company and its Affiliates and Associates as set
      forth on the most recent balance sheet of the Company, prepared on a
      consolidated basis, and reviewed by its regularly employed, independent,
      certified public accountants.

     

    2.17  "Target
      Bonus" shall mean the amount of Executive's target annual incentive bonus
      compensation for the fiscal year in which the date of a termination of
      employment under circumstances described in section 9.1 below occurs, under
      the
      incentive bonus compensation plan maintained by the Company for such year;
      provided, however, that such amount shall in no event be less than the highest
      amount in effect for Executive at any time during the Period of
      Employment.

     

    2.18  "Welfare
      Plan" shall mean any health and dental plan, disability plan, survivor income
      plan or life insurance plan, as defined in Section 3(1) of ERISA, currently
      or
      hereafter made available by the Company in which Executive is eligible to
      participate.

     

    3.  Position,
      Duties; Responsibilities.

     

    3.1  It
      is
      contemplated that during the Period of Employment, Executive shall continue
      to
      serve as a principal officer of the Company; currently President and Chief
      Executive Officer. At all times during the Period of Employment, Executive
      shall
      hold a position of responsibility and importance with duties and
      responsibilities at least equal in scope, responsibility and importance to
      and
      commensurate with the position of President and Chief Executive Officer.

     

    3.2  Throughout
      the Period of Employment Executive shall devote his full time and undivided
      attention during normal business hours to the business and affairs of the
      Company except for reasonable vacations. The office of Executive shall be
      located at the principal offices of the Company within the Racine, Wisconsin
      area and Executive shall not be required to locate his office elsewhere without
      his prior written consent.

     

    4.  Compensation;
      Compensation Plans; Perquisites.

     

    4.1  For
      all
      services rendered by Executive during the Period of Employment, Executive shall
      be paid as compensation: 

     

    (a)  A
      base
      salary, payable not less often than monthly, of no less than $702,000 per year,
      with such increases in such rate as shall be awarded from time to time in
      accordance with the Company's regular administrative practices of other salary
      increases applicable to executives of the Company in effect on the date of
      this
      Agreement; and

     

    (b)  An
      annual
      incentive award or bonus under the Company's Management Incentive Plan, or
      such
      equivalent successor plan as may be adopted by the Company.

     

    4.2  During
      the Period of Employment Executive shall be and continue to be a full
      participant in any and all executive incentive plans in which executives of
      the
      Company participate that are in effect on the date hereof and that may hereafter
      be adopted, including, without limitation, any stock option, stock purchase,
      stock appreciation right plans, restricted stock plans, or equivalent successor
      plans that may be adopted by the Company, with at least the same reward
      opportunities that have heretofore been provided. Nothing in this Agreement
      shall preclude improvement of reward opportunities in such plans or other plans
      in accordance with the present practice of the Company.

     

    4.3  During
      the Period of Employment, Executive shall be entitled to participate in
      executive perquisites of the Company as determined by the Board of Directors
      for
      key employees, including without limitation, an office, secretarial and clerical
      services, paid annual Mayo Clinic Visits and income tax and estate planning
      services.

     

    5.  Employee
      Benefit Plans.

     

    5.1  Executive,
      his dependents and beneficiaries, including, without limitation, any beneficiary
      of a joint and survivor or other optional method of payment applicable to the
      payment of benefits under the Retirement Plans and any disability plan of the
      Company, shall be entitled to all payments and benefits during the Period of
      Employment to which officers of the Company, their dependents and beneficiaries,
      are entitled as the result of the employment of such officers under the terms
      of
      employee plans and practices of the Company for which officers, their dependents
      and beneficiaries, are eligible depending upon date hire, and to all payments
      or
      other benefits under any such plan or practice subsequent to the Period of
      Employment as a result of participation in such plan or practice during
      employment.

     

    5.2  Nothing
      in this Agreement shall preclude the Company from amending or terminating any
      employee benefit plan or practice, but, it being the intent of the parties
      that
      Executive shall continue to be entitled during the Period of Employment to
      perquisites as set forth in section 4.3 above and to benefits and service credit
      for benefits under section 5.1 above through the Period of Employment
      hereunder.

     

    6.  Supplemental
      Retirement Benefit.

     

    Since
      certain limitations are placed on the amount of benefits receivable by
      participants under certain of the Company's Retirement Plans and disability
      plans and amounts contributed by the Company to certain Defined Contribution
      Plans by the Code, the Company shall provide Executive and his beneficiaries
      with restorative benefits equal to the benefits lost under those plans as a
      result of these limitations. Payments of such supplemental benefits shall be
      made to Executive or his beneficiaries in a manner consistent with the elections
      available under the plans providing such supplemental benefits.

     

    7.  Effect
      of Death or Disability Prior to a Change in Control.

     

    7.1  In
      the
      event of the death of Executive during the Period of Employment and prior to
      a
      Change in Control, the legal representative of Executive shall be entitled
      to
      the compensation provided for in section 4.1 above for the month in which death
      occurred.

     

    7.2  In
      the
      event of the Disability of Executive during the Period of Employment and prior
      to a Change in Control, Executive shall be entitled for a period of twelve
      (12)
      months to the benefits provided for in sections 4.1(a) and 4.1(b) above, at
      the
      rate being paid at the time of the commencement of Disability. After a
      disability period of twelve (12) months, Executive shall receive disability
      payments of 60% of the monthly compensation set forth in sections 4.1(a) and
      4.1(b) less the amount of any Company group insured long-term disability
      benefits he receives. These disability payments are to continue to be paid
      to
      Executive until the end of the Period of Employment. This shall not preclude
      Executive from receiving disability benefits after the Period of Employment
      under the Company's group long-term disability plan. The term "Disability"
      as
      used in this Agreement shall mean the person (i) is unable to engage in any
      substantial gainful activity by reason of any medically determinable physical
      or
      mental impairment that can be expected to result in death or can be expected
      to
      last for a continuous period of not less than twelve months, (ii) is, by reason
      of any medically determinable physical or mental impairment that can be expected
      to result in death or can be expected to last for a continuous period of not
      less than twelve months, receiving income replacement benefits for a period
      of
      not less than three months under an accident and health plan covering employees
      of the participant’s employer, or (iii) is determined to be disabled by the
      Social Security Administration. 

     

    8.  Termination
      of Employment Prior to a Change in Control.

     

    8.1  In
      the
      event of a termination by the Company without Good Cause or a termination by
      Executive for Good Reason during the Period of Employment and prior to a Change
      in Control, the provisions of this section 8 shall apply. Any provision of
      this
      Agreement to the contrary notwithstanding, the payments, benefits and other
      matters provided in this section 8 in the event of such a Termination are in
      addition to any such items provided by section 6.

     

    8.2  In
      the
      event of a termination of employment pursuant to section 8.1 above, the Company
      shall, as liquidated damages, severance pay, and payment for services rendered
      in the past, pay to Executive an amount equal to the Average Annual Earnings
      of
      Executive during the remainder of the Period of Employment. Such amount shall
      be
      paid to Executive in a lump sum within 60 days after his date of termination
      of
      employment,
      but not
      earlier than the first date on which the Company may make such payment without
      causing an additional tax to be paid by Executive under Section 409A of the
      Internal Revenue Code and the regulations thereunder (“Section
      409A”).
      During
      the remaining Period of Employment, Executive, his dependents and beneficiaries
      shall continue to be entitled to all benefits under employee benefit plans
      of
      the Company as if Executive were still employed and the period for which such
      payments are provided shall be continued service with the Company for the
      purpose of continued credits under the employee benefits plans and for purposes
      of determining payments and other rights in respect of awards made or accrued
      prior to termination under Executive incentive plans referred to in section
      4.2;
      provided, however, if continued participation in any one or more of such plans
      is not possible under the terms thereof, the Company shall provide substantially
      identical benefits. In the event the Company contributions for coverage under
      the Welfare Plans would be treated as deferred compensation under Section 409A
      and contributions during the six (6) months following the date of Executive’s
      separation from service would cause Executive to be subject to an additional
      tax
      under Section 409A, Executive shall pay the entire cost of coverage during
      such
      six-month period and the Company shall reimburse Executive for the amount that
      the Company would have paid during such period on the first
      date that the Company may make such payment without causing an additional tax
      to
      be paid by Executive under Section 409A.
      

     

    8.3  If
      prior
      to a Change in Control the employment of Executive with the Company is
      terminated by the Company for Good Cause or by Executive other than for Good
      Reason, Executive's Base Salary shall be paid through the date of his
      termination, and the Company shall have no further obligation to Executive
      or
      any other person under this Agreement. Such termination shall have no effect
      upon Employee's other rights, including but not limited to, rights under the
      Retirement Plans, Defined Contribution Plans and the Welfare Plans. In the
      event
      that Executive's employment shall be terminated by the Company during the Period
      of Employment and such termination is alleged to be for Good Cause, or the
      Company shall withhold payments or provision of benefits because Executive
      is
      alleged to be engaged in Competition in breach of the provisions of section
      12
      below or for any other reason, Executive shall have the right, in addition
      to
      all other rights and remedies provided by law, at his election either to seek
      binding arbitration within the Racine, Wisconsin area or other mutually
      agreeable area under the rules of the American Arbitration Association, or
      to
      institute a judicial proceeding; all costs of such arbitration or judicial
      proceeding including all attorney fees, are to be borne by the Company if
      Executive prevails.

