Modine Manufacturing Co: FORM 10-Q

MODINE MANUFACTURING CO
FORM 10-Q
(Quarterly Report)
Filed 08/03/16 for the Period Ending 06/30/16
Address 1500 DEKOVEN AVE

RACINE, WI 53403
Telephone 2626361200
CIK 0000067347
Symbol MOD
SIC Code 3714 - Motor Vehicle Parts and Accessories
Industry Auto & Truck Parts
Sector Consumer Cyclical
Fiscal Year 03/31
http://www.edgar-online.com
Copyright 2016, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
ForthequarterlyperiodendedJune30,2016
or
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Forthetransitionperiodfrom____________to____________
Commissionfilenumber1-1373
MODINE MANUFACTURING COMPANY

(Exactnameofregistrantasspecifiedinitscharter)
WISCONSIN 39-0482000
(Stateorotherjurisdictionofincorporationororganization) (I.R.S.EmployerIdentificationNo.)
1500DeKovenAvenue,Racine,Wisconsin 53403
(Addressofprincipalexecutiveoffices) (ZipCode)
Registrant'stelephonenumber,includingareacode(262)6361200
Indicatebycheckmarkwhethertheregistrant(1)hasfiledallreportsrequiredtobefiledbySection13or15(d)oftheSecuritiesExchangeActof1934duringthe
preceding12months(orsuchshorterperiodthattheregistrantwasrequiredtofilesuchreports),and(2)hasbeensubjecttosuchfilingrequirementsforthepast
90days.
YesNo
IndicatebycheckmarkwhethertheregistranthassubmittedelectronicallyandpostedonitscorporateWebsite,ifany,everyInteractiveDataFilerequiredtobe
submittedandpostedpursuanttoRule405ofRegulationS-Tduringthepreceding12months(orforsuchshorterperiodthattheregistrantwasrequiredtosubmit
andpostsuchfiles).
YesNo
Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.See
definitionsoflargeacceleratedfiler,acceleratedfilerandsmallerreportingcompanyinRule12b-2oftheExchangeAct.
LargeAcceleratedFiler AcceleratedFiler

Non-acceleratedFiler(Donotcheckifasmallerreportingcompany) Smallerreportingcompany
Indicatebycheckmarkwhethertheregistrantisashellcompany(asdefinedinRule12b-2oftheAct).YesNo
Thenumberofsharesoutstandingoftheregistrant'scommonstock,$0.625parvalue,was47,781,070atJuly29,2016.
MODINEMANUFACTURINGCOMPANY
TABLEOFCONTENTS
PART I. FINANCIAL INFORMATION

Item1.FinancialStatements. 1

Item2.Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations. 16

Item3.QuantitativeandQualitativeDisclosuresAboutMarketRisk. 21

Item4.ControlsandProcedures. 22

PART II. OTHER INFORMATION

Item2.UnregisteredSalesofEquitySecuritiesandUseofProceeds. 22

Item6.Exhibits. 23

SIGNATURE 24
Table of Contents
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.
CONSOLIDATEDSTATEMENTSOFOPERATIONS
ForthethreemonthsendedJune30,2016and2015
(Inmillions,exceptpershareamounts)
(Unaudited)
Three months ended June 30,

2016 2015
Netsales $ 347.2 $ 346.1
Costofsales 285.2 289.1
Grossprofit 62.0 57.0
Selling,generalandadministrativeexpenses 44.6 42.8
Restructuringexpenses 2.3 2.6
Operatingincome 15.1 11.6
Interestexpense (3.0) (2.8)
Otherexpensenet (0.2) -
Earningsbeforeincometaxes 11.9 8.8
Provisionforincometaxes (3.0) (3.3)
Netearnings 8.9 5.5
Netearningsattributabletononcontrollinginterest (0.3) (0.4)
NetearningsattributabletoModine $ 8.6 $ 5.1

NetearningspershareattributabletoModineshareholders:
Basic $ 0.18 $ 0.11
Diluted $ 0.18 $ 0.11

Weighted-averagesharesoutstanding:
Basic 46.9 47.3
Diluted 47.2 47.8
Thenotestocondensedconsolidatedfinancialstatementsareanintegralpartofthesestatements.
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CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME
(Inmillions)
(Unaudited)

2016 2015
Netearnings $ 8.9 $ 5.5
Othercomprehensiveincome(loss):
Foreigncurrencytranslation (4.9) 8.7
Definedbenefitplans,netofincometaxesof$0.4and$0.6million 0.9 1.2
Totalothercomprehensiveincome(loss) (4.0) 9.9

Comprehensiveincome 4.9 15.4
Comprehensiveincomeattributabletononcontrollinginterest (0.2) (0.4)
ComprehensiveincomeattributabletoModine $ 4.7 $ 15.0
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CONSOLIDATEDBALANCESHEETS
June30,2016andMarch31,2016
(Unaudited)
June 30, 2016 March 31, 2016

ASSETS
Cashandcashequivalents $ 64.1 $ 68.9
Tradeaccountsreceivablenet 195.7 189.1
Inventories 116.2 111.0
Othercurrentassets 41.4 43.5
Totalcurrentassets 417.4 412.5
Property,plantandequipmentnet 338.8 338.6
Intangibleassetsnet 7.5 8.2
Goodwill 14.9 15.8
Deferredincometaxes 123.7 123.1
Othernoncurrentassets 23.1 22.7
Totalassets $ 925.4 $ 920.9

LIABILITIES AND SHAREHOLDERS' EQUITY
Short-termdebt $ 37.5 $ 28.6
Long-termdebtcurrentportion 12.5 8.5
Accountspayable 139.5 142.4
Accruedcompensationandemployeebenefits 54.7 58.6
Othercurrentliabilities 36.1 35.5
Totalcurrentliabilities 280.3 273.6
Long-termdebt 121.3 125.5
Deferredincometaxes 3.7 4.2
Pensions 115.9 118.6
Othernoncurrentliabilities 16.4 16.3
Totalliabilities 537.6 538.2
Commitmentsandcontingencies(seeNote15)
Shareholders'equity:
Preferredstock,$0.025parvalue,authorized16.0millionshares,issued-none - -
Commonstock,$0.625parvalue,authorized80.0millionshares,issued49.4millionand49.0millionshares 30.9 30.6
Additionalpaid-incapital 186.7 185.6
Retainedearnings 366.8 358.2
Accumulatedothercomprehensiveloss (178.1) (174.2)
Treasurystock,atcost,1.7millionand1.6millionshares (25.2) (24.0)
TotalModineshareholders'equity 381.1 376.2
Noncontrollinginterest 6.7 6.5
Totalequity 387.8 382.7
Totalliabilitiesandequity $ 925.4 $ 920.9
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CONDENSEDCONSOLIDATEDSTATEMENTSOFCASHFLOWS
(Inmillions)
(Unaudited)

2016 2015
Cash flows from operating activities:
Netearnings $ 8.9 $ 5.5
Adjustmentstoreconcilenetearningstonetcashprovidedby(usedfor)operatingactivities:
Depreciationandamortization 12.5 12.4
InsuranceproceedsfromAiredalefire - 0.7
Othernet 0.8 3.4
Changesinoperatingassetsandliabilities:
Tradeaccountsreceivable (9.0) (2.8)
Inventories (5.5) (5.7)
Accountspayable (1.7) (6.4)
Otherassetsandliabilities (4.4) (7.2)
Netcashprovidedby(usedfor)operatingactivities 1.6 (0.1)

Cash flows from investing activities:
Expendituresforproperty,plantandequipment (14.5) (16.0)
InsuranceproceedsfromAiredalefire 3.0 14.6
CoststoreplacebuildingandequipmentdamagedinAiredalefire (1.0) (11.0)
Othernet (0.9) (0.1)
Netcashusedforinvestingactivities (13.4) (12.5)

Cash flows from financing activities:
Borrowingsofdebt 14.2 12.1
Repaymentsofdebt (4.9) (9.4)
Dividendpaidtononcontrollinginterest - (0.9)
Othernet (1.1) (0.6)
Netcashprovidedbyfinancingactivities 8.2 1.2

Effectofexchangeratechangesoncash (1.2) 1.6
Netdecreaseincashandcashequivalents (4.8) (9.8)

Cashandcashequivalentsbeginningofperiod 68.9 70.5
Cashandcashequivalentsendofperiod $ 64.1 $ 60.7
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1: General
Theaccompanyingcondensedconsolidatedfinancialstatementswerepreparedinconformitywithgenerallyacceptedaccountingprinciples(GAAP)inthe
UnitedStatesappliedonabasisconsistentwiththoseprinciplesusedinthepreparationoftheannualconsolidatedfinancialstatementsofModineManufacturing
Company(ModineortheCompany)forthefiscalyearendedMarch31,2016.Thefinancialstatementsincludeallnormalrecurringadjustmentsthatare,in
theopinionofmanagement,necessaryforafairstatementofresultsfortheinterimperiods.Resultsforthefirstthreemonthsoffiscal2017arenotnecessarily
indicativeoftheresultstobeexpectedforthefullyear.Thesefinancialstatementsshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsand
relatednotesinModine'sAnnualReportonForm10-KfortheyearendedMarch31,2016.
New accounting guidance: InMarch2016,theFinancialAccountingStandardsBoard(FASB)issuednewguidancetosimplifyseveralaspectsofaccounting

forshare-basedpaymenttransactions,includingtheincometaxconsequences.ThisguidanceiseffectivefortheCompanysfirstquarteroffiscal2018.The
Companyiscurrentlyevaluatingtheimpactthisguidancewillhaveonitsconsolidatedfinancialstatements.
InFebruary2016,theFASBissuednewcomprehensiveleaseaccountingguidancethatsupersedesexistingleaseaccountingguidance.Uponadoptionofthisnew
guidance,theCompanywillberequiredtorecognizemostleasesonitsbalancesheet.ThisguidanceiseffectivefortheCompanysfirstquarteroffiscal2020.The
Companyiscurrentlyevaluatingtheimpactthisguidancewillhaveonitsconsolidatedfinancialstatements.
InMay2014,theFASBissuednewguidancethatoutlinesacomprehensivemodelforentitiestouseinaccountingforrevenuearisingfromcontractswith
customers.Thecoreprincipleofthenewguidanceisthatcompaniesaretorecognizerevenuetodepictthetransferofgoodsorservicestocustomersinanamount
thatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.Thenewguidancealsoincludesacohesivesetof
disclosurerequirementsintendedtoprovideusersoffinancialstatementswithcomprehensiveinformationaboutrevenuearisingfromcontractswithcustomers.
ThisnewguidanceiseffectivefortheCompanysfirstquarteroffiscal2019.TheCompanyiscurrentlyevaluatingtheimpactthisguidancewillhaveonits
consolidatedfinancialstatements.
Note 2: Airedale Facility Fire
InSeptember2013,afirecausedsignificantdestructiontotheCompanysAiredalemanufacturingfacilityandofficesinRawdon(Leeds),UnitedKingdom.The
CompanyreportsAiredalesfinancialresultswithintheBuildingHVACsegment.Therewerenoinjuriescausedbythefire.TheRawdonfacility,whichis
leased,wasusedtomanufacturecoolingproductsandsolutionsforavarietyofapplications,includingdatacenters,cleanrooms,retail,leisureandprocess
cooling.TheCompanysuspendedoperationsattheRawdonsiteasaresultofthefire;however,ittransferredoperationstotemporaryfacilitieswhileitrebuiltthe
leasedfacility.TheCompanycompletedthereconstructionandrelocationtotheRawdonfacilityinfiscal2016.
TheCompanysinsurancecovereddamagetotheleasedfacility,equipment,inventory,andotherassets,aswellasbusinessinterruptionandlostprofits,and
recovery-relatedexpensescausedbythefire.Sincethedateofthefire,theCompanyhasreceivedcashproceedstotaling$99.0millionfromitsinsuranceprovider
forcoveredlosses,andrecordedlossesandcostscausedbythefireinthesamestatementofoperationslineastherelatedinsurancerecovery.
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(unaudited)
Note 3: Fair Value Measurements
Fairvalueisdefinedasthepricethatwouldbereceivedforanassetorpaidtotransferaliabilityintheprincipalormostadvantageousmarketfortheassetor
liabilityinanorderlytransactionbetweenmarketparticipants.Fairvaluemeasurementsareclassifiedunderthefollowinghierarchy:
Level1Quotedpricesforidenticalinstrumentsinactivemarkets.
Level2Quotedpricesforsimilarinstrumentsinactivemarkets;quotedpricesforidenticalorsimilarinstrumentsinmarketsthatarenotactive;and
model-derivedvaluationsinwhichallsignificantinputsareobservableinactivemarkets.
Level3Model-derivedvaluationsinwhichoneormoresignificantinputsarenotobservable.
Whenavailable,theCompanyusesquotedmarketpricestodeterminefairvalueandclassifiessuchmeasurementsasLevel1.Insomecases,wheremarketprices
arenotavailable,theCompanyusesobservablemarket-basedinputstocalculatefairvalue,inwhichcasethemeasurementsareclassifiedasLevel2.Ifquotedor
observablemarketpricesarenotavailable,fairvalueisbaseduponvaluationmodelsthatuse,wherepossible,market-baseddatasuchasinterestrates,yieldcurves
orcurrencyrates.ThesemeasurementsareclassifiedasLevel3.
Thecarryingvaluesofcashandcashequivalents,short-terminvestments,tradeaccountsreceivable,accountspayable,andshort-termdebtapproximatefairvalue
duetotheshort-termnatureoftheseinstruments.TheCompanyholdstradingsecuritiesinadeferredcompensationtrusttofundobligationsunderModinesnon-
qualifieddeferredcompensationplan.Thesecuritiesfairvalues,whicharerecordedasothernoncurrentassets,aredeterminedbasedonquotedpricesfromactive
marketsandclassifiedwithinLevel1ofthevaluationhierarchy.TheCompanysdeferredcompensationobligations,whicharerecordedasothernoncurrent
liabilities,arerecordedatthefairvaluesoftheinvestmentsheldbythetrust.ThefairvaluesoftheCompanystradingsecuritiesanddeferredcompensation
obligationseachtotaled$3.3millionand$3.2millionatJune30,2016andMarch31,2016,respectively.ThefairvalueoftheCompanyslong-termdebtis
disclosedinNote14.
Note 4: Pensions
DuringthethreemonthsendedJune30,2016and2015,theCompanycontributed$1.5millionand$1.3million,respectively,toitsU.S.pensionplans.Pension
costincludedthefollowingcomponents:

