will have a Final Average Total Cash Compensation equal the average for that received during their actual years of Service, if less than five years of Service;
will be deemed to have met the requirements for unreduced commencement of benefits (no change from current Plan); and
will receive a lump sum payment of the Present Actuarial Value of the benefit accrued to the date of the Change of Control, using the formula designated for the respective Executive (in the case of the existing group, the “double-accrual” formula).
The foregoing provisions apply to Executives designated by the CEO (and approved by the Administrator, in the case of any such Executives who are executive officers of Cummins Inc.).
The list of Executives designated by the CEO to receive an enhanced SERP benefit shall be maintained by the Company’s Vice President, Chief Human Resources Officer or her or his delegate and updated as necessary to reflect changes in the participants designated by the CEO or the Compensation Committee of the Board to receive the enhanced SERP benefit.