     

    9.  Termination
      of Employment Following a Change in Control.

     

    9.1  The
      following provisions will apply if a Change in Control occurs during Executive’s
      active employment with the Company, and at any time during the 24 months after
      the Change in Control occurs, the employment of Executive with the Company
      is
      terminated by the Company for any reason other than Good Cause or Executive
      terminates his employment with the Company for any reason:

     

    (a)  Base
      Salary and Bonus.
      The
      Company shall pay Executive an amount equal to three times the greater of:
      (A)
      the sum of Executive's Base Salary and Target Bonus, or (B) Executive's Average
      Annual Earnings. Such amount shall be paid to Executive in a lump sum within
      60
      days after his date of termination of employment,
      but not
      earlier than six (6) months following the date of termination in the event
      Executive terminates his employment with the Company for any reason.

     

    (b)  Pro
      Rata Target Bonus.
      The
      Company shall pay Executive an amount equal to the pro rata portion of the
      Target Bonus that is applicable to the period commencing on the first day of
      the
      fiscal year in which the employment of Executive is terminated and ending on
      the
      date of such termination. Such amount shall be paid to Executive in a lump
      sum
      within 60 days after his date of termination of employment,
      but not
      earlier than six (6) months following the date of termination in the event
      Executive terminates his employment with the Company for any reason.

     

    (c)  Supplemental
      Pension Benefit.

     

    (1) The
      Company shall pay to Executive a monthly Supplemental Pension Benefit in an
      amount equal to the amount determined pursuant to clause a. below less the
      amount determined pursuant to clause b. below:

     

    a. if
      the
      Pension Plan is not frozen with regard to compensation, the aggregate monthly
      amount of the pension benefit (“Pension”) that would have been payable to
      Executive under all Pension Plans if that Pension were computed by considering
      his monthly compensation during the three years following the termination of
      Executive following a Change in Control (the “Severance Period”) to be
      one-twelfth of his Base Salary and one-twelfth of the Target Bonus for all
      purposes of the Pension Plans;

     

    b. the
      aggregate monthly amount of any Pension actually paid to Executive under all
      Pension Plans.

     

    (2) The
      Supplemental Pension Benefit payable to Executive hereunder shall be paid to
      Executive in a lump sum within 60 days after his date of termination of
      employment,
      but not
      earlier than six (6) months following the date termination in the event
      Executive terminates his employment with the Company for any reason.  

     

    (3) If
      Executive dies prior to commencement of payment to him of his Pension under
      the
      Pension Plans, under circumstances in which a death benefit under the Pension
      Plans is payable to his surviving spouse or other beneficiary, then the Company
      shall pay a monthly Supplemental Death Benefit to Executive’s surviving spouse
      or other beneficiary entitled to receive the death benefit payable with respect
      to Executive under the Pension Plans in an amount equal to the amount determined
      pursuant to clause a. below less the amount determined pursuant to clause b.
      below:

     

    a. the
      aggregate monthly amount of the death benefit that would have been payable
      to
      the surviving spouse or other beneficiary of Executive under the Pension Plans
      if that death benefit were computed by considering his monthly compensation
      during the Severance Period to be one-twelfth of his Base Salary and one-twelfth
      of the Target Bonus for all purposes of the Pension Plans;

     

    b. the
      aggregate monthly amount of any death benefit actually paid to the surviving
      spouse or other beneficiary of Executive under the Pension Plans.

     

    (4) The
      Supplemental Death Benefit payable with respect to Executive hereunder shall
      be
      payable at the same time and to the same persons as is applicable to the death
      benefit payable with respect to Executive under the Pension Plans.

     

    (5) Any
      actuarial adjustments made under the Pension Plans with respect to the form
      or
      time of payment of a Pension or death benefit to Executive or his surviving
      spouse or other beneficiary under the Pension Plans shall also be applicable
      to
      the Supplemental Pension Benefit or Supplemental Death Benefit payable hereunder
      and shall be based upon the same actuarial assumptions as those specified in
      the
      Pension Plans.

     

    (d)  Defined
      Contribution Supplement.
      

     

    (1)  For
      each
      calendar year ending during the Severance Period, the Company shall pay to
      Executive a Supplemental Defined Contribution Benefit in an amount equal to
      the
      amount determined pursuant to clause a. below less the amount determined
      pursuant to clause b. below:

     

    a.  the
      amount that would have been allocated to Executive's accounts under all Defined
      Contribution Plans ("Accounts") during such calendar year, assuming (A) that
      the
      amount of Executive's elective deferrals (as defined in Section 402(g)(3) of
      the
      Code) equals the amount of such elective deferrals Executive authorized in
      the
      calendar year immediately preceding the calendar year in which the date of
      commencement of the Severance Period occurs; (B) that all the Company
      contributions (except elective deferrals as defined in Section 402(g)(3) of
      the
      Code) were allocated to Executive's Accounts during such calendar year, in
      the
      amount that would have been allocated on behalf of Executive had Executive
      been
      actively employed during such calendar year; and (C) that Executive's rate
      of
      compensation (as defined in the applicable Defined Contribution Plan for
      purposes of determining the Company contributions) during such calendar year
      is
      identical to such rate of compensation on the date immediately preceding his
      termination of employment;

     

    b.  the
      amount, if any, actually allocated to Executive's Accounts during such
      year.

     

    (2)  Each
      Supplemental Defined Contribution Benefit shall be paid to Executive in a lump
      sum no later than 60 days after the end of each applicable calendar year during
      the Severance Period,
      but not
      earlier than six (6) months following the date of termination in the event
      Executive terminates his employment with the Company for any
      reason.

     

    (3)  In
      the
      event of Executive's death prior to the end of the Severance Period, the
      Supplemental Defined Contribution Benefit shall continue to accrue for the
      duration of the Severance Period on the same basis as if Executive had not
      died.
      Such Supplemental Defined Contribution Benefit shall be payable to Executive's
      Beneficiary at the same time and manner as such Benefit would have been paid
      to
      Executive.

     

    (e)  Acceleration
      of Option Vesting; Lapse of Restrictions on Shares of Stock.
      If upon
      the date of termination of Executive’s employment Executive holds any options
      with respect to stock of the Company, all such options will immediately become
      vested and exercisable upon such date and will be exercisable for 36 months
      thereafter. Any restrictions on stock of the Company owned by Executive on
      the
      date of termination of his employment will lapse on such date.

     

    (f)  Welfare
      Plan Coverage.
      During
      the Severance Period, Executive and his spouse and other dependents will
      continue to be covered by all Welfare Plans maintained by the Company in which
      he and his spouse and other dependents were participating immediately prior
      to
      the date of his termination as if he continued to be an employee of the Company
      and the Company will continue to pay the costs of coverage of Executive and
      his
      spouse and other dependents under such Welfare Plans on the same basis as is
      applicable to active employees covered thereunder; provided that, if
      participation in any one or more of such Welfare Plans is not possible under
      the
      terms thereof, the Company will provide substantially identical benefits. For
      purposes of the continuation of Executive's group health plan coverage required
      under Code Section 4980B, to the extent permitted by the applicable group health
      plan, (i) the period of extended coverage referred to in Code Section
      4890B(f)(2)(B)(i)(I) shall commence on the first date that follows the end
      of
      the Severance Period, and (ii) the applicable notice period provided under
      Code
      Section 4980B(f)(6)(B) shall commence on the first date that follows the end
      of
      the Severance Period. In the event the Company contributions for coverage under
      the Welfare Plans would be treated as deferred compensation under Section 409A
      and contributions during the six (6) months following the date of Executive’s
      separation from service would cause Executive to be subject to an additional
      tax
      under Section 409A, Executive shall pay the entire cost of coverage during
      such
      six-month period and the Company shall reimburse Executive for the amount that
      the Company would have paid during such period on the first
      date that the Company may make such payment without causing an additional tax
      to
      be paid by Executive under Section 409A.
      

     

    9.2  If
      after
      a Change in Control the employment of Executive with the Company is terminated
      by the Company or Executive other than under circumstances set forth in section
      9.1, Executive's Base Salary shall be paid through the date of his termination,
      and the Company shall have no further obligation to Executive or any other
      person under this Agreement. Such termination shall have no effect upon
      Employee's other rights, including but not limited to, rights under the
      Retirement Plans and the Welfare Plans.

     

    9.3  Notwithstanding
      anything herein to the contrary, in the event the Company shall terminate the
      employment of Executive for Good Cause hereunder, the Company shall give
      Executive at least thirty (30) days prior written notice specifying in detail
      the reason or reasons for Executive's termination.

     

    9.4  This
      section 9 shall have no effect, and the Company shall have no obligations under
      this section 9, if Executive's employment terminates for any reason at any
      time
      other than during the 24 months following a Change in Control.