2016 2015
Servicecost $ 0.1 $ 0.1
Interestcost 2.4 3.0
Expectedreturnonplanassets (3.0) (4.3)
Amortizationofunrecognizednetloss 1.4 1.8
Netperiodicbenefitcost $ 0.9 $ 0.6
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(unaudited)
Note 5: Stock-Based Compensation
TheCompanysstock-basedincentiveprogramsconsistofthefollowing:(1)along-termincentivecompensationprogramforofficersandexecutivesthatconsists
ofrestrictedstockandstockoptionsgrantedforretentionandperformance,(2)adiscretionaryequityprogramformanagementandotherkeyemployees,and(3)
stockawardsand/orstockoptionsfornon-employeedirectors.
Compensationcostiscalculatedbasedonthefairvalueoftheinstrumentatthetimeofgrant,andisrecognizedasexpenseoverthevestingperiodofthestock-
basedaward.TheCompanyrecognizedstock-basedcompensationcostof$1.4millionand$1.1millionforthethreemonthsendedJune30,2016and2015,
respectively.TheperformancecomponentofawardsgrantedundertheCompanyslong-termincentiveplanduringthefirstquarteroffiscal2017isbasedupona
targetthree-yearaverageconsolidatedreturnonaveragecapitalemployedandthree-yearaveragerevenuegrowth.
Thefairvalueofstock-basedcompensationawardsgrantedduringthethreemonthsendedJune30,2016and2015wereasfollows:

2016 2015
Fair Value Fair Value
Shares Per Award Shares Per Award
Stockoptions 0.3 $ 4.60 0.2 $ 7.11
Restrictedstock-retention 0.3 $ 10.00 0.3 $ 11.39
Restrictedstock-performancebased 0.3 $ 10.00 0.2 $ 11.39
TheCompanyusedthefollowingassumptionsindeterminingfairvalueforstockoptions:

2016 2015
Expectedlifeofawardsinyears 6.4 6.3
Risk-freeinterestrate 1.4% 1.9%
ExpectedvolatilityoftheCompany'sstock 45.5% 66.9%
ExpecteddividendyieldontheCompany'sstock 0.0% 0.0%
AsofJune30,2016,unrecognizedcompensationcostrelatedtonon-vestedstock-basedcompensationawards,whichwillbeamortizedovertheremainingservice
periods,wasasfollows:
Unrecognized Weighted-Average
Compensation Remaining Service
Cost Period in Years
Stockoptions $ 3.1 3.0
Restrictedstock-retention 7.0 3.0
Restrictedstock-performancebased 3.6 2.4
Total $ 13.7 2.8
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(unaudited)
Note 6: Restructuring Activities
Duringthefirstquarteroffiscal2017,theCompanysubstantiallycompletedavoluntaryretirementprogramforcertainU.S.salariedemployeesandimplemented
targetedheadcountreductionsatseverallocations.TheserestructuringactivitiesarepartoftheCompanysStrengthen,DiversifyandGrowtransformational
initiativeandsupporttheobjectiveofreducingoperationalandselling,generalandadministrative(SG&A)coststructures.
Duringthefirstquarteroffiscal2016,theCompanyannouncedaplantocloseitsWashington,Iowamanufacturingfacilityandrecordedseverancecostsasa
result.TheCompanyiscurrentlytransferringthefacilitysproductiontootherAmericassegmentmanufacturingfacilities,whichitexpectstocompleteinthe
secondhalfoffiscal2017.Alsoduringthefirstquarteroffiscal2016,theCompanysubstantiallycompletedthetransferofproductionfromitsMcHenry,Illinois
manufacturingfacility,whichisnowclosed.TheserestructuringactivitiesreflecttheCompanysfocusonoperatingscalemanufacturingfacilitiestoimprove
overallcompetitivenessandprofitability.
Inaddition,theCompanycontinuestoexecuterestructuringactivitieswithinitsEuropesegment.Theserestructuringactivitieshaveincludedimplementing
headcountreductions,exitingcertainnon-coreproductlinesbaseduponModinesglobalproductstrategy,reducingmanufacturingcosts,consolidatingproduction
facilities,anddisposingofandsellingcertainunderperformingornon-strategicassets.TheCompanydesignedtheseactivitiestoalignthecoststructureofthe
segmentwithitsstrategicfocusonthecommercialvehicle,off-highway,automotivecomponent,andengineproductmarkets,whileimprovinggrossmarginand
returnonaveragecapitalemployed.
Restructuringandrepositioningexpenseswereasfollows:

2016 2015
Employeeseveranceandrelatedbenefits $ 1.3 $ 1.9
Otherrestructuringandrepositioningexpenses 1.0 0.7
Total $ 2.3 $ 2.6
Otherrestructuringandrepositioningexpensesprimarilyconsistofequipmenttransferandplantconsolidationcosts.
TheCompanyaccruesseveranceinaccordancewithitswrittenplans,procedures,andrelevantstatutoryrequirements.Changesinaccruedseverancewereas
follows:

2016 2015
Beginningbalance $ 14.7 $ 9.9
Additions 1.3 1.9
Payments (3.1) (2.4)
Effectofexchangeratechanges (0.2) 0.4
Endingbalance $ 12.7 $ 9.8
AtbothJune30,2016andMarch31,2016,assetsheldforsale,whichconsistedoffacilitiesmarketedforsale,totaled$8.5millionandwerereportedwithinother
noncurrentassets.
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(unaudited)
Note 7: Other Income and Expense
Otherincomeandexpenseconsistedofthefollowing:

2016 2015
Equityinearningsofnon-consolidatedaffiliate $ 0.1 $ 0.2
Interestincome 0.1 0.1
Foreigncurrencytransactions(a) (0.4) (0.3)
Totalotherexpense-net $ (0.2) $ -
(a) Foreigncurrencytransactionsprimarilyconsistofforeigncurrencytransactiongainsandlossesonthere-measurementorsettlementofforeigncurrency-
denominatedassetsandliabilities,includingintercompanyloansandtransactionsdenominatedinaforeigncurrency,alongwithgainsandlosseson
foreigncurrencyexchangecontracts.
Note 8: Income Taxes
ForthethreemonthsendedJune30,2016and2015,theCompanyseffectiveincometaxratewas25.2percentand37.5percent,respectively.
ThemostsignificantfactorsimpactingtheeffectivetaxrateforthethreemonthsendedJune30,2016,ascomparedwiththeprior-yearperiod,werechangesinthe
valuationallowancerelatedtocertainforeignjurisdictionsandchangesinthemixofforeignanddomesticearnings.AtJune30,2016,theCompanycontinuedto
recordafullvaluationallowanceagainstitsnetdeferredtaxassetsincertainforeignjurisdictions($44.3million)andavaluationallowanceagainstcertainU.S.
deferredtaxassets($5.4million),asitismorelikelythannotthattheseassetswillnotberealizedbasedonhistoricalfinancialresults.TheCompanywillcontinue
toprovideavaluationallowanceagainstitsnetdeferredtaxassetsineachoftheapplicablejurisdictionsuntiltheneedforavaluationallowanceiseliminated.The
needforavaluationallowanceiseliminatedwhentheCompanydeterminesitismorelikelythannotthedeferredtaxassetswillberealized.Itispossiblethatin
fiscal2017orinfiscal2018,theCompanymayreleaseaportion(approximately$6.0million)ofitsexistingvaluationallowanceinaforeignjurisdictionifitis
morelikelythannotthedeferredtaxassetswillberealized.
AccountingpoliciesforinterimreportingrequiretheCompanytoadjustitseffectivetaxrateeachquartertobeconsistentwithitsestimatedannualeffectivetax
rate.Underthismethodology,theCompanyappliesitsestimatedannualincometaxratetoitsyear-to-dateordinaryearningstoderiveitsincometaxprovision
eachquarter.TheCompanyrecordsthetaximpactsofcertainsignificant,unusualorinfrequentlyoccurringitemsintheperiodinwhichtheyoccur.TheCompany
excludedtheimpactofitsoperationsincertainforeignlocationsfromtheoveralleffectivetaxratemethodologyandrecordedthemdiscretelybaseduponyear-to-
dateresultsbecausetheCompanyanticipatesnetoperatinglossesforthefullfiscalyearinthesejurisdictions.TheCompanydoesnotanticipateasignificant
changeinunrecognizedtaxbenefitsduringthenexttwelvemonths.
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(unaudited)
Note 9: Earnings Per Share
Thecomponentsofbasicanddilutedearningspersharewereasfollows:

2016 2015
NetearningsattributabletoModine $ 8.6 $ 5.1
Less:Undistributedearningsattributabletounvestedshares (0.1) (0.1)
NetearningsavailabletoModineshareholders $ 8.5 $ 5.0

Weighted-averagesharesoutstanding-basic 46.9 47.3
Effectofdilutivesecurities 0.3 0.5
Weighted-averagesharesoutstanding-diluted 47.2 47.8

Earnings per share:
Netearningspershare-basic $ 0.18 $ 0.11
Netearningspershare-diluted $ 0.18 $ 0.11
ForthethreemonthsendedJune30,2016and2015,thecalculationofdilutedearningspershareexcluded1.1millionand0.9millionstockoptions,respectively,
becausetheywereanti-dilutive.
Note 10: Inventories
Inventoriesconsistedofthefollowing:
June 30, 2016 March 31, 2016

Rawmaterialsandworkinprocess $ 80.1 $ 79.5
Finishedgoods 36.1 31.5
Totalinventories $ 116.2 $ 111.0
Note 11: Property, Plant and Equipment
Property,plantandequipmentconsistedofthefollowing:
June 30, 2016 March 31, 2016

Grossproperty,plantandequipment $ 1,044.9 $ 1,043.6
Accumulateddepreciation (706.1) (705.0)
Netproperty,plantandequipment $ 338.8 $ 338.6
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(unaudited)
Note 12: Goodwill and Intangible Assets
Changesinthecarryingamountofgoodwillwereasfollows:
Building
Asia HVAC Total
Goodwill,March31,2016 $ 0.5 $ 15.3 $ 15.8
Effectofexchangeratechanges - (0.9) (0.9)
Goodwill,June30,2016 $ 0.5 $ 14.4 $ 14.9
Intangibleassetsconsistedofthefollowing:
June 30, 2016 March 31, 2016

Gross Net Gross Net
Carrying Accumulated Intangible Carrying Accumulated Intangible
Value Amortization Assets Value Amortization Assets
Tradenames $ 8.5 $ (6.1) $ 2.4 $ 8.9 $ (6.3) $ 2.6
Acquiredtechnology 5.4 (1.7) 3.7 5.5 (1.5) 4.0
Customerrelationships 1.9 (0.5) 1.4 2.0 (0.4) 1.6
Totalintangibleassets $ 15.8 $ (8.3) $ 7.5 $ 16.4 $ (8.2) $ 8.2
TheCompanyrecorded$0.4millionofamortizationexpenseduringboththethreemonthsendedJune30,2016and2015.Estimatedfutureamortizationexpense
isasfollows:
Estimated
Amortization
Fiscal Year Expense
Remainderof2017 $ 1.2
2018 1.5
2019 1.4
2020 1.3
2021 0.7
2022&Beyond 1.4
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(unaudited)
Note 13: Product Warranties
Changesinaccruedwarrantycostswereasfollows:

