Modine Manufacturing Terminates Material Agreement
Ticker: MOD · Form: 8-K · Filed: Jun 18, 2024 · CIK: 67347
Sentiment: neutral
Topics: agreement-termination, material-event
Related Tickers: MOD
TL;DR
Modine Manufacturing just terminated a big deal. What was it?
AI Summary
On June 13, 2024, Modine Manufacturing Company announced the termination of a material definitive agreement. The filing does not specify the counterparty or the nature of the agreement, but it is a significant event requiring disclosure.
Why It Matters
The termination of a material definitive agreement can signal a significant shift in business relationships or strategic direction for Modine Manufacturing Company.
Risk Assessment
Risk Level: medium — The termination of a material definitive agreement can have significant financial and operational implications, but the lack of detail in this filing makes the precise risk level uncertain.
Key Players & Entities
- Modine Manufacturing Company (company) — Registrant
- June 13, 2024 (date) — Date of earliest event reported
- Wisconsin (location) — State of incorporation
- 1500 DeKoven Avenue (address) — Principal executive offices
- Racine (location) — City of principal executive offices
FAQ
What was the material definitive agreement that was terminated?
The filing states that a material definitive agreement was terminated on June 13, 2024, but does not specify the name or details of the agreement.
Who was the counterparty to the terminated agreement?
The filing does not disclose the identity of the other party involved in the terminated material definitive agreement.
What is the effective date of the termination?
The earliest event reported, which is the termination of the material definitive agreement, occurred on June 13, 2024.
Are there any financial implications from this termination?
The filing does not provide specific details on the financial implications of the termination of the material definitive agreement.
Why is this termination considered 'material'?
The filing classifies the agreement as 'material definitive' which implies it has a significant impact on the company's business, operations, or financial condition, though the specifics are not detailed.
Filing Stats: 903 words · 4 min read · ~3 pages · Grade level 16.7 · Accepted 2024-06-18 16:16:01
Key Financial Figures
- $0.625 — ge on which registered Common Stock, $0.625 Par Value MOD New York Stock Exchan
- $27 m — 020 through 2024 totaling approximately $27 million, which increased the funded statu
- $15 million — ributions are expected to range between $15 million and $30 million. However, the actual am
- $30 million — pected to range between $15 million and $30 million. However, the actual amount of this cas
- $120 million — charges totaling between approximately $120 million and $130 million upon settlement of the
- $130 million — between approximately $120 million and $130 million upon settlement of the obligations of t
Filing Documents
- ef20031305_8k.htm (8-K) — 31KB
- 0001140361-24-030526.txt ( ) — 163KB
- mod-20240613.xsd (EX-101.SCH) — 4KB
- mod-20240613_lab.xml (EX-101.LAB) — 21KB
- mod-20240613_pre.xml (EX-101.PRE) — 16KB
- ef20031305_8k_htm.xml (XML) — 4KB
02
Item 1.02 Termination of a Material Definitive Agreement. On June 13, 2024, Modine Manufacturing Company ("Modine" or the "Company") approved the termination of the Modine Manufacturing Company Frozen Pension Plan, a tax-qualified defined benefit plan, (the "Inactive Plan"). The termination of the Inactive Plan is effective July 31, 2024, subject to review by the Pension Benefit Guaranty Corporation ("PBGC") under its standard termination procedures. On June 14, 2024, the Company filed a determination letter request with the Internal Revenue Service ("IRS") regarding the continued tax-qualified status of the Inactive Plan upon termination. On March 21, 2024, the Board of Directors of the Company (the "Board") authorized the termination of the Inactive Plan and authorized the Company's officers to take certain actions in connection with the termination of the Inactive Plan, including, without limitation, to: Select the effective date of the Inactive Plan termination; Preserve the Inactive Plan's tax-qualified status under Internal Revenue Code section 401(a) and otherwise comply with applicable law; Fund the Inactive Plan as needed to satisfy the Inactive Plan's benefit obligations upon termination; Add to, or otherwise modify, the Inactive Plan's distribution options; Select insurers to provide one or more annuity contracts as needed to provide Inactive Plan benefits in conjunction with the termination and direct the Inactive Plan's trustee to apply Inactive Plan assets to purchase those contracts on the Inactive Plan's behalf; Request a determination letter from the IRS with respect to the Inactive Plan's tax-qualified status upon termination; and Comply with all requirements of the PBGC, Department of Labor, and IRS applicable to the Inactive Plan's termination. Prior to the Company filing the determination letter request, the Company made contributions to its U.S. defined benefit pension plans in fiscal years 2020 through 2024 totaling approximately $2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MODINE MANUFACTURING COMPANY Dated: June 18, 2024 By: /s/ Erin J. Roth Erin J. Roth Vice President, General Counsel and Chief Compliance Officer