     

    9.5  If
      Executive's employment with the Company terminates under circumstances described
      in section 9.1, then upon Executive's subsequent death, all unpaid amounts
      payable to Executive under sections 9.1(a) or 9.1(b), or section 10 shall be
      paid to his Beneficiary, all amounts payable under section 9.1(c) and 9.1(d)
      shall be paid pursuant to the terms of said section to his spouse or other
      beneficiary under the applicable plans, and if section 9.1 applies, his spouse
      and other dependents shall continue to be covered under all applicable Welfare
      Plans during the remainder of the Severance Period, if any, pursuant to section
      9.1(f).

     

    9.6  The
      Company shall pay Executive's reasonable attorneys' fees and legal expenses
      in
      connection with any judicial proceeding to enforce, construe or determine
      Executive's right to payments and benefits under this section 9, if Executive
      is
      a Prevailing Party in such litigation. Executive shall be deemed a "Prevailing
      Party" if (a) a court enters a judgment in his favor in connection with such
      litigation, or (b) the Company and Executive enter into a written agreement
      of
      settlement of such litigation. If Executive is not a Prevailing Party in such
      litigation, the Company shall pay Executive's reasonable attorney's fees and
      legal expenses in connection therewith, up to a maximum of $100,000.

     

    10.  Excise
      Tax. 

     

    10.1  In
      the
      event that a Change in Control shall occur, and a final determination is made
      by
      legislation, regulation, ruling directed to Executive or the Company, by court
      decision, or by independent tax counsel described in section 10.2 below, that
      the aggregate amount of any payment made to Executive (a) hereunder, and (b)
      pursuant to any plan, program or policy of the Company in connection with,
      on
      account of, or as a result of, a Change in Control ("Total Payments") will
      be
      subject to the excise tax provisions of Section 4999 of the Code, or any
      successor section thereof, Executive shall be entitled to receive from the
      Company, in addition to any other amounts payable hereunder, a lump sum payment
      (the "Gross-Up Payment"), sufficient to cover the full cost of such excise
      taxes
      and Executive's federal, state and local income and employment taxes on this
      additional payment, so that the net amount retained by Executive, after the
      payment of all such excise taxes on the Total Payments, and all federal, state
      and local income and employment taxes and excise taxes on the Gross-Up Payment,
      shall be equal to the Total Payments. The Total Payments, however, shall be
      subject to any federal, state and local income and employment taxes thereon.
      For
      this purpose, Executive shall be deemed to be in the highest marginal rate
      of
      federal, state and local taxes. The Gross-Up Payment shall be made at the same
      time as the payments described in section 9.1 above.

     

    10.2  Employer
      and Executive shall mutually and reasonably determine the amount of the Gross-Up
      Payment to be made to Executive pursuant to section 10.1. Prior to the making
      of
      any such Gross-Up Payment, either party may request a determination as to the
      amount of such Gross-Up Payment. If such a determination is requested, it shall
      be made promptly, at the Company's expense, by independent tax counsel selected
      by Executive and approved by the Company (which approval shall not unreasonably
      be withheld), and such determination shall be conclusive and binding on the
      parties. The Company shall provide such information as such counsel may
      reasonably request, and such counsel may engage accountants or other experts
      at
      the Company's expense to the extent that they deem necessary or advisable to
      enable them to reach a determination. The term "independent tax counsel," as
      used herein, shall mean a law firm of recognized expertise in federal income
      tax
      matters that has not previously advised or represented either party. It is
      hereby agreed that neither the Company nor Executive shall engage any such
      firm
      as counsel for any purpose, other than to make the determination provided for
      herein, for three years following such firm's announcement of its
      determination.

     

    10.3  In
      the
      event the Internal Revenue Service subsequently adjusts the excise tax
      computation made pursuant to sections 10.1 and 10.2 above, the Company shall
      pay
      to Executive, or Executive shall pay to the Company, as the case may be, the
      full amount necessary to make either Executive or the Company whole had the
      excise tax initially been computed as subsequently adjusted, including the
      amount of any underpaid or overpaid excise tax, and any related interest and/or
      penalties due to the Internal Revenue Service.

     

    11.  No
      Obligation to Mitigate Damages.

     

    Executive
      shall not be required to mitigate the amount of compensation and benefits under
      this Agreement by seeking employment with others, or otherwise, and the amount
      of such compensation and benefits shall not be reduced or offset in any way
      by
      any income or benefits earned by Executive from another employer or other source
      after the termination becomes effective.

     

    12.  Confidential
      Information; Non Compete.

     

    12.1  Executive
      agrees not to disclose (either while in the Company's employ, or at any time
      thereafter), to any person not employed by the Company, or not engaged to render
      services to the Company, except with the prior written consent of an officer
      authorized to act in the matter by the Board of Directors of the Company, any
      confidential information obtained by him while in the employ of the Company,
      including, without limitation, information relating to any of the Company's
      inventions, processes, formulae, plans, devises, compilations of information,
      methods of distribution, customers, client relationships, marketing strategies
      or trade secrets; provided, however, that this provision shall not preclude
      Executive from use or disclosure of information known generally to the public
      or
      of information not considered confidential by persons engaged in the business
      conducted by the Company or from disclosure required by law or Court order.
      The
      Agreement herein made in this section 12.1 shall be in addition to, and not
      in
      limitation or derogation of, any obligations otherwise imposed by law upon
      Executive in respect of confidential information and trade secrets of the
      Company, its subsidiaries and Affiliates. If Executive shall at any time violate
      any obligation of his under section 12.1 in a manner that results in
      demonstrably material injury to the Company, he shall immediately forfeit his
      right to any benefits under this Agreement, and Employer shall thereafter have
      no further obligation hereunder to Executive or his spouse, Beneficiary or
      any
      other person.

     

    12.2  Subject
      to the provisions of section 8.3 above, there shall be no obligation on the
      part
      of the Company to make any further payments under Section 8 or provide any
      benefits required under this Agreement pursuant to Section 8 if Executive shall,
      during the period that such payments are being made or benefits provided, engage
      in Competition with the Company as hereinafter defined. 

     

    12.3  The
      word
      "Competition" for the purposes of this section 12.3 and any other provision
      of
      this Agreement shall mean (a) taking a management position with or control
      of a
      business engaged in the design, development, manufacture, marketing or
      distribution of products, that constituted 5% or more of the sales of the
      Company and its subsidiaries and Affiliates during the last fiscal year of
      the
      Company preceding the termination of Executive's employment, in any geographical
      area in which the Company, its subsidiaries or Affiliates is at the time
      engaging in the design, development, manufacture, marketing or distribution
      of
      such products; provided, however, that in no event shall ownership of less than
      5% of the outstanding capital stock entitled to vote for the election of
      directors of a corporation with a class of equity securities held of record
      by
      more than 500 persons, standing alone, be deemed Competition with the Company
      within the meaning of this section 12.3, (b) soliciting any person who is a
      customer of the businesses conducted by the Company, or any business in which
      Executive has been engaged on behalf of the Company and its subsidiaries or
      Affiliates at any time during the term of this Agreement on behalf of a business
      described in clause (a) of this section 12.3, or (c) inducing or attempting
      to
      persuade any employee of the Company or any of its subsidiaries or Affiliates
      to
      terminate his or her employment relationship in order to enter into employment
      with a business described in clause (a) of this section 12.3. 

     

    13.  Notices.

     

    All
      notices, requests, demands and other communications provided for by this
      Agreement shall be in writing and shall be sufficiently given if and when mailed
      in the continental United States by registered or certified mail or personally
      delivered to the party entitled thereof at the address given from time to time
      by the parties to this Agreement that address shall be such address as the
      addressee may have given most recently by a similar notice. Any such notice
      delivered in person shall be deemed to have been received on the date of
      delivery.

     

    14.  General
      Provisions.

     

    14.1  There
      shall be no right of setoff or counterclaim in respect of any claim, debt or
      obligation against any payments to Executive, his dependents, beneficiaries
      or
      estate, provided for in this Agreement. 

     

    14.2  The
      Company and Executive recognize that each party will have no adequate remedy
      at
      law for breach by the other of any of the agreements contained in this Agreement
      and, in the event of any such breach, the Company and Executive hereby agree
      and
      consent that the other shall be entitled to a decree of specific performance,
      mandamus or other appropriate remedy to enforce performance of such
      agreements.

     

    14.3  No
      right
      or interest to or in any payments shall be assignable by Executive; provided,
      however, that this provision shall not preclude him from designating one or
      more
      beneficiaries to receive any amount that may be payable after his death and
      shall not preclude the legal representative of his estate from assigning any
      right hereunder to the person or persons entitled thereto under his will or,
      in
      the case of intestacy, to the person or persons entitled thereto under the
      laws
      of intestacy applicable to his estate.

     

    14.4  No
      right,
      benefit or interest hereunder, shall be subject to anticipation, alienation,
      sale, assignment, encumbrance, charge, pledge, hypothecation, or setoff in
      respect of any claim, debt or obligation, or to execution, attachment, levy
      or
      similar process, or assignment by operation of law. Any attempt, voluntary
      or
      involuntary, to effect any action specified in the immediately preceding
      sentence shall, to the full extent permitted by law, be null, void and of no
      effect. 

