Garmin 2010 Annual Report Download - page 99

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87
11. Share Repurchase Program
The Board of Directors approved a share repurchase program on February 12, 2010, authorizing the
Company to purchase up to $300,000 of its common shares as market and business conditions warrant on the
open market or in negotiated tasatios i opliae ith the SECs Rule -18. The share repurchase
authorization expires on December 31, 2011. As of December 25, 2010, the Company had repurchased 7,366,646
shares using cash of $223,149. There remains approximately $76,851 available for repurchase under this
authorization.
The Board of Directors approved a share repurchase program on October 22, 2008, authorizing the
Company to purchase up to $300 million of its common shares as market and business conditions warrant. The
share repurchase authorization expired on December 31, 2009. From inception to expiration, $60 million of
common shares were repurchased and retired under this plan.
The Board of Directors approved a share repurchase program on June 6, 2008, authorizing the Company
to purchase up to 10,000,000 of its common shares as market and business conditions warrant. The share
repurchase authorization expired on December 31, 2009. During fiscal 2008, 10,000,000 shares were repurchased
and retired under this plan.
The Board of Directors approved a share repurchase program on February 4, 2008, authorizing the
Company to purchase up to 5,000,000 of its common shares as market and business conditions warrant. The
share repurchase authorization expired on December 31, 2009. During fiscal 2008, 5,000,000 shares were
repurchased and retired under this plan.
12. Redomestication
The redomestication effectively changed the place of incorporation of the ultimate parent holding company of
Garmin from the Cayman Islands to Switzerland.
The redomestication involved several steps. On February 9, 2010, Garmin Ltd. (Cayman) formed Garmin Ltd.
(Switzerland) as a direct subsidiary. On April 6, 2010, Garmin Ltd. (Cayman) petitioned the Cayman Court to order,
among other things, the calling of a meeting of Garmin Ltd. (Cayman) common shareholders to approve a scheme
of arrangement. On April 7, 2010, the Cayman Court ordered us to seek shareholder approval of the scheme of
arrangement. On May 20, 2010 we obtained the necessary shareholder approval. On June 4, 2010, a hearing was
held by the Cayman Court and at which hearing the Cayman Court was asked to and did approve the scheme of
arrangement. The scheme of arrangement became effective at 3:00 a.m., Cayman Islands time, on Sunday,
June ,  the Tasatio Tie.
At and shortly following the Transaction Time, the following steps occurred:
1. all issued and outstanding Garmin Ltd. (Cayman) common shares were transferred to Garmin Ltd.
(Switzerland); and
2. in consideration, Garmin Ltd. (Switzerland) (a) issued registered shares (on a one-for-one basis) to the
holders of the Garmin Ltd. (Cayman) common shares that were transferred to Garmin Ltd. (Switzerland),
and (b) increased the par value of the 10,000,000 shares of Garmin Ltd. (Switzerland) issued to Garmin
Ltd. Caa i oetio ith the foatio of Gai Ltd. Sitzelad the Formation Shares to
the same par value as the shares of Garmin Ltd. (Switzerland) issued to the Garmin Ltd. (Cayman)
shareholders. The Formation Shares were subsequently transferred by Garmin Ltd. (Cayman) to its
subsidiary, Garmin Luxembourg S.à r.l. for future use to satisfy our obligations to deliver shares in
connection with awards granted under our equity incentive plans for employees and other general
corporate purposes.