2016 2015
Beginningbalance $ 8.3 $ 10.4
Warrantiesrecordedattimeofsale 1.4 1.4
Adjustmentstopre-existingwarranties 0.1 0.8
Settlements (1.3) (1.5)
Effectofexchangeratechanges (0.1) 0.2
Endingbalance $ 8.4 $ 11.3
Note 14: Indebtedness
TheCompanyholds$125.0millionof6.8percentSeniorNotes,withprincipalrepaymentsbeginninginthethirdquarteroffiscal2017andcontinuingthrough
fiscal2021.TheCompanyalsomaintainsa$175.0milliondomesticrevolvingcreditfacility,whichexpiresinAugust2018.AtJune30,2016,theCompany
borrowed$5.0millionunderthisrevolvingcreditfacility.AtMarch31,2016,theCompanyhadnoborrowingsoutstandingunderthisrevolvingcreditfacility.
TheCompanyalsomaintainscreditagreementsforitsforeignsubsidiaries,withoutstandingshort-termborrowingsatJune30,2016andMarch31,2016of$32.5
millionand$28.6million,respectively.AtJune30,2016,theCompanysforeignunusedlinesofcredittotaled$28.0million.Inaggregate,theCompanyhad
totalavailablelinesofcreditof$198.0millionatJune30,2016.
ProvisionsintheCompanysrevolvingcreditfacility,SeniorNoteagreements,andvariousforeigncreditagreementsrequiretheCompanytomaintaincompliance
withvariouscovenantsandincludecertaincross-defaultclauses.TheCompanywasincompliancewithitsdebtcovenantsasofJune30,2016.
TheCompanyestimatesthefairvalueoflong-termdebtusingdiscountedfuturecashflowsatratesofferedtotheCompanyforsimilardebtinstrumentsof
comparablematurities.AtJune30,2016andMarch31,2016,thecarryingvalueofModineslong-termdebtapproximatedfairvalue,withtheexceptionofthe
SeniorNotes,whichhadafairvalueofapproximately$138.0millionand$139.0million,respectively.ThefairvalueoftheSeniorNotesiscategorizedasLevel2
withinthefairvaluehierarchy.RefertoNote3forthedefinitionofaLevel2fairvaluemeasurement.
Note 15: Contingencies and Litigation
Environmental: TheUnitedStatesEnvironmentalProtectionAgencyhasdesignatedtheCompanyasapotentiallyresponsiblepartyforremediationofthreesites.
Thesesitesare:AuburnIncinerator,Inc./LakeCalumetCluster(Illinois),Cam-Or(Indiana)andascrapmetalsiteknownasChemetco(Illinois).Inaddition,
ModineisvoluntarilyparticipatinginthecareofaninactivelandfillownedbytheCityofTrenton(Missouri).ThesesitesarenotCompany-owned;however,they
allegedlycontainmaterialsattributabletoModinefrompastoperations.ThepercentageofmaterialallegedlyattributabletoModineisrelativelylow.Remediation
ofthesesitesisinvariousstagesofadministrativeorjudicialproceedingsandincludesrecoveryofpastgovernmentalcostsandthecostsoffutureinvestigations
andremedialactions.TheCompanyaccruesforcostsanticipatedfortheremedialsettlementofthesiteslistedaboveiftheyareprobableandcanbereasonably
determined.Costsanticipatedfortheremedialsettlementofthesiteslistedabovethatarenotprobableorcannotbereasonablydeterminedatthistimehavenot
beenaccrued;however,theCompanydoesnotbelieveanypotentialcostswouldbematerialtotheCompanysfinancialpositionduetoitsrelativelysmallportion
ofcontributedmaterials.
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(unaudited)

TheCompanyhasrecordedenvironmentalinvestigationandremediationaccrualsrelatedtosubsurfacecontaminationatitsformermanufacturingfacilityinthe
NetherlandsandgroundwatercontaminationatitsmanufacturingfacilityinBrazil.Inaddition,theCompanyhasrecordedanenvironmentalaccrualfor
investigativeworkrelatedtoapreviously-ownedmanufacturingfacilityintheUnitedStates,alongwithaccrualsforlesserenvironmentalmattersatcertainother
facilitiesintheUnitedStates.Theseaccrualsgenerallyrelatetofacilitieswherepastoperationsfollowedpracticesandproceduresthatwereconsideredacceptable
underthen-existingregulations,orwheretheCompanyisasuccessortotheobligationsofpriorowners,andcurrentlawsandregulationsrequireinvestigative
and/orremedialworktoensuresufficientenvironmentalcompliance.Theaccrualsfortheseenvironmentalmatterstotaled$4.5millionand$5.1millionatJune
30,2016andMarch31,2016,respectively.Asadditionalinformationbecomesavailable,theCompanywillre-assesstheliabilitiesrelatedtothesemattersand
revisetheestimatedaccruals,ifnecessary.Basedoncurrentlyavailableinformation,theCompanybelievestheultimateoutcomeofthesematters,individually
andintheaggregate,willnothaveamaterialadverseeffectonitsfinancialposition.However,thesemattersaresubjecttoinherentuncertainties,andunfavorable
outcomescouldoccur,includingsignificantmonetarydamages.Duringfiscal2011,oneoftheadjacentbusinessestotheCompanysfacilityinBrazilfiledsuit
againsttheCompanyssubsidiaryinBrazil(ModineBrazil),seekingremediationandcertainotherdamagesasaresultofcontaminationallegedlyattributableto
itsoperations.TheCompanyisdefendingthissuitandbelievesthattheultimateoutcomeofthismatterwillnotbematerial.
Brazil antitrust investigation :Duringfiscal2015,BrazilsAdministrativeCouncilforEconomicDefense(CADE)providedformalnoticetoModineBrazilofan

administrativeinvestigationregardingallegedviolationsofBrazilsantitrustregulationsbyModineBrazilandcertainofitsemployeesduringaperiodoftimeat
leastsevenyearspriortothenotice.AsofJune30,2016andMarch31,2016,theCompanyaccrued$3.1millionand$2.8million(BRL10.0millionateach
date),respectively,representingtheestimatedamountthatmaybeincurredinconnectionwiththemanagementandresolutionofthismatter.Duetotheongoing
natureofthismatter,theCompanycannotprovideassuranceofitsultimateresolutionatthistime.
Other litigation: Inthenormalcourseofbusiness,theCompanyanditssubsidiariesarenamedasdefendantsinvariousotherlawsuitsandenforcement

proceedingsbyprivateparties,governmentalagenciesand/orothersinwhichclaimsareassertedagainstModine.Intheopinionofmanagement,theliabilities,if
any,whichmayultimatelyresultfromsuchlawsuitsorproceedingsarenotexpectedtohaveamaterialadverseeffectontheCompanysconsolidatedfinancial
statements.
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(unaudited)
Note 16: Accumulated Other Comprehensive Loss
Changesinaccumulatedothercomprehensivelosswereasfollows:
Foreign Defined
Currency Benefit
Translation Plans Total
Balance,March31,2016 $ (36.0) $ (138.2) $ (174.2)

Othercomprehensivelossbeforereclassification (4.8) - (4.8)
Reclassificationforamortizationofunrecognizednetloss(a) - 1.3 1.3
Incometaxes - (0.4) (0.4)
Totalothercomprehensiveincome(loss) (4.8) 0.9 (3.9)

Balance,June30,2016 $ (40.8) $ (137.3) $ (178.1)
Foreign Defined
Currency Benefit
Translation Plans Total
Balance,March31,2015 $ (40.7) $ (157.9) $ (198.6)

Othercomprehensiveincomebeforereclassification 8.7 - 8.7
Reclassificationforamortizationofunrecognizednetloss(a) - 1.8 1.8
Incometaxes - (0.6) (0.6)
Totalothercomprehensiveincome 8.7 1.2 9.9

Balance,June30,2015 $ (32.0) $ (156.7) $ (188.7)
(a) AmountsareincludedinthecalculationofnetperiodicbenefitcostfortheCompanysdefinedbenefitplans,whichincludepensionandotherpostretirement
plans.SeeNote4foradditionalinformationabouttheCompanyspensionplans.
Note 17: Segment Information
Thefollowingisasummaryofnetsales,grossprofit,operatingincome,andtotalassetsbysegment:

Netsales: 2016 2015
Americas $ 140.0 $ 159.1
Europe 146.0 131.2
Asia 24.9 19.3
BuildingHVAC 39.9 41.3
Segmenttotal 350.8 350.9
Corporateandeliminations (3.6) (4.8)
Netsales $ 347.2 $ 346.1
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(unaudited)

2016 2015
Grossprofit: $'s %ofsales $'s %ofsales
Americas $ 25.1 17.9% $ 26.7 16.8%
Europe 25.1 17.2% 15.1 11.5%
Asia 4.4 17.6% 3.5 18.1%
BuildingHVAC 10.0 25.1% 11.4 27.7%
Segmenttotal 64.6 18.4% 56.7 16.2%
Corporateandeliminations(a) (2.6) - 0.3 -
Grossprofit $ 62.0 17.8% $ 57.0 16.5%

Operatingincome: 2016 2015
Americas $ 9.3 $ 9.3
Europe 15.0 5.7
Asia 1.5 0.4
Segmenttotal 26.7 17.5
Corporateandeliminations(a) (11.6) (5.9)
Operatingincome $ 15.1 $ 11.6
June 30, 2016 March 31, 2016

Totalassets:
Americas $ 274.5 $ 267.2
Europe 306.7 301.9
Asia 103.6 104.0
Corporateandeliminations 141.4 148.8
Totalassets $ 925.4 $ 920.9
(a) DuringthethreemonthsendedJune30,2016,theCompanyrecordedexpensestotaling$4.2millionatCorporateforprofessionalservicesrelatedtoits
procurementcost-reductioninitiatives(withincostofsales)andbusinessdevelopmentactivities(withinSG&A).
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
WhenweusethetermsModine,we,us,theCompany,orourinthisreport,wearereferringtoModineManufacturingCompany.Ourfiscalyearends
onMarch31and,accordingly,allreferencestoquartersrefertoourfiscalquarters.ThequarterendedJune30,2016wasthefirstquarteroffiscal2017.
Duringfiscal2016,weannouncedourStrengthen,DiversifyandGrowstrategictransformationalframework.Guidedbythisframework,weareprogressinginour
Strengtheninitiativesto,amongotherthings,achieveglobalprocurementsavingsandefficiencies,optimizeourmanufacturingfootprint,implementanew
globalorganizationalstructure,andreducepersonnelcosts.Inaddition,weareinvestingsignificantmanagementtimeandcompanyresourcesinevaluating
opportunitiesthatwouldenableustoachieveourDiversifyandGrowobjectives.
First Quarter Highlights :Netsalesinthefirstquarteroffiscal2017increased$1.1million,orlessthan1percent,fromthefirstquarteroffiscal2016,primarily

duetohighersalesvolumetoautomotivecustomers,partiallyoffsetbylowersalesvolumetocommercialvehicleandoff-highwaycustomers.Grossprofit
increased$5.0millionandgrossmarginimproved130basispoints,primarilyduetolowermaterialcostsandimprovedproductionefficiencies.Duringthefirst
quarteroffiscal2017,ournetearningswere$8.9million,anincreaseof$3.4millioncomparedwithnetearningsof$5.5millioninthefirstquarteroftheprior
year.
CONSOLIDATEDRESULTSOFOPERATIONS
ThefollowingtablepresentsourconsolidatedfinancialresultsonacomparativebasisforthethreemonthsendedJune30,2016and2015:

