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CMI > SEC Filings for CMI > Form 8-K on 28-Aug-2009All Recent SEC Filings

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Form 8-K for CUMMINS INC


28-Aug-2009

Other Events


Item 8.01 Other Events.

On August 17, 2009, N. Thomas Linebarger, President and Chief Operating Officer of Cummins Inc. (the "Company"), entered into a pre-arranged stock trading plan (the "Linebarger 10b5-1 Plan") to sell a limited number of his shares of the Company's common stock, par value $2.50 per share ("Common Stock"). On August 25, 2009, Theodore M. Solso, Chairman of the Board and Chief Executive Officer of the Company, entered into a pre-arranged stock trading plan (the "Solso 10b5-1 Plan" and, together with the Linebarger 10b5-1 Plan, the "Plans") to sell a limited number of his shares of Common Stock. The Plans were 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.

The Linebarger 10b5-1 Plan allows for the sale of a maximum of 50,000 shares of Common Stock at specified market prices commencing sixty days after adoption of the Linebarger 10b5-1 Plan and continuing until all 50,000 shares are sold or August 17, 2011, whichever occurs first. Based on his current ownership of Common Stock, if all of the 50,000 shares of Common Stock subject to the Linebarger 10b5-1 Plan were sold, Mr. Linebarger would beneficially own approximately 150,000 shares of Common Stock. Mr. Linebarger will continue to be subject to the Company's stock ownership guidelines, and the sales contemplated by the Linebarger 10b5-1 Plan will not reduce Mr. Linebarger's ownership of Common Stock below the levels required by the guidelines.

The Solso 10b5-1 Plan allows for the sale of a maximum of 100,000 shares of Common Stock at specified market prices commencing sixty days after adoption of the Solso 10b5-1 Plan and continuing until all 100,000 shares are sold or August 25, 2010, whichever occurs first. Based on his current ownership of Common Stock, if all of the 100,000 shares of Common Stock subject to the Solso 10b5-1 Plan were sold, Mr. Solso would beneficially own approximately 580,000 shares of Common Stock. Mr. Solso will continue to be subject to the Company's stock ownership guidelines, and the sales contemplated by the Solso 10b5-1 Plan will not reduce Mr. Solso's ownership of Common Stock below the levels required by the guidelines.

All sales of Common Stock under the Plans will be disclosed publicly in accordance with applicable securities laws, rules and regulations through appropriate filings with the U.S. Securities and Exchange Commission.

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