Document:

Exhibit 10.5

 

Execution Version

 

AMENDED AND RESTATED SECURITIES SUBSCRIPTION
AGREEMENT

 

This Amended and Restated
Securities Subscription Agreement (this “Agreement”), dated as of September 10, 2020 and effective as of September
1, 2020, is made and entered into by and between Rice Acquisition Corp., a Delaware corporation (the “Company”), and
Rice Acquisition Sponsor LLC, a Delaware limited liability company (the “Buyer”), and amends and restates in its entirety
that certain Securities Subscription Agreement, dated September 1, 2020, by and between the Company and the Buyer.

 

RECITALS:

 

WHEREAS, the
Buyer wishes to subscribe for and purchase from the Company an aggregate of 2,500 shares of the Company’s Class A Common
Stock (as defined below) (the “Class A Shares”) and 5,750,100 of the Company’s Class B Common Stock (as defined
below) (the “Class B Shares” and, together with the Class A Shares, the “Shares”). Up to 750,000 of the
Class B Shares are subject to forfeiture by the Buyer to the extent that the underwriters of the initial public offering (“IPO”)
of the Company’s units do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company
wishes to issue and sell the Shares to the Buyer, on the terms and subject to the conditions set forth in this Agreement.

 

AGREEMENT:

 

NOW, THEREFORE,
in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE I

DEFINITIONS

 

The terms defined in
this Article I shall have for all purposes of this Agreement the respective meanings set forth below:

 

“Agreement”
shall have the meaning set forth in the preamble to this Agreement.

 

“Buyer”
shall have the meaning set forth in the preamble to this Agreement.

 

“Class A Common
Stock” shall mean the Class A Common Stock, $0.0001 par value per share, of the Company.

 

“Class B Common
Stock” shall mean the Class B Common Stock, $0.0001 par value per share, of the Company.

 

“Closing”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Closing Date”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement.

 

    	 	 	 

     

    

 

“Consent”
means any consent, approval, notification, waiver, or other similar action that is necessary or convenient.

 

“Governmental
Body” shall mean any legislature, agency, bureau, branch, department, division, commission, court, tribunal or other similar
recognized organization or body of any federal, state, county, municipal, local or foreign government or other similar recognized
organization or body exercising similar powers or authority.

 

“Law” shall
mean any law (statutory, common or otherwise), constitution, ordinance, rule, regulation, executive order or other similar authority
enacted, adopted, promulgated or applied by any Governmental Body.

 

“Lien”
shall mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, charge, restriction, lien (statutory or otherwise,
including, without limitation, any lien for taxes), security interest, preference, participation interest, priority or security
agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or
other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing and
the filing of any document under the law of any applicable jurisdiction to evidence any of the foregoing, other than (i) statutory,
mechanics’ or other Liens incurred in the Company’s ordinary course of business or (ii) Liens for taxes incurred but
not yet due.

 

“Order”
shall mean an order, ruling, decision, award, judgment, injunction or other similar determination or finding by, before or under
the supervision of any Governmental Body or arbitrator.

 

“Permit”
shall mean a permit, license, certificate, waiver, notice or similar authorization.

 

“Purchase Price”
shall have the meaning set forth in Section 2.2 of this Agreement.

 

“SEC” shall
mean the United States Securities and Exchange Commission.

 

“Securities Act”
shall mean the United States Securities Act of 1933, as amended, or any successor federal statute, and the applicable rules and
regulations promulgated and in effect from time to time thereunder.

 

“Shares”
shall have the meaning set forth in the recitals to this Agreement.

 

ARTICLE II

PURCHASE OF THE SHARES

 

Section 2.1 Purchase
and Sale of the Shares. Subject to the terms and conditions hereof and in reliance upon the representations and warranties
of the parties contained or incorporated by reference herein, simultaneous with the execution hereof, the Company shall sell and
issue to the Buyer, and the Buyer shall subscribe for and purchase from the Company, subject to forfeiture, the Shares, in consideration
of the payment of the Purchase Price noted herein.

