Garmin 2010 Annual Report Download - page 122

Download and view the complete annual report

Please find page 122 of the 2010 Garmin annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 138

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138

S-8
Carrying value
(CHF in Thousands)
Number of shares Average cost
Re-domestication - formation shares
(revaluation to the fair market value)
352,860 10,000,000 35
Acquired 130,862 4,281,539 31
Treasury shares used for stock based compensation (18,231) (562,159) 32
Balance as of December 25, 2010 465,491 13,719,380 34
5. Contingent Liabilities
The Company has a tax sharing agreement with its subsidiaries for certain tax reserves. In
addition, the Company through certain of its direct and indirect subsidiaries is involved in
various regulatory and legal matters. The Company’s direct and indirect subsidiaries have made
certain related accruals. There could be material adverse outcomes beyond the accrued
liabilities.
6. Significant Shareholders
As of December 25, 2010, the following shareholders held 5 percent or more of Garmin Ltd’s
total outstanding shares:
Shareholder
Percentage
Gary L. Burrell
15.25%
Ruey-Jeng Kao
6.18%
Min H. Kao, Ph.D.
AllianceBernstein LP
BlackRock, Inc.
22.65%
8.07%
5.02%
To the best of the Company’s knowledge, no other shareholder held 5 percent or more of Garmin
Ltd’s total shares and voting rights as registered in accordance with Swiss law on December 25,
2010.