0001104659-11-015401.txt : 20110318 0001104659-11-015401.hdr.sgml : 20110318 20110318171613 ACCESSION NUMBER: 0001104659-11-015401 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20110318 DATE AS OF CHANGE: 20110318 GROUP MEMBERS: MELINDA FRENCH GATES GROUP MEMBERS: WILLIAM H. GATES III SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BERKSHIRE HATHAWAY INC CENTRAL INDEX KEY: 0001067983 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 470813844 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-55113 FILM NUMBER: 11699111 BUSINESS ADDRESS: STREET 1: 1440 KIEWIT PLZ CITY: OMAHA STATE: NE ZIP: 68131 BUSINESS PHONE: 4023461400 MAIL ADDRESS: STREET 1: 1440 KIEWIT PLAZA CITY: OMAHA STATE: NE ZIP: 68131 FORMER COMPANY: FORMER CONFORMED NAME: NBH INC DATE OF NAME CHANGE: 19980810 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BILL & MELINDA GATES FOUNDATION TRUST CENTRAL INDEX KEY: 0001166559 IRS NUMBER: 911663695 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 2365 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98033 BUSINESS PHONE: 4258897900 MAIL ADDRESS: STREET 1: 2365 CARILLON POINT CITY: KIRKLAND STATE: WA ZIP: 98033 FORMER COMPANY: FORMER CONFORMED NAME: GATES BILL & MELINDA FOUNDATION DATE OF NAME CHANGE: 20020205 SC 13D/A 1 a11-8291_1sc13da.htm SC 13D/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

(Amendment No. 10)*

 

Berkshire Hathaway Inc.

(Name of Issuer)

 

Class B common stock, $0.0033 Par Value

(Title of Class of Securities)

 

084670702

(CUSIP Number)

 

Laurie Smiley, Esq.

Arian Colachis, Esq.

2365 Carillon Point

Kirkland, WA  98033

(425) 889-7900

(Name, Address and Telephone Number of Persons Authorized to
Receive Notices and Communications)

 

March 16, 2011

(Date of Event which Requires Filing of this Statement)

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 



 

CUSIP No.   084670702

 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Bill & Melinda Gates Foundation Trust

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     
o

 

 

6.

Citizenship or Place of Organization
State of Washington

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With

7.

Sole Voting Power
-0-

 

8.

Shared Voting Power

86,184,373

 

9.

Sole Dispositive Power
-0-

 

10.

Shared Dispositive Power
86,184,373

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person
86,184,373

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
8.1%

 

 

14.

Type of Reporting Person (See Instructions)
OO

 



 

CUSIP No.   084670702

 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
William H. Gates III

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
WC

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     
o

 

 

6.

Citizenship or Place of Organization
United States of America

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With

7.

Sole Voting Power

6,525,000(1)

 

8.

Shared Voting Power
86,184,373
(2)

 

9.

Sole Dispositive Power

6,525,000(1)

 

10.

Shared Dispositive Power
86,184,373
(2)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

92,709,373(1) (2)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)

8.7%

 

 

14.

Type of Reporting Person (See Instructions)
IN

 

(1)William H. Gates III beneficially owns 300 shares of Berkshire Hathaway Inc. (the “Issuer”) Class A common stock (“Class A Shares”) directly and an additional 4,050 Class A Shares through Cascade Investment, L.L.C. (“Cascade”), a limited liability company solely owned by Mr. Gates.  Each Class A Share is convertible, at the option of the holder, into 1,500 shares of the Issuer’s Class B common stock (“Class B Shares”).  The number of Class B Shares shown above assumes the conversion of the 300 Class A Shares held directly by Mr. Gates into 450,000 Class B Shares and the conversion of the 4,050 Class A Shares held by Cascade into 6,075,000 Class B Shares.

 

(2)Bill & Melinda Gates Foundation Trust (the “Trust”) beneficially owns 86,184,373 Class B Shares of the Issuer.  For purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, all Class B Shares beneficially owned by the Trust may be deemed to be beneficially owned by William H. Gates III and Melinda French Gates as Co-Trustees of the Trust.