 

    	 	2	 

     

    

 

Section 2.2 Purchase
Price. As payment in full for the Shares being subscribed for and purchased under this Agreement, simultaneous with the execution
hereof, the Buyer shall pay $25,000 to the Company by wire transfer of immediately available funds or by such other method as may
be reasonably acceptable to the Company (the “Purchase Price”).

 

Section 2.3 Closing.
The closing of the subscription and issuance of the Shares (the “Closing”) shall be held on the date of this Agreement
(“Closing Date”) at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002,
or such other place as may be agreed upon by the parties hereto.

 

Section 2.4 Closing
Deliveries. All actions taken at the Closing shall be deemed to have been taken simultaneously.

 

(a) Buyer
Deliveries. At the Closing the Buyer shall deliver to the Company the Purchase Price.

 

(b) Company
Deliveries. At the Closing, or within a reasonable time after the Closing but in no event later than thirty (30) days after
the Closing, the Company shall issue the Shares and shall register, or arrange for the registration of, the Shares in the Company’s
register of stockholders.

 

Section 2.5 Further
Assurances. The parties hereto shall execute and deliver such additional documents and take such additional actions as any
party reasonably may deem to be practical and necessary in order to consummate the transactions contemplated by this Agreement.

 

Section 2.6 Legend.
The Shares shall be imprinted with a legend in substantially the following form:

 

“THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED
IN VIOLATION OF SUCH ACT AND LAWS.”

 

“THESE SECURITIES ARE SUBJECT TO
ADDITIONAL RESTRICTIONS ON TRANSFER SET FORTH IN THE LETTER AGREEMENT BY AND BETWEEN THE COMPANY AND THE SPONSOR. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED FROM THE COMPANY AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.”

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE
BUYER

 

The Buyer represents
and warrants that the statements contained in this ARTICLE III are correct and complete as of the date of this Agreement.

 

Section 3.1 Organization
and Good Standing. The Buyer is a limited liability company duly organized, validly existing, and in good standing under the
laws of the state of Delaware.

 

    	 	3	 

     

    

 

Section 3.2 Power
and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the Buyer, enforceable
against the Buyer in accordance with its terms. The Buyer has full entity power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. The Buyer has taken all actions necessary to authorize the execution and delivery of
this Agreement, the performance of its obligations hereunder and the consummation of the transactions contemplated hereby. This
Agreement has been duly authorized, executed and delivered by, and is enforceable against, the Buyer.

 

Section 3.3 Investment
Representations.

 

(a) The
Buyer is an “accredited investor” as defined in Rule 501 of Regulation D under the Securities Act.

 

(b) The
Buyer has received, has thoroughly read, is familiar with and understands the contents of this Agreement.

 

(c) The
Buyer hereby acknowledges that an investment in the Shares involves certain significant risks. The Buyer acknowledges that there
is a substantial risk that it will lose all or a portion of its investment and that it is financially capable of bearing the risk
of such investment for an indefinite period of time. The Buyer has no need for liquidity in its investment in the Shares for the
foreseeable future and is able to bear the risk of that investment for an indefinite period. The Buyer understands that there presently
is no public market for the Shares and none is anticipated to develop in the foreseeable future. The Buyer’s present financial
condition is such that the Buyer is under no present or contemplated future need to dispose of any portion of the Shares subscribed
for hereby to satisfy any existing or contemplated undertaking, need or indebtedness. The Buyer’s overall commitment to investments
which are not readily marketable is not disproportionate to its net worth and the investment in the Company will not cause such
overall commitment to become excessive.

