SCHAFFHAUSEN, Switzerland (BRAIN) —Dr. Min H. Kao, the "Min" in Garmin and the company's chairman and CEO, has established a plan to sell a portion of his shares in the company over a designated period.
Two of Kao's family trusts, of which he is a trustee, also will sell shares.
The sales are being arranged under Securities and Exchange Rule 10b5-1, which allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non-public information.
Kao, his wife and children have been the largest shareholders of Garmin since the initial public offering in December 2000. The family will continue to retain more than 20 percent of Garmin outstanding shares under the terms of these plans, maintaining the largest position in Garmin.
Kao formed Garmin in 1989 with Gary Burrell, the "Gar" in Garmin.