CMI Insider Activity: Option Exercises and Multiple Sales Reduce Holdings

Rhea-AI Filing Summary

Amy Rochelle Davis, Vice President & President - Accelera and Com at Cummins Inc. (CMI), reported multiple transactions on 08/14/2025. The Form 4 shows exercises of stock options and subsequent open-market sales. The reporting person exercised options for 1,300 shares at $160.10 and 685 shares at $149.72, plus earlier outstanding options totaling 5,820 shares at various exercise prices. On the same date she sold multiple blocks of common stock totaling 6,787 shares at weighted-average prices in ranges from $399.3750 to $405.47. After these transactions the reporting person beneficially owned 20,738.013 shares, down from 25,055.013 prior to the activity. The filing is signed by an attorney-in-fact on 08/15/2025.

Positive

• Detailed disclosure of option exercise prices, grant dates, and expiration dates for multiple awards
• Price-range explanations included with commitment to provide per-trade details upon request
• Ownership shown as direct and final beneficial ownership reported clearly (20,738.013 shares)

Negative

• Significant reduction in reported holdings from 25,055.013 to 20,738.013 shares after transactions
• Multiple sales on same day (6,787 shares) which reduce insider share count materially in absolute terms

Insights

Securities Analyst

TL;DR Insider exercised options and sold shares the same day, reducing beneficial ownership from 25,055.013 to 20,738.013 shares.

The transactions reported are routine insider option exercises followed by open-market dispositions. The Form 4 lists two option exercises dated 08/14/2025 (1,300 shares at $160.10 and 685 shares at $149.72) and multiple sales totaling 6,787 shares executed at weighted-average prices within specified ranges between $399.3750 and $405.47. Outstanding option grants and their exercise/expiration dates are disclosed, and ownership is shown as direct. The filing provides price-range explanations and offers to supply per-price details upon request.

Corporate Governance Expert

TL;DR Filing documents standard Section 16 activity: option exercises and concurrent share sales, with full explanatory price ranges included.

The Form 4 identifies the reporting person as an officer and discloses both the acquisition of shares via option exercises and subsequent sales on 08/14/2025. The disclosure includes exercise prices, grant dates, and expiration dates for multiple option awards. Explanatory footnotes state that sale prices are weighted averages across multiple transactions and commit to provide detailed per-trade prices upon request. The signature is by attorney-in-fact dated 08/15/2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Davis Amy Rochelle

(Last) (First) (Middle)

500 JACKSON STREET

(Street)

COLUMBUS IN 47201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CUMMINS INC [ CMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP & Pres. - Accelera and Com

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common	08/14/2025		M		1,300	A	$160.1	25,055.013	D
Common	08/14/2025		M		685	A	$149.72	25,740.013	D
Common	08/14/2025		S		200	D	$399.5768(1)	25,540.013	D
Common	08/14/2025		S		500	D	$405.332(2)	25,040.013	D
Common	08/14/2025		S		585	D	$404.5486(3)	24,455.013	D
Common	08/14/2025		S		1,017	D	$402.2781(4)	23,438.013	D
Common	08/14/2025		S		1,100	D	$400.6943(5)	22,338.013	D
Common	08/14/2025		S		1,600	D	$403.8078(6)	20,738.013	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right-to-Buy)	$149.72	08/14/2025		M			685	04/03/2020	04/03/2027	Common	685	$0.0000	0.0000	D
Stock Option (Right-to-Buy)	$160.1	08/14/2025		M			1,300	04/03/2021	04/03/2028	Common	1,300	$0.0000	0.0000	D
Stock Option (Right-to-Buy)	$142.12							04/06/2023	04/06/2030	Common	2,130		2,130	D
Stock Option (Right-to-Buy)	$163.43							04/04/2022	04/04/2029	Common	2,160		2,160	D
Stock Option (Right-to-Buy)	$170.95							07/01/2023	07/01/2030	Common	800		800	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $399.3750 - $399.70. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $405.26 - $405.47. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.

3. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $404.25 - $404.90. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.

4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $401.62 - $402.53. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.

5. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $400.45 - $400.89. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.

6. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $403.22 - $404.18. The reporting person undertakes to provide to Cummins Inc., any security holder of Cummins Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range indicated.

	/s/ Nicole Y. Lamb-Hale, Attorney-in-Fact	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transactions did Amy Rochelle Davis report on Form 4 for CMI?

The Form 4 reports option exercises for 1,300 shares at $160.10 and 685 shares at $149.72 on 08/14/2025, plus prior outstanding options, and sales totaling 6,787 shares on 08/14/2025 at weighted-average prices in ranges between $399.3750 and $405.47.

How did these transactions change the reporting person’s ownership in CMI?

Beneficial ownership decreased from 25,055.013 shares before the transactions to 20,738.013 shares following the reported activity.

Were the reported sales executed at single prices or price ranges?

Sales were executed in multiple transactions; the filing discloses weighted-average prices and specific ranges for each block (e.g., $399.3750–$399.70, $405.26–$405.47).

Are option grant details provided in the Form 4?

Yes. The filing lists multiple stock option awards with exercise prices and exercise/expiration dates (examples include options exercisable 04/03/2020–04/03/2027 and 04/03/2021–04/03/2028).

Who signed the Form 4 and when?

The Form 4 is signed by Nicole Y. Lamb-Hale, Attorney-in-Fact on 08/15/2025.