 

(d) The
Buyer acknowledges that the Shares have not been and will not be registered under the Securities Act, or any state securities act,
and are being sold on the basis of exemptions from registration under the Securities Act and applicable state securities acts,
except those state securities acts that require registration of the Shares thereunder. Reliance on such exemptions, where applicable,
is predicated in part on the accuracy of the Buyer’s representations and warranties set forth herein. The Buyer acknowledges
and hereby agrees that the Shares will not be transferable under any circumstances unless the Buyer either registers the Shares
in accordance with federal and state securities laws or finds and complies with an available exemption under such laws. Accordingly,
the Buyer hereby acknowledges that there can be no assurance that it will be able to liquidate its investment in the Company.

 

(e) There
are substantial risk factors pertaining to an investment in the Company. The Buyer acknowledges that it has read the information
set forth above regarding certain of such risks and is familiar with the nature and scope of all such risks, including, without
limitation, risks arising from the fact that the Company is an entity with limited operating history and financial resources; and
the Buyer is fully able to bear the economic risks of such investment for an indefinite period, and can afford a complete loss
thereof.

 

    	 	4	 

     

    

 

(f) The
Buyer has been given the opportunity to (i) ask questions of and receive answers from the Company and its designated representatives
concerning the terms and conditions of the offering, the Company and the business and financial condition of the Company and (ii)
obtain any additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary
to assist the Buyer in evaluating the advisability of the purchase of the Shares and an investment in the Company. The Buyer further
represents and warrants that, prior to signing this Agreement, it has asked such questions, received such answers and obtained
such information as it has deemed necessary or advisable to evaluate the merits and risks of the purchase of the Shares and an
investment in the Company. The Buyer is not relying on any oral representation made by any person as to the Company or its operations,
financial condition or prospects.

 

(g) The
Buyer understands that no federal, state or other governmental authority has made any recommendation, findings or determination
relating to the merits of an investment in the Company.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

 

Section 4.1 Organization
and Good Standing. The Company is a corporation duly organized, validly existing, and in good standing under the laws of the
State of Delaware.

 

Section 4.2 Power
and Authority; Enforceability. This Agreement constitutes the legal, valid, and binding obligation of the Company, enforceable
against the Company in accordance with its terms. The Company has full power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. The Company has taken all actions necessary to authorize the execution and delivery of
this Agreement, the performance of its obligations hereunder, and the consummation of the transactions contemplated hereby. This
Agreement has been duly authorized, executed, and delivered by, and is enforceable against, the Company.

 

Section 4.3 No
Violation; Necessary Approvals. Neither the execution and delivery of this Agreement by the Company, nor the consummation or
performance by the Company of any of transactions contemplated hereby, will: (a) with or without notice or lapse of time, constitute,
create or result in a breach or violation of, default under, loss of benefit or right under or acceleration of performance of any
obligation required under any Law, Order, contract or Permit to which the Company is a party or by which it is bound or any of
its assets are subject, or any provision of the Company’s organizational documents as in effect on the Closing Date, (b)
result in the imposition of any lien, claim or encumbrance upon any assets owned by the Company; (c) require any Consent under
any contract or organizational document to which the Company is a party or by which it is bound; or (d) require any Permit under
any Law or Order other than (i) required filings, if any, with the SEC and (ii) notifications or other filings with state or federal
regulatory agencies after the Closing that are necessary or convenient and do not require approval of the agency as a condition
to the validity of the transactions contemplated hereunder; or (e) trigger any rights of first refusal, preferential purchase or
similar rights with respect to any of the Shares.

 

    	 	5	 

     

    

 

Section 4.4 Authorization
of the Shares. The Shares have been duly authorized and, when issued in accordance with this Agreement and the Company’s
certificate of incorporation, the Shares will be duly and validly issued, fully paid and non-assessable shares of Class A Common
Stock or Class B Common Stock, as applicable, and will be free and clear of all Liens and claims, other than restrictions on transfer
imposed by the Securities Act and applicable state securities laws.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option is not exercised in full, the Buyer acknowledges
and agrees that it (or, if applicable, it and/or any transferees of Class B Shares) shall forfeit any and all rights to such number
of Class B Shares (up to an aggregate of 750,000 Class B Shares (as such amount may be adjusted for share splits, share dividends,
reorganizations, recapitalizations and the like) and pro rata based upon the percentage of the Over-allotment Option exercised)
such that immediately following such forfeiture, the Buyer (and all other initial stockholders of the Company prior to the IPO,
if any) will own an aggregate number of Class B Shares equal to 20% of the issued and outstanding shares of the Class A Common
Stock and Class B Common Stock immediately following the IPO (excluding the Class A Shares issued pursuant hereto and 100 of the
Class B Shares issued pursuant hereto).