 



 

CUSIP No.   084670702

 

 

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Melinda French Gates

 

 

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

 

 

(a)

 o

 

 

(b)

 x

 

 

3.

SEC Use Only

 

 

4.

Source of Funds (See Instructions)
OO

 

 

5.

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)     
o

 

 

6.

Citizenship or Place of Organization
United States of America

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person
With

7.

Sole Voting Power
-0-

 

8.

Shared Voting Power

86,184,373(1)

 

9.

Sole Dispositive Power
-0-

 

10.

Shared Dispositive Power

86,184,373(1)

 

 

11.

Aggregate Amount Beneficially Owned by Each Reporting Person

86,184,373(1)

 

 

12.

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)   o

 

 

13.

Percent of Class Represented by Amount in Row (11)
8.1%

 

 

14.

Type of Reporting Person (See Instructions)
IN

 

(1)Bill & Melinda Gates Foundation Trust (the “Trust”) beneficially owns 86,184,373 of Berkshire Hathaway, Inc. Class B common stock (“Class B Shares”).   For purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, all Class B Shares beneficially owned by the Trust may be deemed to be beneficially owned by William H. Gates III and Melinda French Gates as Co-Trustees of the Trust.

 



 

EXPLANATORY STATEMENT

 

This Amendment No. 10 to Schedule 13D (“Amendment No. 10”) relates to the Class B common stock, $0.0033 Par Value (“Class B Shares”) of Berkshire Hathaway Inc. (the “Issuer”).  Amendment No. 10 is being filed jointly by Bill & Melinda Gates Foundation Trust (the “Trust”), William H. Gates III and Melinda French Gates (collectively, the “Reporting Persons”) to amend and supplement the Items set forth below of the Reporting Persons’ Schedule 13D previously filed with the Securities and Exchange Commission on August 24, 2006, as amended on July 17, 2007, March 20, 2008, July 3, 2008, March 6, 2009, July 2, 2009, March 2, 2010, March 19, 2010, July 2, 2010 and November 12, 2010.  Neither this filing nor anything contained herein shall be construed as an admission that the Reporting Persons constitute a “group” for any purpose and the Reporting Persons expressly disclaim membership in a group.

 

Item 4.                              Purpose of Transaction

 

On March 16, 2011, the Reporting Persons entered into a Rule 10b5-1(c) sales plan with respect to the Trust’s holdings in the Issuer.  The sales plan will take effect upon expiration of the current Rule 10b5-1(c) sales plan.  The current sales plan has been in existence since 2008 and expires March 31, 2011.   The sales plan facilitates the Trust’s compliance with federal excise tax rules limiting excess business holdings by private foundations.

 

Pursuant to the sales plan, the Trust will sell 63,750,000 Class B Shares of the Issuer over a three year period, commencing April 1, 2011 and ending March 31, 2014.  The Trust may terminate the sales plan at any time.  Sales under the plan will be disclosed as required by applicable law in public filings with the Securities and Exchange Commission, including any required amendments to this Schedule 13D. The form of the sales plan is set forth in Exhibit 99.1 to this Amendment No. 10.

 

Item 5.                              Interest in Securities of the Issuer

 

(a)  See items 11 and 13 of the cover pages to this Schedule 13D for the aggregate number and percentage of Class B Shares beneficially owned by each of the Reporting Persons.

 

(b)  See items 7 through 10 of the cover pages to this Schedule 13D for the number of Class B Shares beneficially owned by each of the Reporting Persons as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, and sole or shared power to dispose or to direct the disposition.

 

(c)  During the past sixty days, the Trust sold 2,477,814 Class B Shares, as set forth in Exhibit 99.2 hereto, pursuant to the Trust’s current Rule 10b5-1(c) sales plan.

 

(d)  None.

 

(e)  Not applicable.

 

Item 6.                              Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer

 

Other than as previously reported and as set forth in Item 4 above, the Reporting Persons do not have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to transfer or voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

 



 

Item 7.

