Indexable cutting tool

A cutting tool, comprising:

• a shank having an elongated cavity at a cutting end of the cutting tool;
• an indexable cutting insert having an axial hole therein, at least one side surface and a plurality of cutting edges;
• means rotatably connecting said cutting insert to said shank including a lock pin assembly slidably and rotatably extending through said shank having a ratcheting means about a portion of its length, said lock pin assembly comprising a lock pin having an axial hole therein, a neck portion adapted to engage the inner surface of the insert axial hole and having a plurality of axial slits defining spaced-apart radially movable portions, screw means insertable into the axial hole of the lock pin and adapted to spread apart the radially movable portions into pressing engagement with the inner surface of the indexable insert to thereby secure the lock pin to the insert and to urge the insert in pressing engagement with the shank;
• a seat adapted to said shank for supporting said insert;
• means to secure said cutting insert on said seat in a cutting position comprising a plate movably mounted to said shank having a pocket for engaging the side surface of the insert in the cutting position;
• and
• means to index said cutting insert adapted to cooperate with said ratcheting means of said lock pin and with said movable plate;
• said indexing means being effective for rotating said cutting insert upon withdrawing said movable plate from said insert which pushingly engages said indexing means in said cavity of said shank wherein said indexing means cooperate with said ratcheting means to effect a first partial rotation of said lock pin and said cutting insert attached thereto then retracting said movable plate and said indexing means to again cooperate with said ratcheting means to effect a second partial rotation of said lock pin and said cutting insert, then further retracting said movable plate to secure said cutting insert in the cutting position.