 

Section 5.2 Termination
of Rights as Stockholder. If any of the Class B Shares are forfeited in accordance with this Article V, then after such time
the Buyer (or its successor in interest), shall no longer have any rights as a holder of such forfeited Class B Shares, and the
Company shall take such action as is appropriate to cancel such forfeited Class B Shares.

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.1 Entire
Agreement. This Agreement, together with the certificates, documents, instruments and writings that are delivered pursuant
hereto, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate
in any way to the subject matter hereof or the transactions contemplated hereby.

 

Section 6.2 Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and
inure to the benefit of and are enforceable by, the parties hereto and their respective successors.

 

Section 6.3 Assignments.
Except as otherwise provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or obligations
hereunder without the prior written approval of the other party. Any purported assignment in violation of this Section 6.3 shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

    	 	6	 

     

    

 

Section 6.4 Waiver
of Jury Trial. THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE THE RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON
OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THE TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON
LAW AND STATUTORY CLAIMS. THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS
RELATIONSHIP AND THAT THEY WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS
AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE,
MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO. IN THE EVENT OF AN ACTION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 6.5 Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

Section 6.6 Headings.
The article and section headings contained in this Agreement are inserted for convenience only and will not affect in any way
the meaning or interpretation of this Agreement.

 

Section 6.7 Governing
Law. This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the
laws of the State of Delaware, without giving effect to its choice of laws principles.

 

Section 6.8 Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed
by the parties hereto.

 

Section 6.9 Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not
affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied
to any party hereto or to any circumstance, is adjudged by a Governmental Body, arbitrator, or mediator not to be enforceable in
accordance with its terms, the parties hereto agree that the Governmental Body, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

    	 	7	 

     

    

 

Section 6.10 Expenses.
Except as otherwise expressly provided in this Agreement, each party hereto will bear its own costs and expenses incurred in
connection with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated
hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

 

Section 6.11 Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign Law will be deemed also to refer to Law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be
construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless
the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent
significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact
that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative
levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto
is in breach of the first representation, warranty, or covenant.

 

Section 6.12 Waiver.
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

Section 6.13 Purchase
Price Allocation. The parties agree that the Purchase Price shall be allocated (a) $24,000 to the Class A Shares and (b) $1,000
to the Class B Shares.

 

    	 	8	 

     

    

 

 IN WITNESS WHEREOF,
the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	 	
        COMPANY:

	 	 
	 	RICE ACQUISITION CORP.
	 	 
	 	By:	/s/ Daniel Joseph Rice, IV
	 	Name: 	Daniel Joseph Rice, IV
	 	Title:	Chief Executive Officer
	 	 
	 	BUYER:
	 	 
	 	RICE ACQUISITION SPONSOR LLC
	 	 
	 	By:	 /s/ Daniel Joseph Rice, IV
	 	Name:	Daniel Joseph Rice, IV
	 	Title:	Chief Executive Officer

 

 

[Signature Page to the 

Amended and Restated Securities Subscription
Agreement]Exhibit 10.1

  

   

    

  
    MODINE MANUFACTURING COMPANY

    PERFORMANCE CASH AWARD

    AWARD AGREEMENT

    

    

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

     

    	 	
            Full name of Grantee:

          	 
	 	 	 
	 	
            Date of Award:

          	
            October 2, 2020

          
	 	 	 
	 	
            Target amount of

          	 
	 	
            Performance Cash:

          	 
	 	 	 
	 	
            Performance Period:

