SEC Filings


10-K
CUMMINS INC filed this Form 10-K on 02/11/2019
Entire Document
 



Section 6.07.    Delay in Payment for Specified Employees. Notwithstanding any provision of this Plan to the contrary, to the extent required by Code Section 409A(a)(2)(B)(i), distribution of the Supplemental Life Annuity to an Executive who is a Specified Employee on account of his Termination of Employment for any reason other than death shall be delayed until the earliest date permitted by such section. If the Supplemental Life Annuity is payable in the form of a monthly annuity, the sum of the monthly payments that are required to be delayed in accordance with this Section shall be paid with the first permitted monthly payment. Any delayed payments shall be increased by interest from the first day of the month coincident with or next following the Executive’s Termination of Employment to the date on which his benefit payments begin at the applicable interest rate for retroactive annuity starting dates under the Pension Plan.

Section 6.08. Rehires. In general, an Executive who Terminates Employment and is
subsequently rehired by the Employer (a “Rehired Executive”) shall not be eligible to accrue a benefit under this Plan for periods employment following rehire (the “Rehire Period”) unless such Executive satisfies the participation requirements to be an Executive under Article III during such Rehire Period, including new designation by the Board. To the extent the Rehired Executive satisfies such participation requirements to be an Executive under Article III during such Rehire Period, the Rehired Executive shall be entitled to benefits under the Plan for such Rehire Period in accordance with the provisions of the Plan in effect at such time. Notwithstanding the foregoing, the following rules shall apply to any Rehired Executive for purposes of the Rehired Executive’s benefit under the Plan, if any, attributable to periods prior to the initial Termination of Employment and/or related to such Rehire Period:

(a)    Rehire After Commencement of Benefits. If the Rehired Executive is rehired by the
Employer after he has commenced payment of benefits under the Plan, such benefits shall not be suspended or modified for any reason and shall continue to be paid during the Rehire Period without regard to the period following such rehire. If, at the time of the Rehired Executive’s initial Termination of Employment, the Rehired Executive was not fully Vested in his Supplemental Life Annuity (as calculated at the initial Termination of Employment pursuant to Sections 6.02 and 6.03), such unvested portion of that amount (if any) shall be reinstated such that the Rehired Executive (i) may earn additional Vesting Service to apply to such benefit; provided, that such reinstated benefit shall also be subject to further offsets as provided under Sections 6.02(d) and (e) (taking into account any additional amounts calculated thereunder for purposes of the Rehire Period). Any portion of the Supplemental Life Annuity that vests in accordance with this Section 6.08(a) (subject to any applicable offsets) during the Rehire Period shall be paid to the Rehired Executive in the manner and at the time set forth in Sections 6.02, 6.03 or 6.04 based on when the Rehired Executive subsequently Terminates Employment.

(b)    Rehire Before Commencement of Benefits. If the Rehired Executive is rehired prior to commencing benefits under the Plan, but is otherwise entitled to a deferred vested benefit pursuant to Section 6.04 based on his period of Service prior to his initial Termination of Employment, the following rules shall apply to the deferred vested benefit based on the period of Service prior to his initial Termination of Employment; provided that, for the avoidance of doubt, to the extent the Rehired Executive satisfies the participation requirements to be an Executive under Article III during the Rehire Period, the Rehired Executive shall be entitled to benefits under the Plan (and such benefits

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