2016 2015
(in millions) $'s %ofsales $'s %ofsales
Netsales $ 347.2 100.0% $ 346.1 100.0%
Costofsales 285.2 82.2% 289.1 83.5%
Grossprofit 62.0 17.8% 57.0 16.5%
Selling,generalandadministrativeexpenses 44.6 12.8% 42.8 12.4%
Restructuringexpenses 2.3 0.7% 2.6 0.7%
Operatingincome 15.1 4.3% 11.6 3.4%
Interestexpense (3.0) -0.9% (2.8) -0.8%
Otherexpensenet (0.2) - - -
Earningsbeforeincometaxes 11.9 3.4% 8.8 2.6%
Provisionforincometaxes (3.0) -0.8% (3.3) -1.0%
Netearnings $ 8.9 2.6% $ 5.5 1.6%
Firstquarternetsalesof$347.2millionwere$1.1million,orlessthan1percent,higherthanthefirstquarteroftheprioryear,primarilyduetohighersalesinour
EuropeandAsiasegments,partiallyoffsetbylowersalesinourAmericassegmentanda$1.6millionunfavorableimpactofforeigncurrencyexchangerate
changes.
Firstquartergrossprofitincreased$5.0millionandgrossmarginimproved130basispointsto17.8percent,primarilyduetolowermaterialcosts,improved
productionefficienciesandcostsavingsresultingfromprocurementinitiatives,netofassociatedexpensesforprofessionalservices.
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FirstquarterSG&Aexpensesincreased$1.8million,primarilyduetoexpensesforprofessionalservicesrelatedtobusinessdevelopmentactivitiesandhigher
employeebenefitandincentivecompensationexpenses,partiallyoffsetbya$0.4millionfavorableimpactofforeigncurrencyexchangeratechanges.
Restructuringexpensesof$2.3millioninthefirstquarteroffiscal2017primarilyconsistedofseveranceexpensesassociatedwithtargetedheadcountreductionsat
severallocationsandavoluntaryretirementprogramintheU.S.,andequipmenttransfercostsrelatedtoplantconsolidationactivitiesintheAmericassegment.
Operatingincomeof$15.1millioninthefirstquarteroffiscal2017increased$3.5millionfrom$11.6millioninthefirstquarteroffiscal2016,primarilydueto
highergrossprofit,partiallyoffsetbyhigherSG&Aexpenses.
Theprovisionforincometaxeswas$3.0millionand$3.3millioninthefirstquarteroffiscal2017and2016,respectively.The$0.3milliondecreasewas
primarilyrelatedtochangesinthemixofforeignanddomesticearnings.
SEGMENTRESULTSOFOPERATIONS
ThefollowingisadiscussionofoursegmentresultsofoperationsforthethreemonthsendedJune30,2016and2015:
Americas
2016 2015
Netsales $ 140.0 100.0% $ 159.1 100.0%
Costofsales 114.9 82.1% 132.4 83.2%
Grossprofit 25.1 17.9% 26.7 16.8%
Restructuringexpenses 2.2 1.6% 2.7 1.7%
Operatingincome $ 9.3 6.6% $ 9.3 5.8%
Americasnetsalesdecreased$19.1million,or12percent,fromthefirstquarteroffiscal2016tothefirstquarteroffiscal2017.SaleswerelowerinbothNorth
AmericaandBrazil,includinga$1.9millionunfavorableimpactofforeigncurrencyexchangeratechanges.SalesinNorthAmericadecreased$16.6million,
primarilyduetolowersalesvolumetocommercialvehicleandoff-highwaycustomers,partiallyoffsetbyhighersalesvolumetoautomotivecustomers.Sales
volumetooriginalequipmentmanufacturercustomersinBrazilalsodeclinedduringthefirstquarteroffiscal2017,aseconomicconditionsinBrazilremained
weak.Grossprofitdecreased$1.6million,primarilyduetolowersalesvolume,yetgrossmarginimproved110basispointsto17.9percent.Thegrossmargin
improvementwasprimarilyduetolowermaterialcostsandcostsavingsresultingfromprocurementinitiatives.SG&Aexpensesdecreased$1.1million,primarily
duetoongoingcost-controlinitiatives.Restructuringexpensesof$2.2millioninthefirstquarteroffiscal2017primarilyconsistedofequipmenttransfercosts
relatedtoplantconsolidationactivitiesinNorthAmericaandseveranceexpensesassociatedwithavoluntaryretirementprogramintheU.S.Operatingincomeof
$9.3millionduringthefirstquarteroffiscal2017wasconsistentwiththeprioryear,aslowergrossprofitwasoffsetbylowerSG&Aandrestructuringexpenses.
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Europe
2016 2015
Netsales $ 146.0 100.0% $ 131.2 100.0%
Costofsales 120.9 82.8% 116.1 88.5%
Grossprofit 25.1 17.2% 15.1 11.5%
Restructuringincome (0.3) -0.2% (0.1) -0.1%
Europenetsalesincreased$14.8million,or11percent,fromthefirstquarteroffiscal2016tothefirstquarteroffiscal2017,primarilyduetohighersalesvolume
toautomotiveandcommercialvehiclecustomersanda$2.9millionfavorableimpactofforeigncurrencyexchangeratechanges.Grossprofitincreased$10.0
millionandgrossmarginimproved570basispointsto17.2percent,primarilyduetohighersalesvolume,lowermaterialcosts,costsavingsresultingfrom
procurementinitiatives,andimprovedproductionefficiencies.Inaddition,grossprofitwasfavorablyimpactedby$0.5millionfromforeigncurrencyexchange
ratechanges.SG&Aexpensesincreased$0.9million,butdecreasedasapercentageofsales.Operatingincomeincreased$9.3millionto$15.0millionduringthe
firstquarteroffiscal2017,primarilyduetohighergrossprofit.
Asia
2016 2015
Netsales $ 24.9 100.0% $ 19.3 100.0%
Costofsales 20.5 82.4% 15.8 81.9%
Grossprofit 4.4 17.6% 3.5 18.1%
Asianetsalesincreased$5.6million,or29percent,fromthefirstquarteroffiscal2016tothefirstquarteroffiscal2017,primarilyduetohighersalesvolumeto
automotiveandoff-highwaycustomersinChinaandincrementalsalesfromourrecently-formedjointventureinChina,ModinePuxinThermalSystems(Jiangsu)
Co.,Ltd.,partiallyoffsetbya$1.3millionunfavorableimpactofforeigncurrencyexchangeratechanges.Grossprofitincreased$0.9million,primarilydueto
highersalesvolume.SG&Aexpensesdecreased$0.2million,duetoafavorableimpactofforeigncurrencyexchangeratechanges.Operatingincomeincreased
$1.1millionto$1.5millionduringthefirstquarteroffiscal2017,primarilyduetohighergrossprofit.
Building HVAC
2016 2015
Netsales $ 39.9 100.0% $ 41.3 100.0%
Costofsales 29.9 74.9% 29.9 72.3%
Grossprofit 10.0 25.1% 11.4 27.7%
Restructuringexpenses 0.4 1.0% - -
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BuildingHVACnetsalesdecreased$1.4million,or3percent,fromthefirstquarteroffiscal2016tothefirstquarteroffiscal2017,primarilyduetoa$1.4million
unfavorableimpactofforeigncurrencyexchangeratechangesandlowercoolingproductsalestotheschoolmarketinNorthAmerica,partiallyoffsetbyincreased
ventilationproductsalesintheU.K.Grossprofitdecreased$1.4millionandgrossmargindeclined260basispointsto25.1percent,primarilyduetorecent
competitivepricingpressuresintheU.K.resultingfromtherelativevaluesoftheBritishpoundandtheeuro,higherdepreciationexpenseinthecurrentyear
resultingfromreplacementassetsassociatedwiththeAiredalefire,whichwerenotyetinuseduringthefirstquarteroftheprioryear,andproductioninefficiencies
intheU.K.SG&Aexpensesdecreased$0.6million,primarilyduetolowercommissioncostsanda$0.2millionfavorableimpactofforeigncurrencyexchange
ratechanges.Restructuringexpensesof$0.4millioninthefirstquarteroffiscal2017primarilyconsistedofemployeeseveranceexpensesassociatedwith
voluntaryretirementprogramsintheU.K.andtheU.S.Operatingincomedecreased$1.2millionto$0.9millionduringthefirstquarteroffiscal2017,primarily
duetolowergrossprofitandhigherrestructuringexpenses,partiallyoffsetbylowerSG&Aexpenses.
LiquidityandCapitalResources
Ourprimarysourcesofliquidityarecashflowfromoperatingactivities,ourcashandcashequivalentsatJune30,2016of$64.1million,andanavailable
borrowingcapacityof$198.0millionunderlinesofcreditprovidedbybanksintheUnitedStatesandabroad.Givenourextensiveinternationaloperations,
approximately$50.0millionofourcashandcashequivalentsareheldbyournon-U.S.subsidiaries.Amountsheldbynon-U.S.subsidiariesareavailablefor
generalcorporateuse;however,thesefundswouldbesubjecttoU.S.taxifrepatriated.Wehavenotencountered,anddonotexpecttoencounter,anydifficulty
meetingtheliquidityrequirementsofourglobaloperations.
NetcashprovidedbyoperatingactivitiesforthethreemonthsendedJune30,2016was$1.6million,whichwasa$1.7millionincreasefromtheprioryear.This
increaseinoperatingcashflowwasprimarilyduetofavorablenetchangesinworkingcapital,includinglowerincentivecompensationpaymentsduringthefirst
quarteroffiscal2017comparedwiththefirstquarteroftheprioryear.Capitalexpendituresof$14.5millionduringthefirstthreemonthsoffiscal2017decreased
$1.5millioncomparedwiththesameperiodinfiscal2016.
Duringfiscal2016,ourBoardofDirectorsapproveda$50.0millionsharerepurchaseprogram,whichexpiresinNovember2016.Duringthefirstquarteroffiscal
2017,wedidnotrepurchasesharesunderthisprogramandhadapproximately$43.0millionoftherepurchaseauthorizationremainingatJune30,2016.Our
decisionwhetherandtowhatextenttorepurchaseadditionalsharesdependsonanumberoffactors,includingbusinessconditions,othercashpriorities,andstock
price.
Debt Covenants
Ourdebtagreementsrequireustomaintaincompliancewithvariouscovenants.UnderourprimarydebtagreementsintheU.S.,wearesubjecttoaleverageratio
covenant,whichrequiresustolimitourconsolidatedindebtedness,lessacertainportionofourcashbalance,bothasdefinedbythecreditagreement,tonomore
thanthreeandone-quartertimesconsolidatednetearningsbeforeinterest,taxes,depreciation,amortization,andcertainotheradjustments(AdjustedEBITDA).
Intheeventofanacquisition,ourleverageratiomaybetemporarilyraisedforseveralquarters,perthetermsofourdebtagreements.Wearealsosubjecttoan
interestexpensecoverageratiocovenant,whichrequiresustomaintainAdjustedEBITDAofatleastthreetimesconsolidatedinterestexpense.Wewerein
compliancewithourdebtcovenantsasofJune30,2016andexpecttoremainincompliancethroughtheremainderoffiscal2017andbeyond.
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Forward-LookingStatements
Thisreport,including,butnotlimitedto,thediscussionunderItem2.ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations,
containsstatements,includinginformationaboutfuturefinancialperformance,accompaniedbyphrasessuchasbelieves,estimates,expects,plans,
anticipates,intends,andothersimilarforward-lookingstatements,asdefinedinthePrivateSecuritiesLitigationReformActof1995.Modinesactual
results,performanceorachievementsmaydiffermateriallyfromthoseexpressedorimpliedinthesestatements,becauseofcertainrisksanduncertainties,
including,butnotlimitedto,thosedescribedunderRiskFactorsinItem1A.inPartI.oftheCompanysAnnualReportonForm10-KfortheyearendedMarch
31,2016.Otherrisksanduncertaintiesinclude,butarenotlimitedto,thefollowing:
Market Risks:
Economic,socialandpoliticalconditions,changes,challengesandunrest,particularlyinthegeographic,productandfinancialmarketswhereweandour
customersoperateandcompete,including,inparticular,foreigncurrencyexchangeratefluctuations,tariffs,inflation,changesininterestrates,recessionand
recoverytherefrom,restrictionsassociatedwithimportingandexportingandforeignownership,and,inparticular,thecontinuingrecoveryand/orinstabilityof
certainmarketsinwhichweoperateinChinaandNorthAmerica,thecontinueddeteriorationinandweakforecastsfortheBrazilianeconomy,andthe
continuinguncertaintyregardingtherecentBrexitvoteinGreatBritain;
Theimpactofpotentialincreasesincommodityprices,includingourabilitytosuccessfullymanageourexposureand/orpassincreasingpricesofaluminum,
copper,steelandstainlesssteel(nickel)ontocustomers,aswellastheinherentlagintimingofsuchpass-througharrangements;and
Theimpactofcurrentandfutureenvironmentallawsandregulationsonourbusinessandthebusinessesofourcustomers,includingourabilitytotake
advantageofopportunitiestosupplyalternativenewtechnologiestomeetenvironmentaland/orenergystandardsandobjectives.
Operational Risks:
Theoverallhealthandincreasingprice-downfocusofouroriginalequipmentmanufacturercustomersinlightofeconomicandmarket-specificchallenges,
andthepotentialimpactonusfromanydeteriorationinthestabilityorperformanceofanyofourmajorcustomers;
Ourabilitytomaintaincurrentcustomerprogramsandcompeteeffectivelyfornewbusiness,includingourabilitytooffsetorotherwiseaddressincreasing
pricingpressuresfromcompetitorsandpricereductionpressuresfromcustomers,particularlyinthefaceofmacro-economicinstability;
Ourabilitytoeffectivelyandefficientlyrealizeexpectedcommercialandoperationalefficienciesandassociatedcostsavingsandotherbenefitsassociated
withourStrengthen,DiversifyandGrowtransformationalstrategy;
Unanticipatedproductormanufacturingdifficultiesorinefficiencies,includingunanticipatedprogramlaunchandproducttransferchallengesandwarranty
claims;
OurabilitytoobtainandretainprofitablebusinessinourAsiasegment,and,inparticular,inChina;
Unanticipateddelaysormodificationsinitiatedbymajorcustomerswithrespecttoproductlaunches,productapplicationsorrequirements;
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Unanticipatedproblemswithsuppliersmeetingourtime,quantity,qualityandpricedemands,andtheoverallhealthofoursuppliers,particularlyinlightof
somecontinuingeconomicchallengesinareasoftheworldinwhichweandoursuppliersoperate;
OurabilitytoeffectivelyandefficientlycompleterestructuringactivitiesinourEuropesegmentandrealizeexpectedcostreductionsandincreased
competitivenessandprofitabilityasaresult;
OurabilitytocompletethetransitionofourWashington,Iowaproductiontootherfacilitiesefficientlyandeffectively;
Costsandothereffectsoftheinvestigationandremediationofenvironmentalcontamination;
Increasinglycomplexandrestrictivelawsandregulations,includingthoseassociatedwithbeingaU.S.publiccompanyandotherspresentinvarious
jurisdictionsinwhichweoperate,andthecostsassociatedwithcompliancetherewith;
Workstoppagesorinterferenceatourfacilitiesorthoseofourmajorcustomersand/orsuppliers;and
Costsandothereffectsofunanticipatedlitigationorclaims,andtheconstantpressuresassociatedwithhealthcareandinsurancecosts.
Strategic Risks:
OurabilitytoidentifyandexecuteappropriategrowthanddiversificationopportunitiestoenableustoachieveourStrengthen,DiversifyandGrow
transformationalstrategyinordertopositionusforlong-termsuccess.
Financial Risks:
Ourabilitytofundourgloballiquidityrequirementsefficiently,particularlythoseinourAsiabusinesssegment,andmeetourlong-termcommitmentsinthe
eventofanyunexpecteddisruptioninortighteningofthecreditmarketsorextendedrecessionaryconditionsintheglobaleconomy;
Theimpactofforeigncurrencyexchangeratefluctuations,particularlythevalueoftheeuro,Brazilianreal,Britishpound,andIndianrupeerelativetothe
U.S.dollar;and
Ourabilitytoeffectivelyrealizethebenefitsoftaxassetsinvariousjurisdictionsinwhichweoperate.
Inadditiontotheriskssetforthabove,wearesubjecttootherrisksanduncertaintiesasidentifiedinourpublicfilingswiththeU.S.SecuritiesandExchange
Commission.Wedonotassumeanyobligationtoupdateanyforward-lookingstatements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
TheCompanysquantitativeandqualitativedisclosuresaboutmarketriskareincorporatedbyreferencefromPartII,Item7A.oftheCompanysAnnualReporton
Form10-KfortheyearendedMarch31,2016.TheCompanysmarketriskshavenotmateriallychangedsincethefiscal2016Form10-Kwasfiled.
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Item 4. Controls and Procedures.
EvaluationRegardingDisclosureControlsandProcedures
AsoftheendoftheperiodcoveredbythisquarterlyreportonForm10-Q,theCompanycarriedoutanevaluation,atthedirectionoftheGeneralCounseland
underthesupervisionoftheCompanysPresidentandChiefExecutiveOfficerandVicePresident,FinanceandChiefFinancialOfficer,oftheeffectivenessofthe
CompanysdisclosurecontrolsandproceduresasdefinedinSecuritiesExchangeActRules13a-15(e)and15d-15(e),withtheparticipationoftheCompanys
management.Baseduponthatevaluation,thePresidentandChiefExecutiveOfficerandVicePresident,FinanceandChiefFinancialOfficerconcludedthatthe
designandoperationoftheCompanysdisclosurecontrolsandproceduresareeffectiveasofJune30,2016.
ChangesinInternalControlOverFinancialReporting
Duringthefirstquarteroffiscal2017,therewasnochangeintheCompanysinternalcontroloverfinancialreportingthatmateriallyaffected,orisreasonably
likelytomateriallyaffect,theCompanysinternalcontroloverfinancialreporting.
PART II. OTHER INFORMATION
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
ISSUER PURCHASES OF EQUITY SECURITIES
ThefollowingdescribestheCompanyspurchasesofcommonstockduringthefirstquarteroffiscal2017:
Maximum
Number(or
TotalNumberof ApproximateDollar
SharesPurchasedas Value)ofShares
Average PartofPublicly thatMayYetBe
TotalNumber PricePaid AnnouncedPlansor PurchasedUnderthe
Period ofSharesPurchased PerShare Programs PlansorPrograms(a)
April1April30,2016 400(b) $ 11.01 _______ $ 43,143,608

