Burrell trust adopts Rule 10b5-1 stock disposition plans

Rhea-AI Summary

Garmin Ltd. (Nasdaq: GRMN) announced the establishment of a pre-arranged trading plan by a trust co-managed by Jonathan Burrell, a director and co-founder’s son. This trading plan complies with Rule 10b5-1 of the Securities Exchange Act of 1934, allowing officers and directors to schedule stock sales without possessing material non-public information. Burrell currently holds a beneficial interest in approximately 11% of Garmin's shares. The plan, aimed at tax planning, will be publicly disclosed with SEC filings. No shares have been sold under this plan as of yet.

Positive

• Jonathan Burrell's trust has established a trading plan to sell shares, indicating proactive tax planning.
• The trading plan aims to minimize market impact by spreading out share sales over time.

Negative

• None.

Garmin® Ltd. (Nasdaq: 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.

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 trustee of various family trusts holding Garmin shares and, under Securities and Exchange Commission rules, is currently deemed to have a beneficial ownership interest in approximately 11% 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.

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 markets, 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 media.relations@garmin.com, or follow us at facebook.com/garmin, instagram.com/garmin, twitter.com/garmin, or youtube.com/garmin.

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.

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 26, 2020, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html. 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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FAQ

What is the recent trading plan announced by Garmin (GRMN)?

Garmin announced that a trust co-managed by Jonathan Burrell has established a pre-arranged trading plan to sell shares in a structured manner over time.

Who is Jonathan Burrell in relation to Garmin (GRMN)?

Jonathan Burrell is a co-trustee of a trust that holds Garmin shares and is the son of Garmin's co-founder.

What percentage of Garmin (GRMN) shares does Jonathan Burrell own?

Jonathan Burrell is deemed to have a beneficial ownership interest in approximately 11% of Garmin's outstanding shares.

Why was the trading plan by Garmin (GRMN) established?

The trading plan was adopted for tax planning purposes and to avoid market disruptions.

Have any shares been sold under the Garmin (GRMN) trading plan yet?

No shares have been sold under the trust's trading plan to date.