Summary
Garmin Ltd. (GRMN) filed an 8-K on June 10, 2019, primarily detailing the outcomes of its annual general meeting of shareholders held on June 7, 2019, and related corporate governance and compensation actions. Key resolutions included the approval of the 2018 Annual Report and financial statements, the appropriation of earnings, and a significant shareholder-approved cash dividend of $2.28 per share, payable in four installments. The filing also highlights amendments to key employee incentive and stock purchase plans, increasing authorized shares for issuance. Additionally, it announces the election of Catherine A. Lewis to the Board of Directors and her entry into a standard Director and Officer Indemnification Agreement, alongside the re-election of other directors and executive officers. The appointment of Ernst & Young LLP as independent auditor for 2019 was ratified.
Key Highlights
- 1Shareholders approved a cash dividend of $2.28 per share, payable in four equal installments throughout fiscal year 2019 and early fiscal year 2020.
- 2The Garmin Ltd. 2005 Equity Incentive Plan was amended to increase the authorized shares for issuance from 6,000,000 to 10,000,000.
- 3The Garmin Ltd. Employee Stock Purchase Plan was amended to increase the authorized shares for issuance from 6,000,000 to 8,000,000.
- 4Catherine A. Lewis was elected to the Board of Directors and the Compensation Committee, and entered into a Director and Officer Indemnification Agreement.
- 5All incumbent directors and executive officers were re-elected.
- 6Ernst & Young LLP was ratified as the Independent Registered Public Accounting Firm for fiscal year 2019.
- 7Shareholders approved the company's 2018 Annual Report and consolidated financial statements.