May1May31,2016 2,635(b) $ 10.38 _______ $ 43,143,608

June1June30,2016 110,476(b) $ 10.18 _______ $ 43,143,608

Total 113,511(b) $ 10.19 _______ $ 43,143,608
(a) Duringfiscal2016,theBoardofDirectorsapproveda$50.0millionsharerepurchaseprogram,whichexpiresinNovember2016.
(b) ConsistsofsharesdeliveredbacktotheCompanybyemployeesand/ordirectorstosatisfytaxwithholdingobligationsthatariseuponthevestingofstock
awards.TheCompany,pursuanttoitsequitycompensationplans,givesparticipantstheopportunitytoturnbacktotheCompanythenumberofsharesfrom
theawardsufficienttosatisfytaxwithholdingobligationsthatariseupontheterminationofrestrictions.Thesesharesareheldastreasuryshares.
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Item 6. Exhibits.
(a) Exhibits:
ExhibitNo. Description IncorporatedHereinBy Filed

ReferenceTo Herewith
10.1 FormofFiscal2017ModinePerformanceStockAwardAgreement X

10.2 FormofFiscal2017ModineIncentiveStockOptionsAwardAgreement X

10.3 FormofFiscal2017ModineRestrictedStockAwardAgreement X

10.4 FormofFiscal2017ModineNon-QualifiedStockOptionAwardAgreement X

31.1 Rule13a-14(a)/15d-14(a)CertificationofThomasA.Burke,PresidentandChiefExecutiveOfficer. X

31.2 Rule13a-14(a)/15d-14(a)CertificationofMichaelB.Lucareli,VicePresident,FinanceandChiefFinancial X
Officer.

32.1 Section1350CertificationofThomasA.Burke,PresidentandChiefExecutiveOfficer. X

32.2 Section1350CertificationofMichaelB.Lucareli,VicePresident,FinanceandChiefFinancialOfficer. X

101.INS InstanceDocument X

101.SCH XBRLTaxonomyExtensionSchema X

101.CAL XBRLTaxonomyExtensionCalculationLinkbaseDocument X

101.DEF XBRLTaxonomyExtensionDefinitionLinkbaseDocument X

101.LAB XBRLTaxonomyExtensionLabelLinkbaseDocument X

101.PRE XBRLTaxonomyExtensionPresentationLinkbaseDocument X
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SIGNATURE
PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theRegistranthasdulycausedthisreporttobesignedonitsbehalfbytheundersigned
thereuntodulyauthorized.
By:/s/MichaelB.Lucareli
MichaelB.Lucareli,VicePresident,Financeand
ChiefFinancialOfficer*
Date:August3,2016
*ExecutingasboththeprincipalfinancialofficerandadulyauthorizedofficeroftheCompany
24
Exhibit 10.1

2008 INCENTIVE COMPENSATION PLAN
PERFORMANCE STOCK AWARD
AWARD AGREEMENT
WearepleasedtoinformyouthatyouhavebeengrantedanopportunitytoearnaPerformanceStockAwardofModineManufacturingCompany(the
Company),subjecttothetermsandconditionsoftheModineManufacturingCompany2008IncentiveCompensationPlan(thePlan)andofthisAward
Agreement.Unlessotherwisedefinedherein,alltermsusedinthisAwardAgreementshallhavethesamemeaningsassetforthinthePlan.
FullnameofGrantee:

DateofAward: May31,2016

TargetnumberofCommonStock:

PerformancePeriod: April1,2016toMarch31,2019
1.PerformanceStockAward.PursuanttothePlan,youareherebygrantedaPerformanceStockAward,subjecttothetermsandconditionsofthis
AwardAgreementandthePlan.ThenumberofsharesofCommonStocktobeissuedhereunderiftheTargetPerformanceGoalsareachievedissetforthabove.
2.TermsofPerformanceStockAwardandPerformanceGoals.YouhavebeengrantedanopportunitytoearnsharesofCommonStockunderthis
PerformanceStockAward.TheactualnumberofsharesofCommonStockearnedbyyouwillbedeterminedasdescribedbelow,basedupontheactualresultsfor
thePerformancePeriodsetforthabovecomparedtothePerformanceGoalssetforthbelow,providedthatyouremainanemployeeoftheCompanyoraSubsidiary
fortheentirePerformancePeriod(subjecttotheprovisionsbelowregardingdeathorDisability)andtheachievementofthePerformanceGoalsisgreaterthanthe
Thresholdamountspecifiedbelow(theConditions).IfeitheroftheseConditionsisnotsatisfied,thenexceptasotherwiseprovidedinthisAwardAgreement
andthePlan,noCommonStockshallbeearned.ThePerformanceGoalsforthisPerformanceStockAwardare:ReturnonAverageCapitalEmployed
(ROACE)andAverageAnnualRevenueGrowth(RevenueGrowth),witheachhavinga50%weight.TheThresholdPerformanceGoalsaretheminimum
PerformanceGoalsnecessaryforthePerformancePeriodthatmustbeachievedbytheCompanyinorderforyoutoqualifyforanyCommonStockandthe
MaximumPerformanceGoalsaretheminimumPerformanceGoalsforthePerformancePeriodinorderforyoutoqualifyforthemaximumnumberofsharesof
CommonStockearnedunderthisPerformanceStockAward.

PerformanceGoal:ROACE PerformanceStockAwardEarnedBasedonAchievementof
PerformanceGoal
Threshold:5.0% 5%ofTargetnumberofCommonStock
Target:9.0% 50%ofTargetnumberofCommonStock
Maximum:14.0% 100%ofTargetnumberofCommonStock
PerformanceGoal:RevenueGrowth PerformanceStockAwardEarnedBasedonAchievementof
PerformanceGoal
Threshold:3.0% 5%ofTargetnumberofCommonStock
Target:8.0% 50%ofTargetnumberofCommonStock
Maximum:13.0% 100%ofTargetnumberofCommonStock
ROACEorReturnonAverageCapitalEmployedmeansNOPATdividedbyAverageCapitalEmployed.NOPATmeanstheCompanysAdjusted
OperatingIncome,asreportedontheCompanysauditedfinancialstatements,multipliedby.7toaccountforanassumed30%incometaxrate,andfurther
adjustedtoexcludeearnings(orlosses)attributabletominorityshareholders.AdjustedOperatingIncomeequalsoperatingincomeplusorminusPermitted
Adjustments.AverageCapitalEmployedmeanstheCompanystotaldebtplusshareholdersequity,asreportedontheCompanysauditedfinancialstatements,
excludingfromshareholdersequityanyequityattributabletominorityshareholders.TheNOPATandCapitalEmployedcalculationsshallexcludethe
cumulativeeffectofchangesingenerallyacceptedaccountingprinciples.AnnualROACEshallbeaveragedoverfivepoints(i.e.,thelastdayofeachfiscal
quarterandpriorfiscalyear-end).PermittedAdjustmentsmayinclude:
RestructuringCharges
Feesandexpensesforrestructuringconsultantsorfinancialadvisors
Employeeseverance,outplacementandrelatedbenefits
Employeeinsuranceandbenefitscontinuation
Contractualsalarycontinuationforterminatedemployees
Equipmenttransfersandfacilitypreparation
Environmentalservices(e.g.plantclean-uppriortosale)
AcquisitionandIntegrationCharges
Feesandexpensesfortransactionadvisors
Integrationexpenses
Otherincrementalcostsandchargesthatarenon-recurringanddirectlyrelatedtothetransaction
Other
Unusual,non-recurringorextraordinarycashandnon-cashchargesorincome
Thecashflowimpactofthetimingofinsurancereimbursementsorsettlements
Cashproceedsfromthesaleoffacilitiesorotherassets

2
Inaddition,thecalculationofROACEwillbeadjustedifnecessaryfortheimpactoftheadoptionofnewU.S.GAAPaccountingstandardsandfor
significantchangesintheCompanysaccountingmethods.
RevenueGrowthmeansthesimplethree-yeararithmeticaverageoftheannualchangeinrevenueoverthePerformancePeriod,asreportedonthe
Companysauditedfinancialstatements.
IfactualROACEorRevenueGrowthforthePerformancePeriodisbetweenThresholdandTargetand/orbetweenTargetandMaximum,thenumberof
sharesofCommonStockearnedshallbedeterminedonalinearbasis.IntheeventthattheCompanysactualROACEorRevenueGrowthdoesnotmeetthe
ThresholdforthePerformancePeriod,noCommonStockshallbeearnedrelativetosuchmetricunderthisPerformanceStockAward.Intheeventthatthe
CompanysactualROACEorRevenueGrowthexceedstheMaximumforthePerformancePeriod,onlytheMaximumpercentageoftheTargetnumberofshares
ofCommonStocksetforthaboveshallbeearnedrelativetosuchmetric.
3.DeliveryofSharesofCommonStock.PerformanceStockearnedshallbepaidinsharesofCommonStockdeliveredtoyouaftertheendofthe
PerformancePeriodassoonasadministrativelypracticableaftertheCommitteehasapprovedandcertifiedthenumberofsharesofPerformanceStockthathave
beenearnedhereunderor,intheeventofvestingcoveredunderParagraph4below,withinthirty(30)daysofthedateofyourterminationofemployment.
4.ChangeinControl.NotwithstandinganythinginthisAgreementtothecontrary,uponaChangeinControl,alloutstandingPerformanceStockshall
bedeemedtohavesatisfiedtheTargetPerformanceGoalsandshallvestpro-ratabasedupontheperiodworkedduringthePerformancePeriodasofthedateofan
involuntaryterminationofyouremploymentwiththeCompanyoraSubsidiarybytheCompanywithoutCauseorbyyouforGoodReasonwithinone(1)year
followingaChangeinControl.GoodReasonmeansamaterialdiminutioninyourbasesalary;materialdiminutioninyourannualtargetbonusopportunity;
materialdiminutioninyourauthority,dutiesorresponsibilities;materialdiminutioninauthority,dutiesorresponsibilitiesofthesupervisortowhomyoureport;
materialdiminutioninthebudgetoverwhichyouretainauthority;ormaterialchangeinthegeographiclocationatwhichyoumustperformservices.
5.DeathorDisability.NotwithstandinganythinginthisAgreementtothecontrary,uponyourterminationofemploymentduetodeathorDisability(as
definedherein),aproratedportion(basedontheperiodworkingduringthePerformancePeriod)ofthePerformanceStockgrantedtoyouhereundershallvest
basedontheCompanysactualachievementofthePerformanceGoalsattheendofthePerformancePeriodascertifiedbytheCommitteeandshareswillbe
deliveredtoyouaftertheCommitteehasapprovedandcertifiedthenumberofsharesofPerformanceStockthathavebeenearnedhereunder.Forpurposesofthis
AwardAgreement,DisabilityshallmeanpermanentandtotaldisabilityasdefinedinSection22(e)(3)oftheCode.
6.Forfeiture.OtherthanasdescribedaboveinParagraph4regardingaChangeinControlorParagraph5regardingDeathorDisability,uponyour
terminationofemploymentwiththeCompanyoraSubsidiaryforanyreasonduringthePerformancePeriod,youwillforfeitallPerformanceStockcoveredbythis
Agreement.
7.ShareholderStatus.WhilethisPerformanceStockAwardisoutstandinganduntilCommonStockisissuedhereunder,youshallnothaveanyrights
asashareholderoftheCompany,includingtherighttovoteandtherighttoreceivedividendsonanyCommonStockpotentiallyearnedunderthisPerformance
StockAward.