     

    14.5  No
      waiver
      by any party at any time of any breach by the other party of, or compliance
      with, any condition or provision of this Agreement to be performed by such
      other
      party shall be deemed a waiver of any other provisions or conditions at the
      same
      time or at any prior or subsequent time.

     

    14.6  Except
      as
      herein provided, Executive shall not have any present right, title or interest
      whatsoever in or to any investments that the Company may make to aid it in
      meeting is obligations under this Agreement. Nothing contained in this Agreement
      shall create or be construed to create a trust of any kind, or a fiduciary
      relationship between the Company and Executive or any other person.

     

    14.7  In
      the
      event of Executive's death or a judicial determination of his incompetence,
      reference in this agreement to Executive shall be deemed, where appropriate,
      to
      refer to his legal representative or, where appropriate, to his Beneficiary
      or
      Beneficiaries. 

     

    14.8  This
      Agreement shall be binding upon and shall inure to the benefit of Executive,
      his
      heirs and legal representatives, and the Company and its successors, including,
      without limitation, any corporate or corporations acquiring directly or
      indirectly all or substantially all of the assets of the Company whether by
      merger, consolidation, sale or otherwise (and such successors shall thereafter
      be deemed embraced with the term "the Company" for the purposes of this
      Agreement). 

     

    14.9  In
      the
      event that any provision of this agreement, or portion thereof, shall be
      determined to be invalid or unenforceable for any reason, in whole or in part,
      the remaining provisions of this Agreement and parts of such provision not
      so
      invalid or unenforceable shall be unaffected thereby and shall remain in full
      force and effect to the fullest extent permitted by law.

     

    14.10  This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original.

     

    14.11  For
      purposes of this Agreement, (a) employment or termination of employment of
      Executive shall mean employment or termination of employment with the Company
      and all Affiliates, (b) Base Salary, Target Bonus, Five-Year Average Base Salary
      and Five-Year Average Actual Bonus shall include remuneration received by
      Executive from the Company and all Affiliates, and (c) the terms Defined
      Contribution Plan, Retirement Plan and Welfare Plan maintained or made available
      by the Company shall include any such plans of any Affiliate of the
      Company.

     

    14.12  The
      validity, interpretation, construction, performance and enforcement of this
      Agreement shall be governed by the laws of the State of Wisconsin. 

     

    15.  Entire
      Agreement; Amendment or Modification.

     

    15.1  This
      Agreement contains the entire Agreement between the Company and Executive and
      supersedes any and all previous agreements; written or oral; between the parties
      relating to the subject matter hereof, including without limitation the
      Employment Agreement dated as May 16, 2001 between Executive and the Company
      and
      the Change of Control and Termination Agreement effective May 20, 1999 between
      Executive and the Company. 

     

    15.2  No
      provision of this Agreement may be amended, modified or waived unless such
      amendment, modification or waiver shall be authorized by the Board of Directors
      of the Company or any authorized committee of the board of Directors and shall
      be agreed to in writing, signed by Executive and by an officer of the Company
      hereunto duly authorized.

     

    16.  Compliance
      with Section 409A of the Internal Revenue Code.
      

     

    If
      any
      payment or benefit provided under this Agreement is reasonably determined by
      either party to be subject to for any reason to a material risk of additional
      tax under Section 409A of the Code, Executive and the Company agree to take
      such
      reasonable steps as may be appropriate to avoid such additional tax without
      materially changing the economic value of the Agreement to either
      party.

     

    17. Benefits
      Unfunded.
       

     

    All
      rights under this Agreement of Executive and his spouse, Beneficiary or other
      beneficiary under the Retirement Plans, shall at all times be entirely unfunded,
      and no provision shall at any time be made with respect to segregating any
      assets of the Company for payment of any amounts due hereunder. None of
      Executive, his spouse, Beneficiary or any other beneficiary under the Retirement
      Plans shall have any interest in or rights against any specific assets of the
      Company, and Executive and his spouse, Beneficiary or other beneficiary shall
      have only the rights of a general unsecured creditor of the Company.
      Notwithstanding the preceding provisions of this section 17, the Officer
      Nomination and Compensation Committee of the Board of Directors of the Company,
      in its discretion, shall have the right, at any time and from time to time,
      to
      cause amounts payable or potentially payable to Executive, his spouse or his
      Beneficiary to be paid to the trustee of a Rabbi Trust or any similar trust
      to
      be established by the Company.

     

    

     

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement this 15th
      day
      of June, 2007.

    

    

    MODINE
      MANUFACTURING COMPANY

    

    BY:
      

    

    

    /s/
      Gary L. Neale    

    Gary
      L.
      Neale

    Chairman
      of the Officer Nomination & Compensation

    Committee
      of the Company’s Board of Directors

    

    EXECUTIVE

    

    DAVID
      B.
      RAYBURN

    

    

    /s/
      David B. Rayburn    

    David
      B.
      Rayburn

    (SEAL)

    

    

    Attest:

    

    

    

    /s/
      Dean R. Zakos    

    Dean
      R.
      Zakos, SecretaryEmployment Agreement - Bradley Richardson

    Exhibit
      10.2

    

    MODINE
      MANUFACTURING COMPANY

    EMPLOYMENT
      AGREEMENT

    

    THIS
      EMPLOYMENT AGREEMENT made and entered into as of the 15th day of June, 2007,
      by
      and between Modine Manufacturing Company, a Wisconsin corporation, having its
      principal place of business in Racine, Wisconsin (the "Company"), and Bradley
      C.
      Richardson of Racine, Wisconsin ("Executive"). 

    

    WHEREAS,
      the Company has previously entered into an employment agreement with Executive;
      and

    

    WHEREAS,
      the Company has previously entered into a change in control and termination
      agreement with Executive; 

    

    WHEREAS,
      the Company and Executive wish to consolidate the terms of the prior employment
      agreement and the prior change in control and termination agreement into a
      single employment agreement that complies with Section 409A of the Internal
      Revenue Code; and 

    

    WHEREAS,
      the Company desires to engage Executive and Executive is desirous of committing
      himself to serve the Company for the period and on the terms herein provided.
      

    

    NOW,
      THEREFORE, in consideration of the foregoing and the respective covenants and
      agreements of the parties herein contained, the parties hereto agree as
      follows:

    

    1.  Employment;
      Period of Employment.

     

    The
      period of employment shall be the period beginning on the date hereof and
      terminating on the date 36 months after such date (the "Period of Employment"),
      provided that for each day from and after the date hereof the Period of
      Employment will automatically be extended for an additional day, unless either
      the Company or Executive has given written notice to the other party of its
      or
      his election to cease such automatic extension, in which case the Period of
      Employment shall be the 36-month period beginning on the date such notice is
      received by such other party.

     

    2.  Definitions. 

     

    For
      purposes of this Agreement:

     

    2.1  “Actual
      Bonus” shall mean the amount of Executive’s incentive bonus compensation
      actually payable for a fiscal year under an incentive compensation plan
      maintained by the Company. 

     

    2.2  "Affiliate"
      or "Associate" shall have the meaning set forth in Rule 12b-2 under the
      Securities Exchange Act of 1934, as amended.

     

    2.3  "Average
      Annual Earnings" shall mean the sum of Executive's Five-Year Average Base Salary
      and his Five-Year Average Actual Bonus. 

     

    2.4  "Base
      Salary" shall mean Executive's per annum base salary at the rate in effect
      on
      the date of a termination of employment; provided, however, that for purposes
      of
      Section 9, such rate shall in no event be less than the highest rate in
      effective for Executive at any time during the Period of
      Employment.

     

    2.5  "Beneficiary"
      shall mean the person or entity designated by Executive, by written instrument
      delivered to the Company, to receive the benefits payable under this Agreement
      in the event of his death. If Executive fails to designate a Beneficiary, or
      if
      no Beneficiary survives Executive, such death benefits shall be
      paid:

     

    (a)  to
      his
      surviving spouse; or

     

    (b)  if
      there
      is no surviving spouse, to his living descendants per
      stirpes;
      or

     

    (c)  if
      there
      is neither a surviving spouse nor descendants, to his duly appointed and
      qualified executor or personal representative.

     

    2.6  A
      "Change
      in Control" shall be deemed to take place on the occurrence of any of the
      following events:

     

    (a)  The
      commencement by an entity, person or group (other than the Company or an
      Affiliate or Associate) of a tender offer for at least 30% of the outstanding
      capital stock of the Company entitled to vote in elections of directors ("Voting
      Power");

     

    (b)  The
      effective time of (i) a merger or consolidation of the Company with one or
      more
      other corporations as a result of which the holders of the outstanding Voting
      Power of the Company immediately prior to such merger or consolidation (other
      than the surviving or resulting corporation or any Affiliate or Associate
      thereof) hold less than 50% of the Voting Power of the surviving or resulting
      corporation, or (ii) a transfer of 30% of the Voting Power, or a Substantial
      Portion of the Property, of the Company other than to an entity of which the
      Company owns at least 50% of the Voting Power; or

     

    (c)  During
      any period of 24 months that ends during the Period of Employment, regardless
      of
      whether such period commences before or after the effective date of this
      Agreement, the persons who at the beginning of such 24-month period were
      directors of the Company cease for any reason to constitute at least a majority
      of the Board of Directors of the Company.

