Modine President Jeremy Patten Receives Award; 631 Shares Withheld

What Happened
Jeremy Michael Patten, President, Performance Technologies at Modine Manufacturing (MOD), had 631 shares of MOD common stock withheld by the company on September 28, 2026 to satisfy tax withholding obligations tied to the vesting and settlement of restricted stock units (RSUs). The withheld shares were valued at $198.07 each, totaling $124,982. This was a tax-withholding disposition (transaction code F), not an open-market sale.

Key Details

• Transaction date: 2026-09-28; filing date: 2026-09-29 (timely filing).
• Withheld: 631 shares at $198.07 per share; total value reported $124,982.
• Reason: Withholding to satisfy tax liability on vesting/settlement of 1,654 RSUs.
• RSU breakdown (footnote): 560 RSUs were the first installment of a 9/29/2025 grant that the board accelerated to vest on 9/28/2026; 1,094 RSUs were granted 3/24/2026 and vested per their terms at the Record Date under the Separation Agreement. Each RSU converts to one share of MOD common stock.
• Shares owned after the transaction: not specified in this filing.
• Transaction code meaning: F = shares withheld for tax withholding (issuer-retained), not a sale to the market.

Context
Withholding shares to cover tax on vested RSUs is a routine administrative action and does not reflect a directional trade by the insider. It differs from an open-market sale (S) or a purchase (P); it simply net-settles equity awards. Retail investors should view this as a standard tax-related disposition rather than a signal of insider sentiment.