Family trusts of Garmin® Executive Chairman adopt Rule 10b5-1 stock disposition plans
June 21 2019 - 7:00AM
Business Wire
Garmin Ltd. (Nasdaq: GRMN) today announced that two family
trusts, of which Dr. Min H. Kao, the company’s co-founder and
Executive Chairman, is a co-trustee, have each established a
pre-arranged trading plan to sell a portion of the respective
trust’s shares in the company over a designated period. The plans
were adopted in accordance with Rule 10b5-1 of the Securities and
Exchange Act of 1934.
Rule 10b5-1 allows corporate officers and directors to adopt
written, pre-arranged stock trading plans when they do not have
material, non-public information. Such programs provide for regular
selling of a predetermined, fixed number of company shares in order
to gradually diversify the individual’s investment portfolio, to
minimize the market effect of share sales by spreading them out
over a period of time, and to avoid concerns about initiating
transactions while in possession of material non-public
information.
Dr. Kao, his wife and children have been major shareholders of
Garmin Ltd. since the initial public offering in December 2000. The
Kao family, which currently owns approximately 14% of Garmin
outstanding shares, intends to retain a majority of their current
holdings. Any transactions under the plans will be disclosed
publicly through Form 144 and Form 4 filings with the Securities
and Exchange Commission.
The family trusts have adopted these plans for tax planning
purposes.
About Garmin Ltd: Garmin Ltd. is incorporated in
Switzerland, and its principal subsidiaries are located in the
United States, Taiwan and the United Kingdom. Garmin is a
registered trademark of Garmin Ltd. or its subsidiaries.
For decades, Garmin has pioneered new GPS navigation and
wireless devices and applications that are designed for people who
live an active lifestyle. Garmin serves five primary business
units, including automotive, aviation, fitness, marine, and outdoor
recreation. For more information, visit Garmin's virtual pressroom
at garmin.com/newsroom, contact the Media Relations department at
913-397-8200, or follow us at facebook.com/garmin,
twitter.com/garmin, Instagram.com/garmin or youtube.com/garmin.
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version on businesswire.com: https://www.businesswire.com/news/home/20190621005014/en/
Carly Hysell Garmin International, Inc. Phone | 913-397-8200
E-Mail | media.relations@garmin.com
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