     

    2.7  "Code"
      shall mean the Internal Revenue Code of 1986, as amended.

     

    2.8  "Defined
      Contribution Plan" shall mean any Retirement Plan that is a defined contribution
      plan as defined in Section 3(34) of the Employee Retirement Income Security
      Act
      of 1974, as amended ("ERISA").

     

    2.9  "Five-Year
      Average Base Salary" shall mean the average of Executive's per annum Base Salary
      (determined without reference to the proviso in section 2.4) payable for the
      five-year period ending on the last day of the Company's fiscal year immediately
      preceding the fiscal year of Executive's Termination; provided, however, if
      Executive had not been employed for the entire five-year period, "Five-Year
      Average Base Salary" shall mean the average of Executive's per annum Base Salary
      payable over his actual period of employment. 

     

    2.10  "Five-Year
      Average Actual Bonus" shall mean the average of Executive's Actual Bonus payable
      under the Company's Management Incentive Plan, or such equivalent successor
      plan
      as may be adopted by the Company, for the five-year period ending on the last
      day of the Company's fiscal year immediately preceding the fiscal year of
      Executive's Termination; provided, however, if Executive had not been employed
      for the entire five-year period, "Five-Year Average Actual Bonus" shall mean
      the
      average of Executive's Actual Bonus payable over his actual period of
      employment.

     

    2.11  "Good
      Cause" shall be deemed to exist if, and only if:

     

    (a)  Executive
      engages in an act of dishonesty constituting a felony that results or is
      intended to result directly or indirectly in gain or personal enrichment at
      the
      expense of the Company; or 

     

    (b)  Executive
      breaches any provision of section 12 (relating to confidential information),
      and
      such breach results in a demonstrably material injury to the
      Company.

     

    2.12  "Good
      Reason" shall mean at least one of the following events has occurred without
      the
      consent of Executive:

     

    (a)  A
      material diminution in Executive’s Base Salary;

     

    (b)  A
      material diminution in Executive’s authority, duties or
      responsibilities;

     

    (c)  A
      material diminution in the authority, duties, or responsibilities of the
      supervisor to whom Executive is required to report; or

     

    (d)  A
      material diminution in the budget over which Executive retains
      authority;

     

    (e)  A
      material change in the geographic location at which Executive must perform
      the
      services; or

     

    (f)  Any
      other
      action or inaction that constitutes a material breach of the terms of this
      Agreement 

     

    provided
      that in any event set forth in this section 2.12, (i) Executive shall have
      provided notice of the Good Reason condition to the Company and election to
      terminate his employment under this Agreement within 90 days of the occurrence
      of the Good Reason event and (ii) the Company’s 30 day cure period has expired.

     

    An
      election by Executive to terminate his employment for Good Reason shall not
      be
      deemed a voluntary termination of employment by Executive for the purpose of
      this Agreement or any plan or practice of the Company.

     

    2.13  “Pension
      Plan” shall mean any Retirement Plan that is a defined benefit plan as defined
      in Section 3(35) of ERISA.

     

    2.14  "Retirement
      Plan" shall mean any qualified or supplemental employee pension benefit plan,
      as
      defined in Section 3(2) of ERISA, currently or hereinafter made available by
      the
      Company in which Executive is eligible to participate.

     

    2.15  "Severance
      Period" shall mean the period beginning on the date Executive's employment
      with
      the Company terminates under circumstances described in section 9.1 of this
      Agreement and ending on the date 36 months thereafter.

     

    2.16  "Substantial
      Portion of the Property of the Company" shall mean 50% of the aggregate book
      value of the assets of the Company and its Affiliates and Associates as set
      forth on the most recent balance sheet of the Company, prepared on a
      consolidated basis, and reviewed by its regularly employed, independent,
      certified public accountants.

     

    2.17  "Target
      Bonus" shall mean the amount of Executive's target annual incentive bonus
      compensation for the fiscal year in which the date of a termination of
      employment under circumstances described in section 9.1 below occurs, under
      the
      incentive bonus compensation plan maintained by the Company for such year;
      provided, however, that such amount shall in no event be less than the highest
      amount in effect for Executive at any time during the Period of
      Employment.

     

    2.18  "Welfare
      Plan" shall mean any health and dental plan, disability plan, survivor income
      plan or life insurance plan, as defined in Section 3(1) of ERISA, currently
      or
      hereafter made available by the Company in which Executive is eligible to
      participate.

     

    3.  Position,
      Duties; Responsibilities.

     

    3.1  It
      is
      contemplated that during the Period of Employment, Executive shall continue
      to
      serve as a principal officer of the Company; currently Executive Vice President,
      Finance and Chief Financial Officer. At all times during the Period of
      Employment, Executive shall hold a position of responsibility and importance
      with duties and responsibilities at least equal in scope, responsibility and
      importance to and commensurate with the position of Executive Vice President,
      Finance and Chief Financial Officer. 

     

    3.2  Throughout
      the Period of Employment Executive shall devote his full time and undivided
      attention during normal business hours to the business and affairs of the
      Company except for reasonable vacations. The office of Executive shall be
      located at the principal offices of the Company within the Racine, Wisconsin
      area and Executive shall not be required to locate his office elsewhere without
      his prior written consent.

     

    4.  Compensation;
      Compensation Plans; Perquisites.

     

    4.1  For
      all
      services rendered by Executive during the Period of Employment, Executive shall
      be paid as compensation: 

     

    (a)  A
      base
      salary, payable not less often than monthly, of no less than $405,000 per year,
      with such increases in such rate as shall be awarded from time to time in
      accordance with the Company's regular administrative practices of other salary
      increases applicable to executives of the Company in effect on the date of
      this
      Agreement; and

     

    (b)  An
      annual
      incentive award or bonus under the Company's Management Incentive Plan, or
      such
      equivalent successor plan as may be adopted by the Company.

     

    4.2  During
      the Period of Employment Executive shall be and continue to be a full
      participant in any and all executive incentive plans in which executives of
      the
      Company participate that are in effect on the date hereof and that may hereafter
      be adopted, including, without limitation, any stock option, stock purchase,
      stock appreciation right plans, restricted stock plans, or equivalent successor
      plans that may be adopted by the Company, with at least the same reward
      opportunities that have heretofore been provided. Nothing in this Agreement
      shall preclude improvement of reward opportunities in such plans or other plans
      in accordance with the present practice of the Company.

     

    4.3  During
      the Period of Employment, Executive shall be entitled to participate in
      executive perquisites of the Company as determined by the Board of Directors
      for
      key employees, including without limitation, an office, secretarial and clerical
      services, paid annual Mayo Clinic Visits and income tax and estate planning
      services.

     

    5.  Employee
      Benefit Plans.

     

    5.1  Executive,
      his dependents and beneficiaries, including, without limitation, any beneficiary
      of a joint and survivor or other optional method of payment applicable to the
      payment of benefits under the Retirement Plans and any disability plan of the
      Company, shall be entitled to all payments and benefits during the Period of
      Employment to which officers of the Company, their dependents and beneficiaries,
      are entitled as the result of the employment of such officers under the terms
      of
      employee plans and practices of the Company for which officers, their dependents
      and beneficiaries, are eligible depending upon date hire, and to all payments
      or
      other benefits under any such plan or practice subsequent to the Period of
      Employment as a result of participation in such plan or practice during
      employment. Notwithstanding anything in this Section 5.1 to the contrary,
      Executive shall be entitled to participate in such retiree medical and welfare
      plans and other present or equivalent successor plans and practices of the
      Company (if any), at the then current contribution rates for which salaried
      employees, their dependents and beneficiaries are eligible, regardless of date
      of hire or service credit as required by such plans, if Executive retires after
      age 55 with at least ten years of service.

     

    5.2  Nothing
      in this Agreement shall preclude the Company from amending or terminating any
      employee benefit plan or practice, but, it being the intent of the parties
      that
      Executive shall continue to be entitled during the Period of Employment to
      perquisites as set forth in section 4.3 above and to benefits and service credit
      for benefits under section 5.1 above through the Period of Employment
      hereunder.

     

    6.  Supplemental
      Retirement Benefit.

     

    Since
      certain limitations are placed on the amount of benefits receivable by
      participants under certain of the Company's Retirement Plans and disability
      plans and amounts contributed by the Company to certain Defined Contribution
      Plans by the Code, the Company shall provide Executive and his beneficiaries
      with restorative benefits equal to the benefits lost under those plans as a
      result of these limitations. Payments of such supplemental benefits shall be
      made to Executive or his beneficiaries in a manner consistent with the elections
      available under the plans providing such supplemental benefits.

     

    7.  Effect
      of Death or Disability Prior to a Change in Control.

     

    7.1  In
      the
      event of the death of Executive during the Period of Employment and prior to
      a
      Change in Control, the legal representative of Executive shall be entitled
      to
      the compensation provided for in section 4.1 above for the month in which death
      occurred.