3
8.Transfer.ThePerformanceStockAwardshallbenontransferable.Notwithstandingtheforegoing,youshallhavetherighttotransferthe
PerformanceStockAwardorCommonStockotherwiseissuedhereunderuponyourdeath,eitherbythetermsofyourwillorunderthelawsofdescentand
distribution.
9.NoUnlawfulIssueofCommonStock.If,intheopinionofitscounsel,theissueofanyCommonStockhereunderpursuanttothisPerformanceStock
Awardshallnotbelawfulforanyreason,includingtheinabilityoftheCompanytoobtain,fromanyregulatorybodyhavingjurisdiction,authoritydeemedbysuch
counseltobenecessarytosuchissuance,theCompanyshallnotbeobligatedtoissueanysuchCommonStockpursuanttothisPerformanceStockAward.
10.NoObligationofEmployment.ThisPerformanceStockAwardshallnotimposeanyobligationontheCompanytocontinueyouremploymentwith
theCompanyoranySubsidiary.
11.ControllingProvisions;PlanControls.IntheeventofaconflictbetweenthetermsofthisAwardAgreementandanyemploymentagreementor
changeincontrolagreementbetweenyouandtheCompany,thisAwardAgreementshallcontrol.ThisPerformanceStockAwardisqualifiedinitsentiretyby
referencetothetermsandconditionsofthePlanunderwhichitisgranted,acopyofwhichyoumayrequestfromtheCompany.ThePlanempowersthe
Committeetomakeinterpretations,rulesandregulationsthereunder,and,ingeneralprovidesthatthedeterminationsofsuchCommitteewithrespecttothePlan
shallbebindinguponyou.ThePlanisincorporatedhereinbyreference.
12.ForfeitureUnderRecoupmentPolicy.TheCompanyshallhavethepowerandtherighttorequireyoutoforfeitandreturnthesharesofCommon
StockissuedhereunderoranyproceedstherefromconsistentwithanyrecoupmentpolicymaintainedbytheCompanyunderapplicablelaw,assuchpolicyis
amendedfromtimetotime.
13.UseofWords.TheuseofwordsofthemasculinegenderinthisAwardAgreementisintendedtoinclude,whereverappropriate,thefeminineor
neutergenderandviceversa.
14.Successors.ThisAgreementshallbebindinguponandinuretothebenefitofanysuccessororsuccessorsoftheCompany.
15.Taxes.TheCompanymayrequirepaymentoforwithholdanyminimumtaxwhichitbelievesisrequiredasaresultofthisPerformanceStock
Award,andtheCompanymaydefermakingdeliverywithrespecttosharesissuablehereunderuntilarrangementssatisfactorytotheCompanyhavebeenmade
withrespecttosuchtaxwithholdingobligations.
16.CommitteeDiscretion.NotwithstandinganythinginthisAgreement,theCommitteeretainsthediscretiontomakenegativeadjustmentstothefinal
determinationoftheachievementofanyPerformanceGoals.
17.PersonalInformation.SoliumCapitalLLCandWellsFargoBank,N.A.assisttheCompanyintheoperationofthePlanandtheadministrationofthe
PerformanceStockAwardgrantedpursuanttothisAwardAgreement.IfyouchoosetoparticipateinthePlan,youacknowledgeandconsenttotheCompany
sharingyourname,email,andinformationregardingthegrantofthePerformanceStockAwardunderthisAwardAgreementwithbothSoliumCapitalLLCand
WellsFargoBank,N.A.
SIGNATURESONTHEFOLLOWINGPAGE

4
ByyoursignatureandthesignatureoftheCompanysrepresentativebelow,youandtheCompanyagreethatthisPerformanceStockAwardawardedto
youunderthisAwardAgreementissubjecttothetermsandconditionsofthePlan,acopyofwhichisavailabletoyouuponrequest.AsprovidedinthePlan,you
herebyagreetoacceptasbindinganydecisionoftheCommitteewithrespecttotheinterpretationofthePlanandthisAwardAgreement,oranyothermatters
associatedtherewith.
INWITNESSWHEREOF,theCompanyhascausedthisAwardAgreementtobeexecutedasofMay31,2016.

By: /s/ThomasA.Burke
ThomasA.Burke
PresidentandChiefExecutiveOfficer
TheundersignedherebyacceptstheforegoingPerformanceStockAwardandagreestothetermsandconditionsofthisAwardAgreementandofthe
Plan.
5
Exbhibit 10.2

INCENTIVE STOCK OPTION
AWARD AGREEMENT
WearepleasedtoinformyouthatyouhavebeengrantedanOptiontopurchasesharesofCommonStockofModineManufacturingCompany(the
FullnameofGrantee:


Exercisepricepershare:

Totalnumberofshares:

Totalexerciseprice:
1.Option.PursuanttothePlan,youareherebygrantedtheoptiontopurchasesharesofCommonStockonthetermsandconditionssetforthinthis
AwardAgreement.TheOptionisintendedtoqualifyasanIncentiveStockOptionwithinthemeaningofSection422oftheCodetotheextentitmeetsthe
requirementsthereof,includingthe$100,000peryearlimitationinCodeSection422(d).AnyportionoftheOptionthatdoesnotqualifyasanIncentiveStock
OptionshallbeaNonqualifiedStockOption.ThisOptionisintendedtoqualifyasanIncentiveStockOptionsothatyoumayobtainpreferentialtaxtreatment
and,consequently,certainlimitationsondispositionmustbeobserved.Inordertoobtainpreferentialtaxtreatment,sharesofCommonStockobtainedupon
exerciseoftheOptionmaynotbedisposedofwithintwenty-four(24)monthsaftertheDateofAwardorwithintwelve(12)monthsafterexerciseoftheOption.
2.VestingSchedule.TheOptiongrantedpursuanttothisAwardwillvestaccordingtothefollowingschedule,provided,however,that,exceptas
otherwiseprovidedinSection12.02ofthePlanorinthisAwardAgreement,youmustbeemployedbytheCompanyoraSubsidiaryoneachvestingdateforthat
portionoftheOptiontovest.IfyouseparatefromserviceduetoDisability(asdefinedbelow),deathoryourretirementafterage60withCommitteeapproval
priortoMay31,2020,theOptionshallbecomefullyandimmediatelyexercisable.ForpurposesofthisAwardAgreement,Disabilityshallmeanpermanent
andtotaldisabilityasdefinedinSection22(e)(3)oftheCode.
NumberofSharesofCommonStock VestingDate
25%ofthetotalnumberofshares May31,2017
3.TimeofExercise;ExerciseLimitation.VestedOptionsmaybeexercised(inthemannerprovidedinparagraph4hereof)inwholeorinpart,from
timetotimeaftertheVestingDate,subjecttothefollowinglimitations:
(a) IfyouareanexecutiveofficeroftheCompanysubjecttothereportingrequirementsofSection16oftheSecuritiesExchangeActof1934,the
Optionmaynotbeexercisedbyyouwithinsix(6)monthsaftertheGrantDate;and
(b) TheOptionmayonlybeexercised,atanyonetime,exclusivelyinmultiplesoftwentyfive(25)shareswithaonehundred(100)shareexercise
minimum,exceptforthepurchaseofallsharesthenremainingsubjecttotheseoptions.
4.MethodofExercisingOption.SubjecttothelimitationsstatedelsewhereinthisAwardAgreementorinthePlan,thisOptionwillbeexercisableasto
alloraportionoftheCommonStockinaccordancewiththevestingscheduleaboveinParagraph2.InnoeventwilltheOptionbeexercisableifitwouldresultin
aviolationoffederalorstatesecuritieslawsorwouldoccurlaterthanten(10)yearsfromthedateofgrant.TheOptionmaybeexercisedinwholeorinpartby
deliverytotheCompanyoritsdesignee(a)ofwrittennoticeidentifyingtheOptionandstatingthenumberofshareswithrespecttowhichitisbeingexercised,and
(b)paymentinfulloftheexercisepriceofthesharesthenbeingacquired;provided,however,thatyoumaypaytheexercisepriceeitherincash,bytransferring
totheCompanysharesofstockoftheCompanyattheirFairMarketValueasofthedateofexerciseoftheOption("DeliveredStock"),acombinationofcashand
DeliveredStock,orsuchotherformsormeansthattheCompanydeterminesareconsistentwiththePlan'spurposeandapplicablelaw.Notwithstandingthe
foregoing,theCompanymayarrangefororcooperateinpermittingbroker-assistedcashlessexerciseprocedures.Nopersonshallacquireanyrightsorprivileges
ofashareholderoftheCompanywithrespecttoanysharesofCommonStockuntilsuchshareshavebeendulyissued.TheCompanyshallhavetherighttodelay
theissueordeliveryofanysharestobedeliveredhereunderuntil(a)thecompletionofsuchregistrationorqualificationofsuchsharesunderfederal,stateor
foreignlaw,rulingorregulationastheCompanyshalldeemtobenecessaryoradvisable,and(b)receiptfromyouofsuchdocumentsandinformationasthe
Companymaydeemnecessaryorappropriateinconnectionwithsuchregistrationorqualificationortheissuanceofshareshereunder.
5.ExpirationDate.Uponaterminationofyouremploymentforanyreason(exceptterminationofemploymentforCause),thisOptionshallexpireone
(1)yearfromthedateofterminationofyouremployment.UponyourterminationofemploymentforCause,thisOptionshallimmediatelyexpire.
Notwithstandinganythinghereincontainedtothecontrary,thisOptionshallnotbeexercisablesubsequenttoten(10)yearsafterthedateofgrant.YourOption
willbecomenonqualified(i.e.,losepreferentialtaxtreatment)ifitisnotexercisedwithinthree(3)monthsafteraterminationofemploymentorwithinone(1)
yearafteraterminationofemploymentduetoDisability.
6.TransferofOption.TheOptionshallbenontransferableandshall,exceptinthecaseofdeathorDisability,beexercisableonlybyyouduringyour
lifetime.Notwithstandingtheforegoing,youshallhavetherighttotransfertheOptionuponyourdeath,eitherbythetermsofyourwillorunderthelawsof
descentanddistribution.InthecaseofyourDisability,theOptionshallbeexercisablebyyourpersonalrepresentative.Uponyourdeath,theOptionshallbe
exercisablebyyourpersonalrepresentative,administrator,orotherrepresentativeofyourestate,orthepersonorpersonstowhomthisOptionshallpassbywillor
underthelawsofdescentanddistribution.

7.TransferofStock.IfyoudisposeofanyoftheCommonStockacquireduponexerciseoftheOptionwithintwenty-four(24)monthsafterthedatethe
Optionwasgrantedorwithintwelve(12)monthsafterexerciseoftheOption,then,youshallpromptlynotifytheCompanyofthenumberofsharessodisposedof,
thedatesofdisposition,andtheconsideration,ifany,receivedforsuchshares.Inordertocomplywithfederalincometaxlaw,theCompanymaytakesuchaction
asitdeemsappropriatetoensurenoticetotheCompanyofanydispositionoftheCommonStockwiththetimeperiodsdescribed.
2
8.NoUnlawfulIssueofShares.If,intheopinionofitscounsel,theissueorsaleofanysharesofitsstockhereunderpursuanttotheOptionshallnotbe
lawfulforanyreason,includingtheinabilityoftheCompanytoobtain,fromanyregulatorybodyhavingjurisdiction,authoritydeemedbysuchcounseltobe
necessarytosuchissuanceorsale,theCompanyshallnotbeobligatedtoissueorsellanysuchsharespursuanttotheexerciseoftheOption.
9.NoObligationofEmployment.TheOptionshallnotimposeanyobligationontheCompanytocontinueyouremploymentwiththeCompanyora
Subsidiary.
10. ControllingProvisions;PlanControls.IntheeventofaconflictbetweenthetermsofthisAwardAgreementandanyemploymentagreementor
changeincontrolagreementbetweenyouandtheCompany,thisAwardAgreementshallcontrol.ThisOptionisqualifiedinitsentiretybyreferencetotheterms
andconditionsofthePlanunderwhichitisgranted,acopyofwhichyoumayrequestfromtheCompany.ThePlanempowerstheCommitteetomake
interpretations,rulesandregulationsthereunderand,ingeneral,providesthatthedeterminationsofsuchCommitteewithrespecttothePlanshallbebindingupon
you.ThePlanisherebyincorporatedhereinbyreference.
11.ChangeinControl.ThevestingoftheOptionintheeventofaChangeinControlisgovernedbySection12.02ofthePlan.Involuntarytermination
ofyouremploymentbytheCompanywouldbeterminationofyouremploymentbytheCompanywithoutCauseandterminationbyyouofyouremploymentfor
GoodReason.GoodReasonmeansamaterialdiminutioninyourbasesalary;materialdiminutioninyourannualtargetbonusopportunity;materialdiminution
inyourauthority,dutiesorresponsibilities;materialdiminutioninauthority,dutiesorresponsibilitiesofthesupervisortowhomyoureport;materialdiminutionin
thebudgetoverwhichyouretainauthority;ormaterialchangeinthegeographiclocationatwhichyoumustperformservices.
12.ForfeitureUnderRecoupmentPolicy.TheCompanyshallhavethepowerandtherighttorequireyoutoforfeitthisOption,returnthesharesof
CommonStockissuedpursuanttoanexerciseofthisOptionoranyproceedstherefromconsistentwithanyrecoupmentpolicymaintainedbytheCompanyunder
applicablelaw,assuchpolicyisamendedfromtimetotime.
15.Taxes.TheCompanymayrequirepaymentoforwithholdanyminimumtaxthatitbelievesisrequiredasaresultofthegrantorexerciseofthe
Option,andtheCompanymaydefermakingdeliverywithrespecttosharesissuablehereunderuntilarrangementssatisfactorytotheCompanyhavebeenmade

16.PersonalInformation.SoliumCapitalLLCandWellsFargoBank,N.A.assisttheCompanyintheoperationofthePlanandtheadministrationof
theOptiongrantedpursuanttothisAwardAgreement.IfyouchoosetoparticipateinthePlan,youacknowledgeandconsenttotheCompanysharingyourname,
email,andinformationregardingthegrantoftheOptionunderthisAwardAgreementwithbothSoliumCapitalLLCandWellsFargoBank,N.A.