          	
            April 1, 2020 to March 31, 2023

          

    

    

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

    

    

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

     

    

    
      
        

    

    
    	 	
            Performance Goal: CFROIC

          	
            Performance Cash Award Earned Based on 

            Achievement of Performance Goal

          
	 	
            Threshold:  7.0%

          	
            5% of Target amount of Performance Cash

          
	 	
            Target:   10.5%

          	
            50% of Target amount of Performance Cash

          
	 	
            Maximum:   ≥14.0%

          	
            100% of Target amount of Performance Cash

          

    

    

    	 	
            Performance Goal: Average Annual 

            Revenue Growth

          	
            Performance Cash Award Earned Based on 

            Achievement of Performance Goal

          
	 	
            Threshold:  3.0%

          	
            5% of Target amount of Performance Cash

          
	 	
            Target: 8.0%

          	
            50% of Target amount of Performance Cash

          
	 	
            Maximum: ≥13.0%

          	
            100% of Target amount of Performance Cash

          

    

    

    “CFROIC” or “Cash Flow Return on Invested Capital” means Cash Flow Conversion divided
          by Average Capital Employed.  Cash Flow Conversion equals Adjusted Free Cash Flow, which equals “net cash provided by operating activities”, less “expenditures for property, plant and equipment” (both as reported externally in the
      Company’s consolidated statement of cash flows), plus or minus Permitted Adjustments (defined below) plus Cash Interest, which is cash interest expense paid on outstanding
      debt.  Average Capital Employed for each fiscal year equals total debt plus shareholders’ equity averaged over five points (i.e., the last day of each fiscal quarter and prior fiscal year-end); and where shareholder’s equity excludes shareholder
      equity attributable to minority shareholders.  Permitted Adjustments include:

    

    

    Restructuring Charges

    	

          	•	
            Fees and expenses for restructuring consultants or financial advisors

          

    	

          	•	
            Employee severance, outplacement and related benefits

          

    	

          	•	
            Employee insurance and benefits continuation

          

    	

          	•	
            Contractual salary continuation for terminated employees

          

    	

          	•	
            Equipment transfers and facility preparation

          

    	

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

          

    

    

    Acquisition and Divestiture Charges

    	

          	•	
            Fees and expenses for transaction advisors

          

    	

          	•	
            Integration expenses

          

    	

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

          

    

    

    Other

    	

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

          

    	

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

          

    

    

    
      2

      
        

    

    Adoption of New Accounting Standards

    	

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

          

    

    

    Divestitures

    	

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

          

    

    

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

    

    

    “Average Annual Revenue Growth” means the simple three-year arithmetic average of the Company’s annual change in revenue over the Performance Period, as
      reported externally in the Company’s audited financial statements.

    

    

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

    

    

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

     

    4.  Change in Control.    Notwithstanding anything in this Agreement to the
      contrary, upon a Change in Control, all outstanding Performance Cash Awards shall be deemed to have satisfied the Target Performance Goals and shall be paid pro-rata based upon the period worked during the Performance Period as of the date of an
      involuntary termination of your employment with the Company or a Subsidiary by the Company without Cause or by you for Good Reason within one (1) year following a Change in Control.  “Good Reason” means a material diminution in your base salary;
      material diminution in your annual target bonus opportunity; material diminution in your authority, duties or responsibilities; material diminution in authority, duties or responsibilities of the supervisor to whom you report; material diminution in
      the budget over which you retain authority; or material change in the geographic location at which you must perform services.

     

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

     

    

    
      3

      
        

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

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

    

    

    
      4

      
        

    

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

    

    

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

    

    

    IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed as of October 2, 2020.

    

    

    	 	
            MODINE MANUFACTURING COMPANY

          
	 	 	 
	 	
            By:

          	
            /s/Michael B. Lucareli

          
	 	 	
            Michael B. Lucareli

          
	 	 	
            Interim President and Chief Executive Officer

          

    

    

    

    

  

  5

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