Garmin Ltd.’s board of directors authorized an extension through December 31, 2017 of its current $300 million share repurchase program. There is currently $80.4 million remaining for share repurchases under this current $300 million share repurchase program. The amount and timing of the repurchases are determined by management and depend on market and business conditions.
Garmin also adopted a Rule 10b5-1 plan in connection with the extended share repurchase authorization. A plan under Rule 10b5-1 allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods.