Material to be Filed as Exhibits

 

 

Exhibit 99.1

Form of Rule 10b5-1(c) sales plan (the Exhibit thereto to be furnished to the Securities and Exchange Commission upon request)

 

 

Exhibit 99.2

Transactions during the past sixty days

 



 

SIGNATURE

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

 Date:  March 18, 2011

BILL & MELINDA GATES FOUNDATION TRUST(1)

 

 

 

 

 

 

 

 

 

By:

                        *

 

 

 

Name:

Alan Heuberger (2)

 

 

Title:

Attorney-in-fact for each of the Co-

Trustees, William H. Gates III and

Melinda French Gates

 

 

 

 

 

WILLIAM H. GATES III(1)

 

 

 

 

 

By:

                        *

 

 

 

Name:

  Alan Heuberger(2)(3)

 

 

Title:

  Attorney-in-fact

 

 

 

 

 

 

 

 

 

 MELINDA FRENCH GATES(1)

 

 

 

 

 

By:

                         *

 

 

 

Name:

  Alan Heuberger (2)

 

 

Title:

  Attorney-in-fact

 

 

 

 

 

*By:

/s/Alan Heuberger

 

 

 

Alan Heuberger

 

 


 

(1)This Amendment No. 10 is being filed jointly by the Reporting Persons pursuant to the Joint Filing Agreement dated August 24, 2006 and included with the signature page to the Reporting Persons’ Schedule 13D with respect to the Issuer filed on August 24, 2006, SEC File No. 005-55113, and incorporated by reference herein.

 

 (2)Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of William H. Gates III and Melinda French Gates as Co-Trustees, filed as Exhibit 99.5 to the Schedule 13D with respect to Grupo Televisa, S.A.B. on May 7, 2009, SEC File No. 005-60431 and incorporated by reference herein.

 

(3)Duly authorized under Special Limited Power of Attorney appointing Alan Heuberger attorney-in-fact, dated August 12, 2008, by and on behalf of William H. Gates III, filed as Exhibit 99.2 to Amendment No. 1 to the Schedule 13D with respect to Otter Tail Corporation on April 15, 2009, SEC File No. 005-06638 and incorporated by reference herein.

 


EX-99.1 2 a11-8291_1ex99d1.htm EX-99.1

Exhibit 99.1

 

Form of Rule 10b5-1(c) Sales Plan for Bill & Melinda Gates Foundation Trust

 

Bill & Melinda Gates Foundation Trust (the “Trust”) and William H. Gates III and Melinda French Gates, its Co-Trustees (the “Trustees”), in order to comply with the private foundation excise tax rules limiting excess business holdings, hereby establish this Sales Plan (the “Plan”) to meet the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Act”).  The Plan shall be interpreted to comply with the requirements of Rule 10b5-l(c) of the Act.

 

The Trust hereby instructs the Broker to execute the following transactions:

 

I.                                       During each calendar quarter the Broker will sell at the then prevailing market price, or such other price as may be determined in a third-party, arm’s length transaction, Berkshire Hathaway Inc. (“Berkshire”) Class B shares owned by the Trust according to the schedule set forth in Exhibit A.

 

With respect to each sale under the Plan, the Broker agrees to seek to obtain best execution and most advantageous terms available given the facts and circumstances and the prevailing market conditions.  Sales may be made on any national securities exchange, in the over-the-counter market, on an automated trading system or otherwise.  Insofar as the Broker deems practicable, sales per trading week will be roughly in identical amounts.  If Berkshire effects a stock split, stock dividend payable in shares, combination of shares, recapitalization or reclassification prior to the expiration or termination of the Plan, appropriate adjustment shall be made to the number of shares to be sold pursuant to the Plan.

 

II.                                  The Plan shall end on the date that is the earliest of:

 

·                                          March 31, 2014;

 

·                                          completion of all sales under the Plan;

 

·                                          the public announcement by Berkshire of a merger, recapitalization, acquisition, tender or exchange offer, or other business combination or reorganization resulting in the exchange or conversion of the shares of Berkshire into shares of a company other than Berkshire;

 

·                                          the date of any bankruptcy or insolvency of the Broker.

 

The Trust shall immediately notify the Broker of any of the first three termination events and the Broker shall immediately notify the Trust of the last termination event.  The Broker shall not be obligated to terminate sales until so notified.  Notwithstanding the foregoing provisions of this Paragraph II, the Trust may terminate the Plan at any time upon written notice as provided in Paragraph IV and the Broker may terminate the Plan by giving the Trust 90 days prior written notice of termination.

