Burrell trust adopts Rule 10b5-1 stock disposition plan
SCHAFFHAUSEN, Switzerland, Dec. 8, 2023 /PRNewswire/ -- Garmin Ltd. (NYSE: GRMN) today announced that a trust, of which Jonathan Burrell, son of the company's co-founder and a director of Garmin Ltd., is a co-trustee, has established a pre-arranged trading plan to sell a portion of the trust's shares in the company over a designated period. The plan was adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 and the company's policy regarding stock transactions by insiders.
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.
Mr. Burrell is a co-trustee of various family trusts holding Garmin shares and, under Securities and Exchange Commission rules, is currently deeme to have a beneficial ownership interest in approximately 10% of Garmin's outstanding shares. The trading plan was adopted for tax planning purposes, and Mr. Burrell intends to retain a majority of the Garmin shares reported as being beneficially owned by him. No shares have been sold under the trust's plan to date. Any transactions under the plan will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission.
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. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.
Notice on Forward-Looking Statements:
This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management's current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 31, 2022, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at www.garmin.com/en-US/company/investors/earnings/. No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made, and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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SOURCE Garmin Ltd.