|CUMMINS INC filed this Form 10-K on 02/11/2019|
provisions of ERISA, and it shall be interpreted and administered in accordance with such intent. Except as provided in the preceding sentence or as otherwise expressly provided herein, the Plan shall be construed, enforced, and administered, and the validity thereof determined, in accordance with the internal laws of the State of Indiana without regard to conflict of law principles, and the following provisions of this Section.
(b)Words used herein in the masculine shall be construed to include the feminine, where
appropriate, and vice versa, and words used herein in the singular or plural shall be construed to include the plural or singular, where appropriate.
(c)Headings and subheadings are used for convenience of reference only and shall not
affect the interpretation of any provision hereof.
(d)If any provision of the Plan shall be held to violate the Code or ERISA or be illegal
or invalid for any other reason, that provision shall be deemed null and void, but the invalidation of that provision shall not otherwise affect the Plan.
(e)Reference to any provision of the Code, ERISA or other law shall be deemed to
include a reference to the successor of such provision.
An Executive shall commence participation in the Plan following his execution of a form provided by the Company within ninety (90) days (or such other time period as prescribed by the Administrator) after eligibility consenting to the Executive’s participation in the Plan and to the Company’s purchase of life insurance on the Executive’s life. From time to time, the Executive shall also complete any forms required by the Administrator or an insurer and submit to any necessary physical examinations requested by an insurer.
Section 4.01. Purchase of Insurance Policies. An Executive shall be covered by one or more insurance policies with an aggregate face value of approximately three times the Executive’s base salary. All such policies shall be owned by the Trustee. Additional policies shall be purchased as the Executive’s salary is increased, except that the Company is under no obligation to purchase an incremental policy in a face amount of less than $20,000. Coverage under all such policies shall terminate on the Executive’s Termination of Employment.
Section 4.02. Premium Payments. The annual premium payable with respect to policies on the Executive’s life shall be paid by the Trustee from the assets of the Trust, including, in the discretion of the Trustee, by borrowing against the value of any policies on the Executive’s life. If at any time there are insufficient funds available in the Trust to permit payment of the premium, the Employer shall contribute additional funds to the Trust to permit the Trustee to pay such premium. To the extent an amount is includable in the Executive’s taxable income or otherwise subject to tax withholding and reporting with respect to the coverage or benefits provided by the policies under