 



 

III.                             The Broker may suspend sales for, and may take into account for the timing of sales, any of the following reasons:

 

·                  market disruption;

 

·                  insufficient demand for the shares; or

 

·                  legal, regulatory or contractual restrictions.

 

The Broker will resume sales under the Plan after the condition causing the suspension of sales has been resolved to the satisfaction of the Broker.  Shares not sold in any given quarter shall be rolled to the next quarter until all shares to be sold under the Plan have been sold or the Plan otherwise terminates or expires.

 

IV.                            The Plan may not be modified or amended, but the Trust may terminate the Plan at any time upon written notice to the Broker.

 

V.                                 Any person executing transactions under the Plan may not deviate from the Plan instructions; and no transaction under the Plan may be made by a person who, at the time of the scheduled transaction, is aware of any material nonpublic information concerning Berkshire or any securities of Berkshire.

 

VI.                            Each of the Trustees hereby represents, warrants, and covenants as to itself and as to the Trust:

 

(1)                               As of the date the Plan is enacted, neither such Trustee nor the Trust is aware of any material nonpublic information concerning Berkshire or any securities of Berkshire.

 

(2)                               Such Trustee and the Trust are entering into the Plan in good faith and not as part of a plan or scheme to evade federal or state securities laws.

 

(3)                               While the Plan is in effect, neither such Trustee nor the Trust will enter into or alter any corresponding or hedging transaction or position with respect to the securities covered by the Plan.

 

(4)                               Neither such Trustee nor the Trust will alter or deviate from the terms of the Plan.

 

(5)                               Neither such Trustee nor the Trust will, directly or indirectly, communicate any nonpublic information concerning Berkshire or any securities of Berkshire, to any broker, dealer, financial advisor, or any other third party who is involved, directly or indirectly, in executing the Plan at any time while the Plan is in effect.

 

(6)                               The Trust will timely make all filings, if any, required under Section 13(D) of the Act.

 

(7)                               Neither such Trustee nor the Trust has, and shall not attempt to exercise, any influence over how, when or whether to execute the securities transactions in the Plan, except that the Trust may terminate the Plan at any time pursuant to Paragraph IV.

 



 

VII.                       The Plan is intended to be a legally binding agreement and is to be governed by and construed in accordance with the internal laws of the State of Washington.

 

VIII.                  Any dispute or controversy between the Trust, and/or its Trustees, on the one hand, and the Broker, on the other hand, arising out of or relating to or in connection with the Plan or any transaction relating to the Plan shall be settled by final and binding arbitration to be held in Seattle, Washington in accordance with the rules of the American Arbitration Association (the “AAA”) then in effect.  There shall be a single arbitrator, who shall be selected by mutual agreement of the parties, or if the parties are unable to agree, by the AAA.  The decision of the arbitrator shall be final, conclusive and binding on the parties and not subject to appeal.  Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.  The Trust and the Broker shall each pay one half of the costs and expense of any arbitration and each will separately pay their own counsel fees and expenses.

 

 

BILL & MELINDA GATES FOUNDATION TRUST

 

 

 

 

 

 

 

 

William H. Gates III, Co-Trustee

 

 

 

 

 

 

 

 

Melinda French Gates, Co-Trustee

 

 

 

 

 

Date:

 

 

 

 

 

 

 

Acknowledged and agreed:

 

 

 

BROKER

 

 

 

 

 

By:

 

 

 

Title:

 

 

 

Date:

 

 

 

 


EX-99.2 3 a11-8291_1ex99d2.htm EX-99.2

Exhibit 99.2

 

The table below specifies the date, quantity, weighted-average price and range of price per share of Class B common stock of Berkshire Hathaway Inc. sold by Bill & Melinda Gates Foundation Trust (the “Trust”) during the past sixty days.  The Trust undertakes to provide upon request by the staff of the Securities and Exchange Commission full information regarding the number of shares sold at each separate price.  All of the transactions were affected on the New York Stock Exchange or through Electronic Communication Networks.

