Form 4: Cummins Inc. Executive Satterthwaite Exchanges Shares in Atmus Filtration Technologies Offer
SEC Form 4 Filing
Senior Vice President Tony Satterthwaite disposed of Cummins shares in exchange for Atmus Filtration Technologies shares as part of an exchange offer.
Summary
- Tony Satterthwaite, a Senior Vice President at Cummins Inc., participated in an exchange offer.
- He disposed of 333.5447 shares of Cummins common stock.
- In return, he acquired 4,012 shares of Atmus Filtration Technologies Inc. common stock.
- The exchange was based on a ratio of 12.0298 Atmus shares per Cummins share.
- Following the transaction, Satterthwaite directly owns 77,442.4553 shares of Cummins common stock.
- He also indirectly owns 2,404.2123 shares through a 401(k) plan.
- Satterthwaite also holds stock options for Cummins shares at various exercise prices and expiration dates.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing related to an executive's share exchange, indicating a neutral sentiment. It reflects corporate restructuring rather than any specific positive or negative performance.
Industry Context
This transaction reflects the ongoing corporate restructuring and strategic realignment involving Cummins and its spin-off, Atmus Filtration Technologies. Insider transactions related to such events are common and closely monitored.
Stakeholder Impact
- The share exchange has a minor impact on Cummins shareholders as it involves a small portion of outstanding shares.
- The transaction provides Satterthwaite with a stake in Atmus Filtration Technologies, aligning his interests with the performance of the spun-off entity.
Key Dates
| Date | Description |
|---|---|
| 02/14/2024 | Atmus filed a registration statement on Form S-4 with the SEC. |
| 03/07/2024 | The SEC declared Atmus's Form S-4 registration statement effective. |
| 03/18/2024 | Date of the transaction where Satterthwaite exchanged Cummins shares for Atmus shares. |
| 03/19/2024 | Date of the Form 4 filing. |
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