3
ByyoursignatureandthesignatureoftheCompanysrepresentativebelow,youandtheCompanyagreethattheOptionwhichhasbeenawardedtoyou
underthisAwardAgreementissubjecttothetermsandconditionsofthePlan,acopyofwhichisavailabletoyouuponrequest.AsprovidedinthePlan,you

ThomasA.Burke
4
Exhibit 10.3

RESTRICTED STOCK AWARD
AWARD AGREEMENT
WearepleasedtoinformyouthatyouhavebeengrantedaRestrictedStockAwardsubjecttothetermsandconditionsoftheModineManufacturing
Company2008IncentiveCompensationPlan(thePlan)andofthisAwardAgreement.Unlessotherwisedefinedherein,alltermsusedinthisAwardAgreement
shallhavethesamemeaningsassetforthinthePlan.
FullnameofGrantee:


TotalnumberofSharesofCommonStock:
1.RestrictedStockAward.PursuanttothePlan,youareherebygrantedaRestrictedStockAward,subjecttothetermsandconditionsofthisAward
AgreementandthePlan.Accordingly,youshallbeissuedtheaggregatenumberofsharesofCommonStockofModineManufacturingCompany(the
Company)setforthabove,subjecttotherestrictionsandconditionssetforthinthisAwardAgreement.
2.RestrictedPeriod.UntiltheexpirationoftheRestrictedPeriod(asdescribedinthechartbelow),youmaynotsell,exchange,transfer,pledge,
hypothecateorotherwisedisposeofthesharesofCommonStockawardedtoyouunderthisRestrictedStockAward.ForpurposesofthisAwardAgreement,the
RestrictedPeriodshallmeantheperiodbeginningonthedateofthisAwardsetforthaboveandendingassetforthbelow:
NumberofSharesofCommonStock RestrictedPeriodExpiration
ExceptasotherwiseprovidedinSection7.03(c)orSection12.02ofthePlan,intheeventofyourterminationofemploymentwiththeCompanyoraSubsidiaryfor
anyreason(otherthanduetoDisability(asdefinedbelow),death,oryourretirementafterage60withCommitteeapproval)priortotheexpirationofthe
RestrictedPeriodforanyCommonStock,youshallforfeittotheCompanyallCommonStockforwhichtheRestrictedPeriodhasnotexpired.Ifyouseparate
fromservicewiththeCompanyoraSubsidiaryduetoDisability,death,oryourretirementafterage60withCommitteeapprovalpriortotheendoftheRestricted
Periodforanycommonstock,yourRestrictedStockAwardshallvestinfull.ForpurposesofthisAwardAgreement,Disabilityshallmeanpermanentandtotal
disabilityasdefinedinSection22(e)(3)oftheCode.
3.ShareholderStatus.PriortotheexpirationoftheRestrictedPeriod,youshallhavealloftherightsofashareholderoftheCompany,includingthe
righttovotetheCommonStockandtherighttoreceiveanycashdividendsastotheunderlyingnon-forfeitedCommonStock.UntilthelapseoftheRestricted
Period,theCompanyshallretaincustodyofthecertificatesrepresentingtheRestrictedStockAward.AssoonaspracticableaftertheexpirationoftheRestricted
Period,theCompanyshallissueorreleaseorcausetobeissuedorreleasedunlegendedcertificate(s)representingthenon-forfeitedCommonStockorshallregister
suchCommonStockinyourname.
4.Transfer.ThisRestrictedStockAwardshallnotbeassigned,alienated,pledged,attached,soldorotherwisetransferredorencumberedbyyouother
thanintheeventofyourdeath.Exceptforthedesignationofyourbeneficiaryintheeventofyourdeath,thepurportedassignment,alienation,pledge,attachment,
transferorencumbranceoftheAwardshallbevoidandunenforceableagainsttheCompany.Thisprovisionshallnotpreventyoufromtransferringthesharesof
CommonStockissuedhereunderaftertheexpirationoftheRestrictedPeriod.
5.NoObligationofEmployment.ThisRestrictedStockAwardshallnotimposeanyobligationontheCompanytocontinueyouremploymentwiththe
CompanyoranySubsidiary.
6.ControllingProvisions;PlanControls.IntheeventofaconflictbetweenthetermsofthisAwardAgreementandanyemploymentagreementor
changeincontrolagreementbetweenyouandtheCompany,thisAwardAgreementshallcontrol.ThisRestrictedStockAwardisqualifiedinitsentiretyby
referencetothetermsandconditionsofthePlanunderwhichitisgranted,acopyofwhichyoumayrequestfromtheCompany.ThePlanempowersthe
Committeetomakeinterpretations,rulesandregulationsthereunderand,ingeneral,providesthatthedeterminationsofsuchCommitteewithrespecttothePlan
shallbebindinguponyou.ThePlanisincorporatedhereinbyreference.
7.ChangeinControl.ThevestingoftheRestrictedStockAwardintheeventofaChangeinControlisgovernedbySection12.02ofthePlan.
InvoluntaryterminationofyouremploymentbytheCompanywouldbeterminationofyouremploymentbytheCompanywithoutCauseandterminationbyyouof
youremploymentforGoodReason.GoodReasonmeansamaterialdiminutioninyourbasesalary;materialdiminutioninyourannualtargetbonusopportunity;
materialdiminutioninyourauthority,dutiesorresponsibilities;materialdiminutioninauthority,dutiesorresponsibilitiesofthesupervisortowhomyoureport;
materialdiminutioninthebudgetoverwhichyouretainauthority;ormaterialchangeinthegeographiclocationatwhichyoumustperformservices.
8.ForfeitureUnderRecoupmentPolicy.TheCompanyshallhavethepowerandtherighttorequireyoutoforfeitandreturnthesharesofCommon
StockissuedhereunderoranyproceedstherefromconsistentwithanyrecoupmentpolicymaintainedbytheCompanyunderapplicablelaw,assuchpolicyis
amendedfromtimetotime.
2
11.Taxes.TheCompanymayrequirepaymentoforwithholdanyminimumtaxwhichitbelievesisrequiredasaresultofthisRestrictedStockAward,
andtheCompanymaydefermakingdeliverywithrespecttosharesissuablehereunderuntilarrangementssatisfactorytotheCompanyhavebeenmadewith
respecttosuchtaxwithholdingobligations.
theRestrictedStockAwardgrantedpursuanttothisAwardAgreement.IfyouchoosetoparticipateinthePlan,youacknowledgeandconsenttotheCompany
sharingyourname,email,andinformationregardingthegrantoftheRestrictedStockAwardunderthisAwardAgreementwithbothSoliumCapitalLLCand
WellsFargoBank,N.A.

3
ByyoursignatureandthesignatureoftheCompanysrepresentativebelow,youandtheCompanyagreethattheRestrictedStockAwardawardedtoyou
underthisAwardAgreementaresubjecttothetermsandconditionsofthePlan,acopyofwhichisavailabletoyouuponrequest.AsprovidedinthePlan,you

ThomasA.Burke
4
Exhibit 10.4

NON-QUALIFIED STOCK OPTION
AWARD AGREEMENT
WearepleasedtoinformyouthatyouhavebeengrantedanOptiontopurchasesharesofCommonStockofModineManufacturingCompany(the
FullnameofGrantee:


Exercisepricepershare:

Totalnumberofshares:

Totalexerciseprice:
1.Option.PursuanttothePlan,youareherebygrantedtheoptiontopurchasesharesofCommonStockonthetermsandconditionssetforthinthis
AwardAgreement.TheOptiongrantedhereundershallbeaNon-QualifiedStockOption.
2.VestingSchedule.TheOptiongrantedpursuanttothisAwardwillvestaccordingtothefollowingschedule,provided,however,that,exceptas
otherwiseprovidedinSection12.02ofthePlanorinthisAwardAgreement,youmustbeemployedbytheCompanyoraSubsidiaryoneachvestingdateforthat
portionoftheOptiontovest.IfyouseparatefromserviceduetoDisability(asdefinedbelow),deathoryourretirementafterage60withCommitteeapproval
priortoMay31,2020,theOptionshallbecomefullyandimmediatelyexercisable.ForpurposesofthisAwardAgreement,Disabilityshallmeanpermanent
andtotaldisabilityasdefinedinSection22(e)(3)oftheCode.
NumberofSharesofCommonStock VestingDate
3.TimeofExercise;ExerciseLimitation.VestedOptionsmaybeexercised(inthemannerprovidedinparagraph4hereof)inwholeorinpart,from
timetotimeaftertheVestingDate,subjecttothefollowinglimitations:
(a) BecauseyouareanexecutiveofficeroftheCompanysubjecttothereportingrequirementsofSection16oftheSecuritiesExchangeActof
1934,theOptionmaynotbeexercisedbyyouwithinsix(6)monthsaftertheGrantDate;and
(b) TheOptionmayonlybeexercised,atanyonetime,exclusivelyinmultiplesoftwentyfive(25)shareswithaonehundred(100)shareexercise
minimum,exceptforthepurchaseofallsharesthenremainingsubjecttotheseoptions.
4.MethodofExercisingOption.SubjecttothelimitationsstatedelsewhereinthisAwardAgreementorinthePlan,thisOptionwillbeexercisableasto
alloraportionoftheCommonStockinaccordancewiththevestingscheduleaboveinParagraph2.InnoeventwilltheOptionbeexercisableifitwouldresultin
aviolationoffederalorstatesecuritieslawsorwouldoccurlaterthanten(10)yearsfromthedateofgrant.TheOptionmaybeexercisedinwholeorinpartby
deliverytotheCompanyoritsdesignee(a)ofwrittennoticeidentifyingtheOptionandstatingthenumberofshareswithrespecttowhichitisbeingexercised,and
(b)paymentinfulloftheexercisepriceofthesharesthenbeingacquired;provided,however,thatyoumaypaytheexercisepriceeitherincash,bytransferring
totheCompanysharesofstockoftheCompanyattheirFairMarketValueasofthedateofexerciseoftheOption("DeliveredStock"),acombinationofcashand
DeliveredStock,orsuchotherformsormeansthattheCompanydeterminesareconsistentwiththePlan'spurposeandapplicablelaw.Notwithstandingthe
foregoing,theCompanymayarrangefororcooperateinpermittingbroker-assistedcashlessexerciseprocedures.Nopersonshallacquireanyrightsorprivileges
ofashareholderoftheCompanywithrespecttoanysharesofCommonStockuntilsuchshareshavebeendulyissued.TheCompanyshallhavetherighttodelay
theissueordeliveryofanysharestobedeliveredhereunderuntil(a)thecompletionofsuchregistrationorqualificationofsuchsharesunderfederal,stateor
foreignlaw,rulingorregulationastheCompanyshalldeemtobenecessaryoradvisable,and(b)receiptfromyouofsuchdocumentsandinformationasthe
Companymaydeemnecessaryorappropriateinconnectionwithsuchregistrationorqualificationortheissuanceofshareshereunder.
5.ExpirationDate.Uponaterminationofyouremploymentforanyreason(exceptterminationofemploymentforCause),thisOptionshallexpireone
(1)yearfromthedateofterminationofyouremployment.UponyourterminationofemploymentforCause,thisOptionshallimmediatelyexpire.
Notwithstandinganythinghereincontainedtothecontrary,thisOptionshallnotbeexercisablesubsequenttoten(10)yearsafterthedateofgrant.
6.Transfer.TheOptionshallbenontransferableandshall,exceptinthecaseofdeathorDisability,beexercisableonlybyyouduringyourlifetime.
Notwithstandingtheforegoing,youshallhavetherighttotransfertheOptionuponyourdeath,eitherbythetermsofyourwillorunderthelawsofdescentand
distribution.InthecaseofyourDisability,theOptionshallbeexercisablebyyourpersonalrepresentative.Uponyourdeath,theOptionshallbeexercisableby
yourpersonalrepresentative,administrator,orotherrepresentativeofyourestate,orthepersonorpersonstowhomthisOptionshallpassbywillorunderthelaws
ofdescentanddistribution.
7.NoUnlawfulIssueofShares.If,intheopinionofitscounsel,theissueorsaleofanysharesofitsstockhereunderpursuanttotheOptionshallnotbe
lawfulforanyreason,includingtheinabilityoftheCompanytoobtain,fromanyregulatorybodyhavingjurisdiction,authoritydeemedbysuchcounseltobe
necessarytosuchissuanceorsale,theCompanyshallnotbeobligatedtoissueorsellanysuchsharespursuanttotheexerciseoftheOption.
2
8.NoObligationofEmployment.TheOptionshallnotimposeanyobligationontheCompanytocontinueyouremploymentwiththeCompanyora
Subsidiary.
9. ControllingProvisions;PlanControls.IntheeventofaconflictbetweenthetermsofthisAwardAgreementandanyemploymentagreementor
changeincontrolagreementbetweenyouandtheCompany,thisAwardAgreementshallcontrol.ThisOptionisqualifiedinitsentiretybyreferencetotheterms
andconditionsofthePlanunderwhichitisgranted,acopyofwhichyoumayrequestfromtheCompany.ThePlanempowerstheCommitteetomake
interpretations,rulesandregulationsthereunderand,ingeneral,providesthatthedeterminationsofsuchCommitteewithrespecttothePlanshallbebindingupon
you.ThePlanisherebyincorporatedhereinbyreference.
10.ChangeinControl.ThevestingoftheOptionintheeventofaChangeinControlisgovernedbySection12.02ofthePlan.Involuntarytermination
ofyouremploymentbytheCompanywouldbeterminationofyouremploymentbytheCompanywithoutCauseandterminationbyyouofyouremploymentfor
GoodReason.GoodReasonmeansamaterialdiminutioninyourbasesalary;materialdiminutioninyourannualtargetbonusopportunity;materialdiminution
inyourauthority,dutiesorresponsibilities;materialdiminutioninauthority,dutiesorresponsibilitiesofthesupervisortowhomyoureport;materialdiminutionin
thebudgetoverwhichyouretainauthority;ormaterialchangeinthegeographiclocationatwhichyoumustperformservices.
11.ForfeitureUnderRecoupmentPolicy.TheCompanyshallhavethepowerandtherighttorequireyoutoforfeitthisOption,returnthesharesof
CommonStockissuedpursuanttoanexerciseofthisOptionoranyproceedstherefromconsistentwithanyrecoupmentpolicymaintainedbytheCompanyunder
applicablelaw,assuchpolicyisamendedfromtimetotime.
14.Taxes.TheCompanymayrequirepaymentoforwithholdanyminimumtaxthatitbelievesisrequiredasaresultofthegrantorexerciseofthe
Option,andtheCompanymaydefermakingdeliverywithrespecttosharesissuablehereunderuntilarrangementssatisfactorytotheCompanyhavebeenmade
theOptiongrantedpursuanttothisAwardAgreement.IfyouchoosetoparticipateinthePlan,youacknowledgeandconsenttotheCompanysharingyourname,
email,andinformationregardingthegrantoftheOptionunderthisAwardAgreementwithbothSoliumCapitalLLCandWellsFargoBank,N.A.
3
ByyoursignatureandthesignatureoftheCompanysrepresentativebelow,youandtheCompanyagreethattheOptionwhichhasbeenawardedtoyou
underthisAwardAgreementissubjecttothetermsandconditionsofthePlan,acopyofwhichisavailabletoyouuponrequest.AsprovidedinthePlan,you

