Modine (MOD) VP/CHRO Brian Agen Exercises Options, Sells Shares

What Happened
Brian Jon Agen, Vice President and Chief Human Resources Officer at Modine Manufacturing Co. (MOD), exercised multiple option tranches on Sept 10, 2026 and sold shares the same day. He acquired 5,269 shares through exercises (2,353 @ $6.62 = $15,577; 928 @ $17.79 = $16,509; 1,988 @ $12.28 = $24,413), for a total exercise cost of $56,499. He also executed an open-market sale of 4,306 shares at $180.30 each, generating proceeds of $776,372. In addition, the filing shows three derivative dispositions of 4,090; 1,706; and 3,779 shares reported at $0.00 — these are typically net settlements or withholdings related to the exercises.

Key Details

• Transaction date: 2026-09-10 (reported on Form 4 filed 2026-09-14).
• Exercise (code M) — acquired: 2,353 @ $6.62; 928 @ $17.79; 1,988 @ $12.28 (total paid $56,499).
• Sale (code S) — open market: 4,306 @ $180.30 = $776,372 in proceeds.
• Derivative dispositions at $0.00 (likely net settlement/withholding): 4,090; 1,706; 3,779 shares (total 9,575).
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Filing timing: Form 4 was filed four days after the transaction date; Form 4s are normally due within two business days, so this appears later than typical.

Context

• The "M" code indicates option exercises or conversions. The zero-dollar dispositions commonly reflect shares surrendered or withheld to cover taxes or option costs (a net or cashless exercise), while the open-market sale shows shares actually sold for cash.
• Purchases via exercise (paying strike price) indicate acquisition of company stock, but the large same-day sale means some exercised shares were converted into cash. These are routine executive liquidity events; the filing is factual and does not explain motivation.