SEC Form 4 · accession 0001127602-18-008608
GARMIN LTD · GRMN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Andrew R Etkind
Officer — VP, General Counsel, Secretary
Period of report
Feb 23, 2018
Accepted (ET)
Feb 27, 2018 · 10:48 am EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001121788
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Registered SharesF1 | Feb 23, 2018 | M | 20,000 | $50.97 | A | 65,494 | D | |
| Registered SharesF2,F1 | Feb 23, 2018 | F | 18,071 | $60.39 | D | 47,423 | D | |
| Registered SharesF1 | Feb 23, 2018 | S | 1,929 | $60.61 | D | 45,494 | D | |
| Registered SharesF3,F4 | Feb 25, 2018 | A | 4,281 | $0.00 | A | 49,775 | D | |
| Registered SharesF5,F6 | Feb 25, 2018 | F | 1,213 | $60.35 | D | 48,562 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Appreciation RightF7 | $50.97 | Feb 23, 2018 | M | 20,000 | D | — | Jun 6, 2018 | Registered Shares | 20,000 | 0 | D |
Explanation of responses
- F1Includes 13,142 unvested shares acquired pursuant to previously granted restricted stock unit awards and 69 shares acquired by the reporting person in December 2017 under the Garmin Ltd. Employee Stock Purchase Plan
- F2Consists of (i) 16,881 shares withheld to cover the exercise price of the stock appreciation rights and (ii) 1,190 shares withheld to pay the resulting tax liability.
- F3Shares acquired pursuant to a restricted stock units award granted in February 2017 that had both performance-based and time-based vesting conditions. The performance-based vesting conditions have been satisfied, and now the award is subject only to time-based vesting conditions. The award vests in three equal annual installments beginning on February 25, 2018.
- F4Includes 13,142 unvested shares acquired pursuant to previously granted restricted stock unit awards and the 4,281 unvested shares acquired pursuant to the restricted stock units award described in Footnote 3.
- F51,427 shares that were acquired by the reporting person pursuant to the restricted stock units award described in Footnote 3 and 1,927 shares that were acquired by the reporting person pursuant to another previously granted restricted stock units award vested and were paid to the reporting person. Of these shares, 1,213 shares were withheld to pay a resulting tax liability.
- F6Includes 11,215 unvested shares acquired pursuant to previously granted restricted stock units awards and 2,854 remaining unvested shares acquired pursuant to the restricted stock units award described in Footnote 3.
- F7The stock appreciation right vested in five equal annual installments commencing on June 6, 2009.