NEW YORK (AP) -- The chairman and chief executive of Garmin Ltd., which makes portable global positioning system devices, sold 50,000 common shares under a prearranged trading plan, according to a Securities and Exchange Commission filing Friday.
In a Form 4 filed with the SEC, Min H. Kao reported he sold the shares Jan. 5 for $54.62 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
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http://biz.yahoo.com/ap/070108/garmin_insider_sale.html?.v=1
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