ThomasA.Burke
4
Exhibit 31.1
Certification
I,ThomasA.Burke,certifythat:
1. IhavereviewedthisquarterlyreportonForm10-QofModineManufacturingCompanyforthequarterendedJune30,2016;
2. Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomake
thestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredby
thisreport;
3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespects
thefinancialcondition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;
4. TheregistrantsothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedin
ExchangeActRules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and
15d-15(f))fortheregistrantandhave:
a. Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderour
supervision,toensurethatmaterialinformationrelatingtotheregistrant,includingitsconsolidatedsubsidiaries,ismadeknowntous
byotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;
b. Designedsuchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunder
oursupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancial
statementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;
c. Evaluatedtheeffectivenessoftheregistrantsdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsaboutthe
effectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and
d. Disclosedinthisreportanychangeintheregistrantsinternalcontroloverfinancialreportingthatoccurredduringtheregistrantsmost
recentfiscalquarter(theregistrantsfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonably
likelytomateriallyaffect,theregistrantsinternalcontroloverfinancialreporting;and
5. TheregistrantsothercertifyingofficerandIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,to
theregistrantsauditorsandtheauditcommitteeoftheregistrantsboardofdirectors(orpersonsperformingtheequivalentfunctions):
a. Allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhichare
reasonablylikelytoadverselyaffecttheregistrantsabilitytorecord,process,summarizeandreportfinancialinformation;and
b. Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrants
internalcontroloverfinancialreporting.
Date:August3,2016

/s/ThomasA.Burke
ThomasA.Burke
Exhibit 31.2
Certification
I,MichaelB.Lucareli,certifythat:
1. IhavereviewedthisquarterlyreportonForm10-QofModineManufacturingCompanyforthequarterendedJune30,2016;
2. Basedonmyknowledge,thisreportdoesnotcontainanyuntruestatementofamaterialfactoromittostateamaterialfactnecessarytomake
thestatementsmade,inlightofthecircumstancesunderwhichsuchstatementsweremade,notmisleadingwithrespecttotheperiodcoveredby
thisreport;
3. Basedonmyknowledge,thefinancialstatements,andotherfinancialinformationincludedinthisreport,fairlypresentinallmaterialrespects
thefinancialcondition,resultsofoperationsandcashflowsoftheregistrantasof,andfor,theperiodspresentedinthisreport;
4. TheregistrantsothercertifyingofficerandIareresponsibleforestablishingandmaintainingdisclosurecontrolsandprocedures(asdefinedin
ExchangeActRules13a-15(e)and15d-15(e))andinternalcontroloverfinancialreporting(asdefinedinExchangeActRules13a-15(f)and
15d-15(f))fortheregistrantandhave:
a. Designedsuchdisclosurecontrolsandprocedures,orcausedsuchdisclosurecontrolsandprocedurestobedesignedunderour
supervision,toensurethatmaterialinformationrelatingtotheregistrant,includingitsconsolidatedsubsidiaries,ismadeknowntous
byotherswithinthoseentities,particularlyduringtheperiodinwhichthisreportisbeingprepared;
b. Designedsuchinternalcontroloverfinancialreporting,orcausedsuchinternalcontroloverfinancialreportingtobedesignedunder
oursupervision,toprovidereasonableassuranceregardingthereliabilityoffinancialreportingandthepreparationoffinancial
statementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples;
c. Evaluatedtheeffectivenessoftheregistrantsdisclosurecontrolsandproceduresandpresentedinthisreportourconclusionsaboutthe
effectivenessofthedisclosurecontrolsandprocedures,asoftheendoftheperiodcoveredbythisreportbasedonsuchevaluation;and
d. Disclosedinthisreportanychangeintheregistrantsinternalcontroloverfinancialreportingthatoccurredduringtheregistrantsmost
recentfiscalquarter(theregistrantsfourthfiscalquarterinthecaseofanannualreport)thathasmateriallyaffected,orisreasonably
likelytomateriallyaffect,theregistrantsinternalcontroloverfinancialreporting;and
5. TheregistrantsothercertifyingofficerandIhavedisclosed,basedonourmostrecentevaluationofinternalcontroloverfinancialreporting,to
theregistrantsauditorsandtheauditcommitteeoftheregistrantsboardofdirectors(orpersonsperformingtheequivalentfunctions):
a. Allsignificantdeficienciesandmaterialweaknessesinthedesignoroperationofinternalcontroloverfinancialreportingwhichare
reasonablylikelytoadverselyaffecttheregistrantsabilitytorecord,process,summarizeandreportfinancialinformation;and
b. Anyfraud,whetherornotmaterial,thatinvolvesmanagementorotheremployeeswhohaveasignificantroleintheregistrants
internalcontroloverfinancialreporting.
Date:August3,2016

/s/MichaelB.Lucareli
MichaelB.Lucareli
VicePresident,FinanceandChiefFinancialOfficer
Exhibit 32.1
Certification
Pursuantto18UnitedStatesCode1350
InconnectionwiththequarterlyreportofModineManufacturingCompany(theCompany)onForm10-QforthefiscalquarterendedJune30,2016as
filedwiththeSecuritiesandExchangeCommissiononthedatehereof(theReport),I,ThomasA.Burke,PresidentandChiefExecutiveOfficeroftheCompany
certify,pursuantto18U.S.C.1350,that,tothebestofmyknowledge:
1. TheReportfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934,asamended;and
2. TheinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany.
Date:August3,2016

/s/ThomasA.Burke
ThomasA.Burke
ThiscertificationaccompaniestheReportpursuanttoSection906oftheSarbanes-OxleyActof2002andshallnotbedeemedfiledbytheCompanyfor
purposesofSection18oftheSecuritiesExchangeActof1934,asamended.
Exhibit 32.2
Certification
Pursuantto18UnitedStatesCode1350
InconnectionwiththequarterlyreportofModineManufacturingCompany(theCompany)onForm10-QforthefiscalquarterendedJune30,2016as
filedwiththeSecuritiesandExchangeCommissiononthedatehereof(theReport),I,MichaelB.Lucareli,VicePresident,FinanceandChiefFinancialOfficer
oftheCompanycertify,pursuantto18U.S.C.1350,that,tothebestofmyknowledge:
1. TheReportfullycomplieswiththerequirementsofSection13(a)or15(d)oftheSecuritiesExchangeActof1934,asamended;and
2. TheinformationcontainedintheReportfairlypresents,inallmaterialrespects,thefinancialconditionandresultsofoperationsoftheCompany.
Date:August3,2016

/s/MichaelB.Lucareli
MichaelB.Lucareli
VicePresident,FinanceandChiefFinancialOfficer
ThiscertificationaccompaniestheReportpursuanttoSection906oftheSarbanes-OxleyActof2002andshallnotbedeemedfiledbytheCompanyfor
purposesofSection18oftheSecuritiesExchangeActof1934,asamended.

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MODINE MANUFACTURING CO

Filed 08/03/16 for the Period Ending 06/30/16

Address 1500 DEKOVEN AVE

SECURITIES AND EXCHANGE COMMISSION

MODINE MANUFACTURING COMPANY

PART I. FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Three months ended June 30,

Three months ended June 30,

June 30, 2016 March 31, 2016

Three months ended June 30,

MODINE MANUFACTURING COMPANY

New accounting guidance: InMarch2016,theFinancialAccountingStandardsBoard(FASB)issuednewguidancetosimplifyseveralaspectsofaccounting

Note 2: Airedale Facility Fire

MODINE MANUFACTURING COMPANY

Note 3: Fair Value Measurements

Three months ended June 30,

MODINE MANUFACTURING COMPANY

Note 5: Stock-Based Compensation

Three months ended June 30,

Three months ended June 30,

MODINE MANUFACTURING COMPANY

Note 6: Restructuring Activities

Three months ended June 30,

Three months ended June 30,

MODINE MANUFACTURING COMPANY

Note 7: Other Income and Expense

Three months ended June 30,

Note 8: Income Taxes

MODINE MANUFACTURING COMPANY

Note 9: Earnings Per Share

Three months ended June 30,

Note 10: Inventories

June 30, 2016 March 31, 2016

Note 11: Property, Plant and Equipment

June 30, 2016 March 31, 2016

MODINE MANUFACTURING COMPANY

Note 12: Goodwill and Intangible Assets

June 30, 2016 March 31, 2016

MODINE MANUFACTURING COMPANY

Note 13: Product Warranties

Three months ended June 30,

Note 14: Indebtedness

Note 15: Contingencies and Litigation

MODINE MANUFACTURING COMPANY

Brazil antitrust investigation :Duringfiscal2015,BrazilsAdministrativeCouncilforEconomicDefense(CADE)providedformalnoticetoModineBrazilofan

Other litigation: Inthenormalcourseofbusiness,theCompanyanditssubsidiariesarenamedasdefendantsinvariousotherlawsuitsandenforcement

MODINE MANUFACTURING COMPANY

Note 16: Accumulated Other Comprehensive Loss

Note 17: Segment Information

Three months ended June 30,

MODINE MANUFACTURING COMPANY

Three months ended June 30,

Three months ended June 30,

June 30, 2016 March 31, 2016

First Quarter Highlights :Netsalesinthefirstquarteroffiscal2017increased$1.1million,orlessthan1percent,fromthefirstquarteroffiscal2016,primarily

Three months ended June 30,

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Item 4. Controls and Procedures.

PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

ISSUER PURCHASES OF EQUITY SECURITIES

ExhibitNo. Description IncorporatedHereinBy Filed