Modine (MOD) CFO Michael Lucareli Exercises Options, Sells Shares

What Happened
Michael B. Lucareli, EVP and CFO of Modine Manufacturing Co. (MOD), exercised 19,595 option-derived shares at $6.62 per share (cost $129,719) on Feb 17, 2026, and immediately sold the same 19,595 shares in multiple open-market transactions for aggregate proceeds of approximately $4,293,671. The filings show the exercise/conversion (transaction code M) and multiple sales (transaction code S) on the same date — consistent with an option exercise followed by immediate sale of the resulting shares.

Key Details

• Transaction date: 2026-02-17 (reported 2026-02-18 — timely filing).
• Option exercise: 19,595 shares @ $6.62 = $129,719 (Acquired).
• Open-market sales (total sold = 19,595 shares; total proceeds ≈ $4,293,671):
  • 4,478 shares @ $217.15 (weighted avg; trades ranged $216.71–$217.63) = $972,418.
  • 5,097 shares @ $218.16 (weighted avg; ranged $217.72–$218.6650) = $1,111,982.
  • 2,284 shares @ $219.19 (weighted avg; ranged $218.74–$219.70) = $500,628.
  • 3,326 shares @ $220.49 (weighted avg; ranged $219.89–$220.88) = $733,365.
  • 4,356 shares @ $221.14 (weighted avg; ranged $220.89–$221.55) = $963,289.
  • 54 shares @ $222.01 = $11,989.
• A second derivative line reports 19,595 shares disposed at $0.00 (reported as M); this reflects the exercise/conversion reporting mechanics on the Form 4.
• Shares owned after the transaction: not specified in the excerpt provided. Footnote: 971 shares are included in Lucareli’s Modine 401(k) account per the filing.
• Footnotes F2–F6 note the reported prices are weighted averages across multiple trades and offer to provide detailed per-trade prices on request.

Context

• This appears to be an option exercise with immediate sale of all resulting shares (commonly a cashless exercise/settlement pattern). Such transactions often cover exercise costs, taxes, and/or are routine liquidity events; they do not by themselves indicate the insider’s long-term view.
• Transaction codes: M = exercise/conversion of derivative (options), S = sale.
• Filing was timely (transaction on Feb 17, filed Feb 18).