     

    7.2  In
      the
      event of the Disability of Executive during the Period of Employment and prior
      to a Change in Control, Executive shall be entitled for a period of twelve
      (12)
      months to the benefits provided for in sections 4.1(a) and 4.1(b) above, at
      the
      rate being paid at the time of the commencement of Disability. After a
      disability period of twelve (12) months, Executive shall receive disability
      payments of 60% of the monthly compensation set forth in sections 4.1(a) and
      4.1(b) less the amount of any Company group insured long-term disability
      benefits he receives. These disability payments are to continue to be paid
      to
      Executive until the end of the Period of Employment. This shall not preclude
      Executive from receiving disability benefits after the Period of Employment
      under the Company's group long-term disability plan. The term "Disability"
      as
      used in this Agreement shall mean the person (i) is unable to engage in any
      substantial gainful activity by reason of any medically determinable physical
      or
      mental impairment that can be expected to result in death or can be expected
      to
      last for a continuous period of not less than twelve months, (ii) is, by reason
      of any medically determinable physical or mental impairment that can be expected
      to result in death or can be expected to last for a continuous period of not
      less than twelve months, receiving income replacement benefits for a period
      of
      not less than three months under an accident and health plan covering employees
      of the participant’s employer, or (iii) is determined to be disabled by the
      Social Security Administration. 

     

    8.  Termination
      of Employment Prior to a Change in Control.

     

    8.1  In
      the
      event of a termination by the Company without Good Cause or a termination by
      Executive for Good Reason during the Period of Employment and prior to a Change
      in Control, the provisions of this section 8 shall apply. Any provision of
      this
      Agreement to the contrary notwithstanding, the payments, benefits and other
      matters provided in this section 8 in the event of such a Termination are in
      addition to any such items provided by section 6.

     

    8.2  In
      the
      event of a termination of employment pursuant to section 8.1 above, the Company
      shall, as liquidated damages, severance pay, and payment for services rendered
      in the past, pay to Executive an amount equal to the Average Annual Earnings
      of
      Executive during the remainder of the Period of Employment. Such amount shall
      be
      paid to Executive in a lump sum within 60 days after his date of termination
      of
      employment,
      but not
      earlier than the first date on which the Company may make such payment without
      causing an additional tax to be paid by Executive under Section 409A of the
      Internal Revenue Code and the regulations thereunder (“Section
      409A”).
      During
      the remaining Period of Employment, Executive, his dependents and beneficiaries
      shall continue to be entitled to all benefits under employee benefit plans
      of
      the Company as if Executive were still employed and the period for which such
      payments are provided shall be continued service with the Company for the
      purpose of continued credits under the employee benefits plans and for purposes
      of determining payments and other rights in respect of awards made or accrued
      prior to termination under Executive incentive plans referred to in section
      4.2;
      provided, however, if continued participation in any one or more of such plans
      is not possible under the terms thereof, the Company shall provide substantially
      identical benefits. In the event the Company contributions for coverage under
      the Welfare Plans would be treated as deferred compensation under Section 409A
      and contributions during the six (6) months following the date of Executive’s
      separation from service would cause Executive to be subject to an additional
      tax
      under Section 409A, Executive shall pay the entire cost of coverage during
      such
      six-month period and the Company shall reimburse Executive for the amount that
      the Company would have paid during such period on the first
      date that the Company may make such payment without causing an additional tax
      to
      be paid by Executive under Section 409A.
      

     

    8.3  If
      prior
      to a Change in Control the employment of Executive with the Company is
      terminated by the Company for Good Cause or by Executive other than for Good
      Reason, Executive's Base Salary shall be paid through the date of his
      termination, and the Company shall have no further obligation to Executive
      or
      any other person under this Agreement. Such termination shall have no effect
      upon Employee's other rights, including but not limited to, rights under the
      Retirement Plans, Defined Contribution Plans and the Welfare Plans. In the
      event
      that Executive's employment shall be terminated by the Company during the Period
      of Employment and such termination is alleged to be for Good Cause, or the
      Company shall withhold payments or provision of benefits because Executive
      is
      alleged to be engaged in Competition in breach of the provisions of section
      12
      below or for any other reason, Executive shall have the right, in addition
      to
      all other rights and remedies provided by law, at his election either to seek
      binding arbitration within the Racine, Wisconsin area or other mutually
      agreeable area under the rules of the American Arbitration Association, or
      to
      institute a judicial proceeding; all costs of such arbitration or judicial
      proceeding including all attorney fees, are to be borne by the Company if
      Executive prevails.

     

    9.  Termination
      of Employment Following a Change in Control.

     

    9.1  The
      following provisions will apply if a Change in Control occurs during Executive’s
      active employment with the Company, and at any time during the 24 months after
      the Change in Control occurs, the employment of Executive with the Company
      is
      terminated by the Company for any reason other than Good Cause or Executive
      terminates his employment with the Company for any reason:

     

    (a)  Base
      Salary and Bonus.
      The
      Company shall pay Executive an amount equal to three times the greater of:
      (A)
      the sum of Executive's Base Salary and Target Bonus, or (B) Executive's Average
      Annual Earnings. Such amount shall be paid to Executive in a lump sum within
      60
      days after his date of termination of employment,
      but not
      earlier than six (6) months following the date of termination in the event
      Executive terminates his employment with the Company for any reason.

     

    (b)  Pro
      Rata Target Bonus.
      The
      Company shall pay Executive an amount equal to the pro rata portion of the
      Target Bonus that is applicable to the period commencing on the first day of
      the
      fiscal year in which the employment of Executive is terminated and ending on
      the
      date of such termination. Such amount shall be paid to Executive in a lump
      sum
      within 60 days after his date of termination of employment,
      but not
      earlier than six (6) months following the date of termination in the event
      Executive terminates his employment with the Company for any reason.

     

    (c)  Supplemental
      Pension Benefit.

     

    (1) The
      Company shall pay to Executive a monthly Supplemental Pension Benefit in an
      amount equal to the amount determined pursuant to clause a. below less the
      amount determined pursuant to clause b. below:

     

    a. if
      the
      Pension Plan is not frozen with regard to compensation, the aggregate monthly
      amount of the pension benefit (“Pension”) that would have been payable to
      Executive under all Pension Plans if that Pension were computed by considering
      his monthly compensation during the three years following the termination of
      Executive following a Change in Control (the “Severance Period”) to be
      one-twelfth of his Base Salary and one-twelfth of the Target Bonus for all
      purposes of the Pension Plans;

     

    b. the
      aggregate monthly amount of any Pension actually paid to Executive under all
      Pension Plans.

     

    (2) The
      Supplemental Pension Benefit payable to Executive hereunder shall be paid to
      Executive in a lump sum within 60 days after his date of termination of
      employment,
      but not
      earlier than six (6) months following the date termination in the event
      Executive terminates his employment with the Company for any reason.  

     

    (3) If
      Executive dies prior to commencement of payment to him of his Pension under
      the
      Pension Plans, under circumstances in which a death benefit under the Pension
      Plans is payable to his surviving spouse or other beneficiary, then the Company
      shall pay a monthly Supplemental Death Benefit to Executive’s surviving spouse
      or other beneficiary entitled to receive the death benefit payable with respect
      to Executive under the Pension Plans in an amount equal to the amount determined
      pursuant to clause a. below less the amount determined pursuant to clause b.
      below:

     

    a. the
      aggregate monthly amount of the death benefit that would have been payable
      to
      the surviving spouse or other beneficiary of Executive under the Pension Plans
      if that death benefit were computed by considering his monthly compensation
      during the Severance Period to be one-twelfth of his Base Salary and one-twelfth
      of the Target Bonus for all purposes of the Pension Plans;

     

    b. the
      aggregate monthly amount of any death benefit actually paid to the surviving
      spouse or other beneficiary of Executive under the Pension Plans.

     

    (4) The
      Supplemental Death Benefit payable with respect to Executive hereunder shall
      be
      payable at the same time and to the same persons as is applicable to the death
      benefit payable with respect to Executive under the Pension Plans.

     

    (5) Any
      actuarial adjustments made under the Pension Plans with respect to the form
      or
      time of payment of a Pension or death benefit to Executive or his surviving
      spouse or other beneficiary under the Pension Plans shall also be applicable
      to
      the Supplemental Pension Benefit or Supplemental Death Benefit payable hereunder
      and shall be based upon the same actuarial assumptions as those specified in
      the
      Pension Plans.

     

    (d)  Defined
      Contribution Supplement.
      

     

    (1)  For
      each
      calendar year ending during the Severance Period, the Company shall pay to
      Executive a Supplemental Defined Contribution Benefit in an amount equal to
      the
      amount determined pursuant to clause a. below less the amount determined
      pursuant to clause b. below:

     

    a.  the
      amount that would have been allocated to Executive's accounts under all Defined
      Contribution Plans ("Accounts") during such calendar year, assuming (A) that
      the
      amount of Executive's elective deferrals (as defined in Section 402(g)(3) of
      the
      Code) equals the amount of such elective deferrals Executive authorized in
      the
      calendar year immediately preceding the calendar year in which the date of
      commencement of the Severance Period occurs; (B) that all the Company
      contributions (except elective deferrals as defined in Section 402(g)(3) of
      the
      Code) were allocated to Executive's Accounts during such calendar year, in
      the
      amount that would have been allocated on behalf of Executive had Executive
      been
      actively employed during such calendar year; and (C) that Executive's rate
      of
      compensation (as defined in the applicable Defined Contribution Plan for
      purposes of determining the Company contributions) during such calendar year
      is
      identical to such rate of compensation on the date immediately preceding his
      termination of employment;

     

    b.  the
      amount, if any, actually allocated to Executive's Accounts during such
      year.

