[Form 4] Garmin Ltd Insider Trading Activity

Rhea-AI Filing Summary

Wang Cheng-Wei, identified as a Director and General Manager of Garmin Corp., reported sales of Garmin Ltd. (GRMN) stock on 08/27/2025. The filing shows two sell transactions executed that day: 8,915 shares sold at a weighted-average price of $232.366 and 1,287 shares sold at a weighted-average price of $233.2842. Following those transactions the reporting person is shown as beneficially owning 37,379 and 36,092 shares respectively. The filing notes that the post-transaction holdings include 7,087 unvested restricted stock units and 56 shares from the June 2025 Employee Stock Purchase Plan. The Form 4 is signed by an attorney-in-fact for the reporting person.

Positive

• Detailed disclosure of sale prices with weighted-average prices and price ranges provided
• Breakdown of post-transaction holdings including unvested RSUs and ESPP shares aids transparency
• Form properly signed by an attorney-in-fact, indicating procedural compliance

Negative

• Insider sold 10,202 shares on 08/27/2025, which is a disposition of company stock
• No information provided in this filing on whether sales were pursuant to a 10b5-1 plan or other predetermined arrangement

Insights

Financial Analyst

TL;DR: Insider sales were disclosed: two block sales on 08/27/2025 at ~$232–$233 per share, with post-sale holdings detailed.

The filing reports two discrete sale transactions by Wang Cheng-Wei totaling 10,202 shares sold on 08/27/2025 at weighted-average prices of $232.366 and $233.2842. The report clearly itemizes the components of remaining beneficial ownership, including 7,087 unvested RSUs and 56 ESPP shares, which helps reconcile the reported holdings. From an analytical perspective, the disclosure meets Section 16 requirements and provides necessary granularity on execution price ranges. The filing does not provide company-wide context or the percentage these holdings represent of total outstanding shares, so materiality for valuation is not determinable from this document alone.

Corporate Governance Expert

TL;DR: The Form 4 appears procedurally complete, showing insider disposition and the composition of retained holdings.

The report specifies relationship to the issuer as Director and Officer (General Manager - Garmin Corp.) and lists an attorney-in-fact signature, indicating proper execution. The explanatory footnotes disclose execution price ranges and the composition of retained shares, which improves transparency for investors and regulators. The filing contains no statements about any 10b5-1 plan or other trading arrangement, and it does not allege any amendment to prior filings. Based solely on the form's contents, disclosure governance practices are evidenced by clear itemization of transactions and holdings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Wang Cheng-Wei

(Last) (First) (Middle)

NO. 68, ZHANGSHU 2ND ROAD

XIZHI DISTRICT

(Street)

NEW TAIPEI CITY F5 220-019

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GARMIN LTD [ GRMN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Manager - Garmin Corp.

3. Date of Earliest Transaction (Month/Day/Year)
08/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Registered Shares	08/27/2025		S		8,915	D	$232.366(1)	37,379(2)	D
Registered Shares	08/27/2025		S		1,287	D	$233.2842(3)	36,092(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. This transaction was executed in multiple trades at prices ranging from $231.98 to $232.97. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Garmin Ltd. or a security holder of Garmin Ltd. full information regarding the number of shares sold at each separate price within the range.

2. Includes (i) 7,087 unvested shares acquired pursuant to previously granted restricted stock unit awards and (ii) 56 shares acquired in June 2025 under the Garmin Ltd. Employee Stock Purchase Plan.

3. This transaction was executed in multiple trades at prices ranging from $232.98 to $233.76. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Garmin Ltd. or a security holder of Garmin Ltd. full information regarding the number of shares sold at each separate price within the range.

	/s/ Paul E. Cassat, as attorney-in-fact for Wang Cheng-Wei	08/27/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Wang Cheng-Wei report on Form 4 for GRMN?

The Form 4 reports two sales on 08/27/2025: 8,915 shares sold at a weighted-average price of $232.366 and 1,287 shares sold at a weighted-average price of $233.2842.

How many shares does Wang Cheng-Wei beneficially own after the reported transactions?

The filing shows beneficial ownership figures of 37,379 and 36,092 shares following the respective reported transactions.

Does the Form 4 explain the composition of the remaining holdings?

Yes. The filing states the post-transaction holdings include 7,087 unvested restricted stock units and 56 shares from the June 2025 Employee Stock Purchase Plan.

Was the Form 4 properly executed?

The Form 4 is signed on 08/27/2025 by Paul E. Cassat as attorney-in-fact for Wang Cheng-Wei, indicating execution of the filing.

Are execution price ranges disclosed for the sales?

Yes. Footnotes disclose execution price ranges: $231.98 to $232.97 for the larger sale and $232.98 to $233.76 for the smaller sale, with weighted averages reported.