Abstract: A cushioning conversion machine (20) including conversion assemblies (24) which convert a sheet stock material into a relatively low density cushioning product. The conversion assemblies (24) include a feed/cut assembly (26) having a feed device (100), a cut device (200), and a drive device (300). The drive device (300) is operable in two opposite directions and alternately drives the feed device (100) and the cut device (200). Clutch (134) and/or clutch (234) are provided which allow reverse operation of the feed device (100) and/or the cut device (200). A brake (238) prevents inadvertent movement of the moving components (220, 222) of the cut device (200). The power transmission from the drive device (300) to the feed device (100) and the cut device (200) includes a gear train (136, 236, 306) . These and other features of the feed/cut assembly (26) improve operating efficiency and/or simplify assembly procedures.