     

    (2)  Each
      Supplemental Defined Contribution Benefit shall be paid to Executive in a lump
      sum no later than 60 days after the end of each applicable calendar year during
      the Severance Period,
      but not
      earlier than six (6) months following the date of termination in the event
      Executive terminates his employment with the Company for any
      reason.

     

    (3)  In
      the
      event of Executive's death prior to the end of the Severance Period, the
      Supplemental Defined Contribution Benefit shall continue to accrue for the
      duration of the Severance Period on the same basis as if Executive had not
      died.
      Such Supplemental Defined Contribution Benefit shall be payable to Executive's
      Beneficiary at the same time and manner as such Benefit would have been paid
      to
      Executive.

     

    (e)  Acceleration
      of Option Vesting; Lapse of Restrictions on Shares of Stock.
      If upon
      the date of termination of Executive’s employment Executive holds any options
      with respect to stock of the Company, all such options will immediately become
      vested and exercisable upon such date and will be exercisable for 36 months
      thereafter. Any restrictions on stock of the Company owned by Executive on
      the
      date of termination of his employment will lapse on such date.

     

    (f)  Welfare
      Plan Coverage.
      During
      the Severance Period, Executive and his spouse and other dependents will
      continue to be covered by all Welfare Plans maintained by the Company in which
      he and his spouse and other dependents were participating immediately prior
      to
      the date of his termination as if he continued to be an employee of the Company
      and the Company will continue to pay the costs of coverage of Executive and
      his
      spouse and other dependents under such Welfare Plans on the same basis as is
      applicable to active employees covered thereunder; provided that, if
      participation in any one or more of such Welfare Plans is not possible under
      the
      terms thereof, the Company will provide substantially identical benefits. For
      purposes of the continuation of Executive's group health plan coverage required
      under Code Section 4980B, to the extent permitted by the applicable group health
      plan, (i) the period of extended coverage referred to in Code Section
      4890B(f)(2)(B)(i)(I) shall commence on the first date that follows the end
      of
      the Severance Period, and (ii) the applicable notice period provided under
      Code
      Section 4980B(f)(6)(B) shall commence on the first date that follows the end
      of
      the Severance Period. In the event the Company contributions for coverage under
      the Welfare Plans would be treated as deferred compensation under Section 409A
      and contributions during the six (6) months following the date of Executive’s
      separation from service would cause Executive to be subject to an additional
      tax
      under Section 409A, Executive shall pay the entire cost of coverage during
      such
      six-month period and the Company shall reimburse Executive for the amount that
      the Company would have paid during such period on the first
      date that the Company may make such payment without causing an additional tax
      to
      be paid by Executive under Section 409A.
      

     

    9.2  If
      after
      a Change in Control the employment of Executive with the Company is terminated
      by the Company or Executive other than under circumstances set forth in section
      9.1, Executive's Base Salary shall be paid through the date of his termination,
      and the Company shall have no further obligation to Executive or any other
      person under this Agreement. Such termination shall have no effect upon
      Employee's other rights, including but not limited to, rights under the
      Retirement Plans and the Welfare Plans.

     

    9.3  Notwithstanding
      anything herein to the contrary, in the event the Company shall terminate the
      employment of Executive for Good Cause hereunder, the Company shall give
      Executive at least thirty (30) days prior written notice specifying in detail
      the reason or reasons for Executive's termination.

     

    9.4  This
      section 9 shall have no effect, and the Company shall have no obligations under
      this section 9, if Executive's employment terminates for any reason at any
      time
      other than during the 24 months following a Change in Control.

     

    9.5  If
      Executive's employment with the Company terminates under circumstances described
      in section 9.1, then upon Executive's subsequent death, all unpaid amounts
      payable to Executive under sections 9.1(a) or 9.1(b), or section 10 shall be
      paid to his Beneficiary, all amounts payable under section 9.1(c) and 9.1(d)
      shall be paid pursuant to the terms of said section to his spouse or other
      beneficiary under the applicable plans, and if section 9.1 applies, his spouse
      and other dependents shall continue to be covered under all applicable Welfare
      Plans during the remainder of the Severance Period, if any, pursuant to section
      9.1(f).

     

    9.6  The
      Company shall pay Executive's reasonable attorneys' fees and legal expenses
      in
      connection with any judicial proceeding to enforce, construe or determine
      Executive's right to payments and benefits under this section 9, if Executive
      is
      a Prevailing Party in such litigation. Executive shall be deemed a "Prevailing
      Party" if (a) a court enters a judgment in his favor in connection with such
      litigation, or (b) the Company and Executive enter into a written agreement
      of
      settlement of such litigation. If Executive is not a Prevailing Party in such
      litigation, the Company shall pay Executive's reasonable attorney's fees and
      legal expenses in connection therewith, up to a maximum of $100,000.

     

    10.  Excise
      Tax. 

     

    10.1  In
      the
      event that a Change in Control shall occur, and a final determination is made
      by
      legislation, regulation, ruling directed to Executive or the Company, by court
      decision, or by independent tax counsel described in section 10.2 below, that
      the aggregate amount of any payment made to Executive (a) hereunder, and (b)
      pursuant to any plan, program or policy of the Company in connection with,
      on
      account of, or as a result of, a Change in Control ("Total Payments") will
      be
      subject to the excise tax provisions of Section 4999 of the Code, or any
      successor section thereof, Executive shall be entitled to receive from the
      Company, in addition to any other amounts payable hereunder, a lump sum payment
      (the "Gross-Up Payment"), sufficient to cover the full cost of such excise
      taxes
      and Executive's federal, state and local income and employment taxes on this
      additional payment, so that the net amount retained by Executive, after the
      payment of all such excise taxes on the Total Payments, and all federal, state
      and local income and employment taxes and excise taxes on the Gross-Up Payment,
      shall be equal to the Total Payments. The Total Payments, however, shall be
      subject to any federal, state and local income and employment taxes thereon.
      For
      this purpose, Executive shall be deemed to be in the highest marginal rate
      of
      federal, state and local taxes. The Gross-Up Payment shall be made at the same
      time as the payments described in section 9.1 above.

     

    10.2  Employer
      and Executive shall mutually and reasonably determine the amount of the Gross-Up
      Payment to be made to Executive pursuant to section 10.1. Prior to the making
      of
      any such Gross-Up Payment, either party may request a determination as to the
      amount of such Gross-Up Payment. If such a determination is requested, it shall
      be made promptly, at the Company's expense, by independent tax counsel selected
      by Executive and approved by the Company (which approval shall not unreasonably
      be withheld), and such determination shall be conclusive and binding on the
      parties. The Company shall provide such information as such counsel may
      reasonably request, and such counsel may engage accountants or other experts
      at
      the Company's expense to the extent that they deem necessary or advisable to
      enable them to reach a determination. The term "independent tax counsel," as
      used herein, shall mean a law firm of recognized expertise in federal income
      tax
      matters that has not previously advised or represented either party. It is
      hereby agreed that neither the Company nor Executive shall engage any such
      firm
      as counsel for any purpose, other than to make the determination provided for
      herein, for three years following such firm's announcement of its
      determination.

     

    10.3  In
      the
      event the Internal Revenue Service subsequently adjusts the excise tax
      computation made pursuant to sections 10.1 and 10.2 above, the Company shall
      pay
      to Executive, or Executive shall pay to the Company, as the case may be, the
      full amount necessary to make either Executive or the Company whole had the
      excise tax initially been computed as subsequently adjusted, including the
      amount of any underpaid or overpaid excise tax, and any related interest and/or
      penalties due to the Internal Revenue Service.

     

    11.  No
      Obligation to Mitigate Damages.

     

    Executive
      shall not be required to mitigate the amount of compensation and benefits under
      this Agreement by seeking employment with others, or otherwise, and the amount
      of such compensation and benefits shall not be reduced or offset in any way
      by
      any income or benefits earned by Executive from another employer or other source
      after the termination becomes effective.

     

    12.  Confidential
      Information; Non Compete.

     

    12.1  Executive
      agrees not to disclose (either while in the Company's employ, or at any time
      thereafter), to any person not employed by the Company, or not engaged to render
      services to the Company, except with the prior written consent of an officer
      authorized to act in the matter by the Board of Directors of the Company, any
      confidential information obtained by him while in the employ of the Company,
      including, without limitation, information relating to any of the Company's
      inventions, processes, formulae, plans, devises, compilations of information,
      methods of distribution, customers, client relationships, marketing strategies
      or trade secrets; provided, however, that this provision shall not preclude
      Executive from use or disclosure of information known generally to the public
      or
      of information not considered confidential by persons engaged in the business
      conducted by the Company or from disclosure required by law or Court order.
      The
      Agreement herein made in this section 12.1 shall be in addition to, and not
      in
      limitation or derogation of, any obligations otherwise imposed by law upon
      Executive in respect of confidential information and trade secrets of the
      Company, its subsidiaries and Affiliates. If Executive shall at any time violate
      any obligation of his under section 12.1 in a manner that results in
      demonstrably material injury to the Company, he shall immediately forfeit his
      right to any benefits under this Agreement, and Employer shall thereafter have
      no further obligation hereunder to Executive or his spouse, Beneficiary or
      any
      other person.

