SEC Form 4 · accession 0001225208-18-016840
CUMMINS INC · CMI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Norman Thomas Linebarger
Officer — Chairman & CEO · Director
Period of report
Dec 17, 2018
Accepted (ET)
Dec 19, 2018 · 8:43 am EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000026172
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| CommonF1 | Aug 28, 2018 | G | 20,568 | $0.00 | A | 84,418 | D | |
| CommonF2 | Aug 28, 2018 | G | 34,485 | $0.00 | D | 49,933 | D | |
| Common | Dec 17, 2018 | M | 24,830 | $19.42 | A | 74,763 | D | |
| CommonF4 | Dec 17, 2018 | S | 24,830 | $133.1936 | D | 49,933 | D | |
| CommonF5 | Nov 7, 2018 | G | 3,409 | $0.00 | A | 12,948 | I | By Child #1 |
| CommonF5 | Nov 7, 2018 | G | 3,409 | $0.00 | A | 12,948 | I | By Child #2 |
| CommonF1 | Aug 28, 2018 | G | 20,568 | $0.00 | D | 6,818 | I | GRAT #2 |
| CommonF5 | Nov 7, 2018 | G | 6,818 | $0.00 | D | 0 | I | GRAT #2 |
| CommonF2 | Aug 28, 2018 | G | 34,485 | $0.00 | A | 34,485 | I | GRAT #3 |
| CommonF6 | holding | — | — | — | 7,852 | I | By 401(k) Plan | |
| Common | holding | — | — | — | 240 | I | By Spouse |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (Right-to-Buy) | $19.42 | Dec 17, 2018 | M | 24,830 | D | Mar 2, 2011 | Mar 2, 2019 | Common | 24,830 | 0 | D |
| Stock Option (Right-to-Buy) | $58.115 | holding | — | — | — | Mar 1, 2012 | Mar 1, 2020 | Common | 16,360 | 16,360 | D |
| Stock Option (Right-to-Buy) | $109.09 | holding | — | — | — | Apr 4, 2019 | Apr 4, 2026 | Common | 131,920 | 131,920 | D |
| Stock Option (Right-to-Buy) | $111.84 | holding | — | — | — | Apr 2, 2015 | Apr 2, 2023 | Common | 60,100 | 60,100 | D |
| Stock Option (Right-to-Buy) | $119.77 | holding | — | — | — | May 2, 2013 | May 2, 2021 | Common | 13,040 | 13,040 | D |
| Stock Option (Right-to-Buy) | $120.28 | holding | — | — | — | Apr 2, 2014 | Apr 2, 2022 | Common | 37,510 | 37,510 | D |
| Stock Option (Right-to-Buy) | $136.82 | holding | — | — | — | Apr 2, 2018 | Apr 2, 2025 | Common | 60,780 | 60,780 | D |
| Stock Option (Right-to-Buy) | $149.34 | holding | — | — | — | Apr 2, 2017 | Apr 2, 2024 | Common | 44,890 | 44,890 | D |
| Stock Option (Right-to-Buy) | $149.72 | holding | — | — | — | Apr 3, 2020 | Apr 3, 2027 | Common | 85,050 | 85,050 | D |
| Stock Option (Right-to-Buy) | $160.10 | holding | — | — | — | Apr 3, 2021 | Apr 3, 2028 | Common | 61,700 | 61,700 | D |
Explanation of responses
- F120,568 shares held in the Grantor Retained Annuity Trust #2 were transferred to The Norman Thomas Linebarger Revocable Trust.
- F234,485 shares held by the reporting person in The Norman Thomas Linebarger Revocable Trust were transferred to the Grantor Retained Annuity Trust #3.
- F3Transactions pursuant to Rule 10b5-1 Trading Plan entered into on August 20, 2018.
- F4The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $131.01 - $135.34. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.
- F5Upon termination of the Grantor Retained Annuity Trust #2 by the reporting person, a total of 6,818 shares (3,409 each) were distributed to trusts for the benefit of the reporting person's children, of which the reporting person is the sole trustee.
- F6The number of shares is based on the dollar value of the reporting person's interest in the Cummins Stock Fund under the Company's 401(k) plan as most recently provided by the plan. The actual number of shares underlying the interest is not known since the Cummins Stock Fund is a unitized account consisting of approximately 98% common stock and 2% cash or cash equivalents.