 

Trade Date

Quantity

Weighted Avg PPS $1
trading range

Low

High

1/18/2011

64,240

81.8732

81.68

82.06

1/19/2011

63,683

80.9955

80.53

81.52

1/19/2011

3,200

81.7550

81.73

81.80

1/20/2011

60,217

80.8968

80.61

81.37

1/21/2011

66,123

80.5385

80.44

81.04

1/24/2011

30,500

81.8798

81.36

82.33

1/24/2011

48,100

82.9095

82.38

83.35

1/25/2011

55,800

82.8956

82.43

83.27

1/26/2011

40,000

83.2146

83.07

83.35

1/27/2011

42,990

83.0381

82.87

83.22

1/28/2011

19,500

81.6836

81.56

82.19

1/28/2011

18,600

83.2034

83.09

83.30

1/31/2011

43,600

81.9128

81.60

82.26

2/1/2011

37,000

82.6973

82.19

83.18

2/1/2011

31,000

83.3245

83.19

83.48

2/2/2011

37,600

82.7372

82.45

83.43

2/2/2011

13,126

83.6277

83.45

83.83

2/3/2011

66,551

82.8791

82.31

83.30

2/3/2011

1,400

83.3479

83.33

83.38

2/4/2011

64,400

82.9995

82.55

83.17

2/7/2011

75,500

83.8038

83.42

84.10

2/8/2011

58,517

84.2933

83.93

84.63

2/9/2011

65,000

83.7272

83.37

84.05

2/10/2011

65,000

84.2746

83.70

84.48

2/11/2011

62,450

84.3955

83.85

84.85

2/11/2011

2,550

84.8645

84.85

84.89

2/14/2011

65,000

85.1948

84.95

85.41

2/15/2011

65,000

84.7794

84.54

85.40

2/16/2011

65,000

84.8708

84.625

85.30

2/17/2011

65,000

84.9864

84.70

85.265

2/18/2011

65,000

84.9447

84.72

85.15

2/22/2011

36,000

83.5124

83.06

84.05

2/22/2011

14,000

84.3279

84.06

84.59

2/23/2011

52,000

82.8293

82.30

83.29

2/23/2011

12,200

83.4270

83.30

83.57

2/24/2011

61,200

83.2467

82.61

83.58

2/24/2011

3,800

83.7529

83.62

83.81

2/25/2011

17,500

83.8217

83.45

84.44

2/25/2011

72,919

84.8694

84.45

85.25

2/28/2011

46,966

86.5436

85.90

86.89

2/28/2011

40,800

87.1463

86.90

87.65

3/1/2011

22,702

85.4706

85.24

86.22

3/1/2011

12,827

86.9307

86.26

87.14

3/1/2011

900

87.5322

87.51

87.55

 



 

Trade Date

Quantity

Weighted Avg PPS $1
trading range

Low

High

3/2/2011

46,449

85.2350

84.72

85.71

3/2/2011

1,225

85.7396

85.73

85.76

3/3/2011

65,900

86.2061

85.71

86.70

3/3/2011

7,400

86.8114

86.72

86.91

3/4/2011

42,650

85.3825

85.02

85.65

3/4/2011

3,600

86.3839

86.02

86.62

3/7/2011

26,000

85.4522

85.03

86.00

3/7/2011

12,300

86.1488

86.04

86.25

3/8/2011

84,625

86.0375

85.42

86.41

3/8/2011

1,600

86.4450

86.42

86.45

3/9/2011

43,037

86.0082

85.68

86.20

3/10/2011

30,100

85.3367

85.10

85.50

3/11/2011

40,000

84.5853

84.18

85.12

3/11/2011

13,500

85.3037

85.22

85.50

3/14/2011

53,667

84.2249

83.85

84.75

3/15/2011

40,700

82.5584

82.06

83.04

3/15/2011

6,000

83.1383

83.06

83.26

3/16/2011

21,600

81.1738

80.94

81.93

3/16/2011

20,000

82.1528

81.94

82.51

3/17/2011

58,000

82.6014

81.91

82.90

3/17/2011

4,000

82.9538

82.91

83.02