CUMMINS INC. (NYSE:CMI) Files An 8-K Other EventsItem 8.01Other Events.
On November 29, 2018, Tracy A. Embree, Vice President, Components Group, of Cummins Inc. (the “Company”), entered into a pre-arranged stock trading plan (the “Embree 10b5-1 Plan”) to exercise options to purchase a limited number of shares of the Company’s common stock, par value $2.50 per share (the “Common Stock”), and to sell a portion of the shares acquired on exercise. The Embree 10b5-1 Plan allows for the exercise of options to purchase a maximum of 1,390 shares of Common Stock if the Common Stock reaches a specified market price during the period commencing sixty days after adoption of the Embree 10b5-1 Plan and continuing until the options to purchase all 1,390 shares have been exercised and the acquired shares sold or held as set forth in the Embree 10b5-1 Plan, or November 29, 2019, whichever occurs first. Of the 1,390 shares acquired upon exercise, 206 shares will be sold contemporaneously with the exercise and 1,184 shares will be held to the Embree 10b5-1 Plan. Based upon her current ownership of Common Stock, if the options to purchase all of the 1,390 shares of Common Stock subject to the Embree 10b5-1 Plan were exercised in full, and 206 of the shares acquired upon exercise were sold and 1,184 of the shares acquired were held, Ms. Embree would own approximately 4,886 shares of Common Stock.
The Embree 10b5-1 Plan was designed to comply with the Company’s insider trading policies and the guidelines specified in Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, which permit an officer or director to enter into a pre-arranged plan for buying or selling Company stock at a time when the officer or director is not in possession of material, nonpublic information about the Company. Ms. Embree will continue to be subject to the Company’s stock ownership guidelines, and the sale contemplated by the Embree 10b5-1 Plan will not reduce her respective ownership of Common Stock below the levels required by the guidelines.
All sales of Common Stock under the Embree 10b5-1 Plan will be disclosed publicly in accordance with applicable securities laws, rules and regulations through appropriate filings with the U.S. Securities and Exchange Commission.
About CUMMINS INC. (NYSE:CMI)
Cummins Inc. is a manufacturer of diesel engines. The Company operates through four segments: Engine, Distribution, Components and Power Generation. Its Engine segment manufactures and markets a range of diesel and natural gas-powered engines under the Cummins brand name, as well as certain customer brand names for the heavy-and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive, agricultural and governmental equipment markets. Its Distribution segment consists of various businesses, which service and/or distribute a range of its products and services, such as parts and filtration, power generation, engines and service. Its Components segment supplies products, including after treatment systems, turbochargers, filtration products and fuel systems for commercial diesel applications. The Power Generation segment provides power generation systems, components and services for a customer base, including power solutions and mobile power solutions.