     

    12.2  Subject
      to the provisions of section 8.3 above, there shall be no obligation on the
      part
      of the Company to make any further payments under Section 8 or provide any
      benefits required under this Agreement pursuant to Section 8 if Executive shall,
      during the period that such payments are being made or benefits provided, engage
      in Competition with the Company as hereinafter defined. 

     

    12.3  The
      word
      "Competition" for the purposes of this section 12.3 and any other provision
      of
      this Agreement shall mean (a) taking a management position with or control
      of a
      business engaged in the design, development, manufacture, marketing or
      distribution of products, that constituted 5% or more of the sales of the
      Company and its subsidiaries and Affiliates during the last fiscal year of
      the
      Company preceding the termination of Executive's employment, in any geographical
      area in which the Company, its subsidiaries or Affiliates is at the time
      engaging in the design, development, manufacture, marketing or distribution
      of
      such products; provided, however, that in no event shall ownership of less
      than
      5% of the outstanding capital stock entitled to vote for the election of
      directors of a corporation with a class of equity securities held of record
      by
      more than 500 persons, standing alone, be deemed Competition with the Company
      within the meaning of this section 12.3, (b) soliciting any person who is a
      customer of the businesses conducted by the Company, or any business in which
      Executive has been engaged on behalf of the Company and its subsidiaries or
      Affiliates at any time during the term of this Agreement on behalf of a business
      described in clause (a) of this section 12.3, or (c) inducing or attempting
      to
      persuade any employee of the Company or any of its subsidiaries or Affiliates
      to
      terminate his or her employment relationship in order to enter into employment
      with a business described in clause (a) of this section 12.3. 

     

    13.  Notices.

     

    All
      notices, requests, demands and other communications provided for by this
      Agreement shall be in writing and shall be sufficiently given if and when mailed
      in the continental United States by registered or certified mail or personally
      delivered to the party entitled thereof at the address given from time to time
      by the parties to this Agreement that address shall be such address as the
      addressee may have given most recently by a similar notice. Any such notice
      delivered in person shall be deemed to have been received on the date of
      delivery.

     

    14.  General
      Provisions.

     

    14.1  There
      shall be no right of setoff or counterclaim in respect of any claim, debt or
      obligation against any payments to Executive, his dependents, beneficiaries
      or
      estate, provided for in this Agreement. 

     

    14.2  The
      Company and Executive recognize that each party will have no adequate remedy
      at
      law for breach by the other of any of the agreements contained in this Agreement
      and, in the event of any such breach, the Company and Executive hereby agree
      and
      consent that the other shall be entitled to a decree of specific performance,
      mandamus or other appropriate remedy to enforce performance of such
      agreements.

     

    14.3  No
      right
      or interest to or in any payments shall be assignable by Executive; provided,
      however, that this provision shall not preclude him from designating one or
      more
      beneficiaries to receive any amount that may be payable after his death and
      shall not preclude the legal representative of his estate from assigning any
      right hereunder to the person or persons entitled thereto under his will or,
      in
      the case of intestacy, to the person or persons entitled thereto under the
      laws
      of intestacy applicable to his estate.

     

    14.4  No
      right,
      benefit or interest hereunder, shall be subject to anticipation, alienation,
      sale, assignment, encumbrance, charge, pledge, hypothecation, or setoff in
      respect of any claim, debt or obligation, or to execution, attachment, levy
      or
      similar process, or assignment by operation of law. Any attempt, voluntary
      or
      involuntary, to effect any action specified in the immediately preceding
      sentence shall, to the full extent permitted by law, be null, void and of no
      effect. 

     

    14.5  No
      waiver
      by any party at any time of any breach by the other party of, or compliance
      with, any condition or provision of this Agreement to be performed by such
      other
      party shall be deemed a waiver of any other provisions or conditions at the
      same
      time or at any prior or subsequent time.

     

    14.6  Except
      as
      herein provided, Executive shall not have any present right, title or interest
      whatsoever in or to any investments that the Company may make to aid it in
      meeting is obligations under this Agreement. Nothing contained in this Agreement
      shall create or be construed to create a trust of any kind, or a fiduciary
      relationship between the Company and Executive or any other person.

     

    14.7  In
      the
      event of Executive's death or a judicial determination of his incompetence,
      reference in this agreement to Executive shall be deemed, where appropriate,
      to
      refer to his legal representative or, where appropriate, to his Beneficiary
      or
      Beneficiaries. 

     

    14.8  This
      Agreement shall be binding upon and shall inure to the benefit of Executive,
      his
      heirs and legal representatives, and the Company and its successors, including,
      without limitation, any corporate or corporations acquiring directly or
      indirectly all or substantially all of the assets of the Company whether by
      merger, consolidation, sale or otherwise (and such successors shall thereafter
      be deemed embraced with the term "the Company" for the purposes of this
      Agreement). 

     

    14.9  In
      the
      event that any provision of this agreement, or portion thereof, shall be
      determined to be invalid or unenforceable for any reason, in whole or in part,
      the remaining provisions of this Agreement and parts of such provision not
      so
      invalid or unenforceable shall be unaffected thereby and shall remain in full
      force and effect to the fullest extent permitted by law.

     

    14.10  This
      Agreement may be executed in counterparts, each of which shall be deemed an
      original.

     

    14.11  For
      purposes of this Agreement, (a) employment or termination of employment of
      Executive shall mean employment or termination of employment with the Company
      and all Affiliates, (b) Base Salary, Target Bonus, Five-Year Average Base Salary
      and Five-Year Average Actual Bonus shall include remuneration received by
      Executive from the Company and all Affiliates, and (c) the terms Defined
      Contribution Plan, Retirement Plan and Welfare Plan maintained or made available
      by the Company shall include any such plans of any Affiliate of the
      Company.

     

    14.12  The
      validity, interpretation, construction, performance and enforcement of this
      Agreement shall be governed by the laws of the State of Wisconsin. 

     

    15.  Entire
      Agreement; Amendment or Modification.

     

    15.1  This
      Agreement contains the entire Agreement between the Company and Executive and
      supersedes any and all previous agreements; written or oral; between the parties
      relating to the subject matter hereof, including without limitation the
      Employment Agreement dated as May 12, 2003 between Executive and the Company
      and
      the Change of Control and Termination Agreement effective May 12, 2003 between
      Executive and the Company. 

     

    15.2  No
      provision of this Agreement may be amended, modified or waived unless such
      amendment, modification or waiver shall be authorized by the Board of Directors
      of the Company or any authorized committee of the board of Directors and shall
      be agreed to in writing, signed by Executive and by an officer of the Company
      hereunto duly authorized.

     

    16.  Compliance
      with Section 409A of the Internal Revenue Code.
      

     

    If
      any
      payment or benefit provided under this Agreement is reasonably determined by
      either party to be subject to for any reason to a material risk of additional
      tax under Section 409A of the Code, Executive and the Company agree to take
      such
      reasonable steps as may be appropriate to avoid such additional tax without
      materially changing the economic value of the Agreement to either
      party.

     

    17. Benefits
      Unfunded.
       

     

    All
      rights under this Agreement of Executive and his spouse, Beneficiary or other
      beneficiary under the Retirement Plans, shall at all times be entirely unfunded,
      and no provision shall at any time be made with respect to segregating any
      assets of the Company for payment of any amounts due hereunder. None of
      Executive, his spouse, Beneficiary or any other beneficiary under the Retirement
      Plans shall have any interest in or rights against any specific assets of the
      Company, and Executive and his spouse, Beneficiary or other beneficiary shall
      have only the rights of a general unsecured creditor of the Company.
      Notwithstanding the preceding provisions of this section 17, the Officer
      Nomination and Compensation Committee of the Board of Directors of the Company,
      in its discretion, shall have the right, at any time and from time to time,
      to
      cause amounts payable or potentially payable to Executive, his spouse or his
      Beneficiary to be paid to the trustee of a Rabbi Trust or any similar trust
      to
      be established by the Company.

     

    

     

     

    
      
        1

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Agreement this 15th
      day
      of June, 2007.

    

    

    MODINE
      MANUFACTURING COMPANY

    

    BY:
      

    

    

    /s/
      David B. Rayburn    

    David
      B.
      Rayburn

    President
      and Chief Executive Officer

    

    EXECUTIVE

    

    BRADLEY
      C. RICHARDSON

    

    

    /s/
      Bradley C. Richardson   

    Bradley
      C. Richardson

    (SEAL)

    

    

    Attest:

    

    

    

    /s/
      Dean R. Zakos    

    Dean
      R.
      Zakos, Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00125-of-00352.parquet"}]]