|CUMMINS INC filed this Form 10-K on 02/11/2019|
AMENDMENT AND TERMINATION
The Plan shall continue in force with respect to any Executive until the completion of any payments due hereunder. The Company may, however, at any time, amend the Plan to provide that no additional benefits shall accrue with respect to any Executive under the Plan; provided, however, that no such amendment shall (i) deprive any Executive or Beneficiary of any benefit that accrued under the Plan before the adoption of such amendment; (ii) result in an acceleration of benefit payments in violation of Code Section 409A and the guidance thereunder, or (iii) result in any other violation of Section 409A or the guidance thereunder. The Company may also, at any time, amend the Plan retroactively or otherwise, if and to the extent that it deems such action appropriate in light of government regulations or other legal requirements.
Section 13.01. Obligations of Employer. The Employer’s only obligation hereunder shall be an unfunded and unsecured contractual obligation to make payments to Executives, Spouses, or other Beneficiaries entitled to benefits provided for herein when due, and only to the extent that such payments are not made from the Trust. Nothing herein shall give an Executive, Spouse, Beneficiary, or other person any right to a specific asset of an Employer or the Trust, other than as a general creditor of the Employer.
Section 13.02. Employment Rights. Nothing contain herein shall confer any right on an
Executive to be continued in the employ of any Employer or affect the Executive’s right to participate in and receive benefits under and in accordance with any pension, profit-sharing, incentive compensation, or other benefit plan or program of an Employer.
Section 13.03. Non-Alienation. Except as otherwise required by a Domestic Relations
Order, no right or interest of an Executive, Spouse, or other Beneficiary under this Plan shall be subject to voluntary or involuntary alienation, assignment, or transfer of any kind. Payments shall be made to an Alternate Payee to the extent provided in a Domestic Relations Order. To the extent permitted by Code Section 409A, payments pursuant to a Domestic Relations Order may be made in a lump sum and before the Executive’s earliest retirement age (as defined by ERISA Section 206(d)(3)(E)(ii)).
Section 13.04. Tax Withholding. The Employer or Trustee may withhold from any
distribution hereunder amounts that the Employer or Trustee deems necessary to satisfy federal, state, or local tax withholding requirements (or make other arrangements satisfactory to the Employer or Trustee with regard to such taxes). None of the Company, any of its Affiliated Employers or the Trustee represents or guarantees to any Executive or any other person with an interest in a benefit under the Plan that any particular federal, foreign, state or local income, payroll, or other tax consequence will result from participation in the Plan or payment of benefits under the Plan. In addition, none of the Company, any of its Affiliated Employers or the Trustee shall be liable to any Executive or any other person with an interest in a benefit under the Plan for any taxes or other amounts owed by such Executive or other person as a result of a failure by the Company, its Affiliated Employers or the Trustee to correctly or optimally withhold or report taxes or taxable income with