Garmin director-linked trusts gift 644K shares
Garmin Ltd. director Jonathan Burrell reported non-market transfers involving entities he helps oversee.
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Form Type
4
Rhea-AI Filing Summary
Garmin Ltd. director Jonathan Burrell reported non-market transfers involving entities he helps oversee. On June 11, 2026, trusts and grantor retained annuity trusts associated with him made bona fide gifts totaling 644,000 Registered Shares, split into two gifts of 322,000 shares each.
These securities are held indirectly through multiple family trusts, GRATs, and LLCs where Burrell is a trustee or manager and often disclaims beneficial ownership beyond his pecuniary interest. He also reports direct ownership of 9,889 Registered Shares and unvested RSUs that can settle only in Registered Shares.
Insider Trade Summary
644,000 shares gifted
Gift
7 txns
Insider
BURRELL JONATHAN
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Registered Shares | 322,000 | $0.00 | $0.00 |
| Gift | Registered Shares | 322,000 | $0.00 | $0.00 |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
Holdings After Transaction:
Registered Shares — 6,003,052 shares (Indirect, By GRATs);
Registered Shares — 2,948,343 shares (Indirect, By trust);
Registered Shares — 9,889 shares (Direct);
Registered Shares — 394,478 shares (Indirect, By LLCs)
Footnotes (6)
- F1. Consists of (a) 9,136 Registered Shares and (b) unvested restricted stock units (RSUs) awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan that can be settled only in Registered Shares, which RSUs vest as to 858 shares on June 5, 2027.
- F2. The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him, and his children hold the remainder interests therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein.
- F3. The reporting person is a co-trustee of several grantor retained annuity trusts (GRATs) established by his mother, and he holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
- F4. The reporting person is the manager of several limited liability companies that are wholly-owned by a GRAT remainder trust established for the reporting person's benefit.
- F5. The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.
- F6. The reporting person is a co-trustee of his mother's revocable trust and his mother's attorney-in-fact and also holds a remainder interest in the securities held in such trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.
Key Figures
Gifted shares (trust): 322,000 shares
Gifted shares (GRATs): 322,000 shares
Total gifted shares: 644,000 shares
+4 more
7 metrics
Gifted shares (trust)
322,000 shares
Bona fide gift by trust on June 11, 2026
Gifted shares (GRATs)
322,000 shares
Bona fide gift by GRATs on June 11, 2026
Total gifted shares
644,000 shares
Aggregate gifts coded G in Form 4
Indirect GRAT holdings
4,269,752 shares
Registered Shares held by GRATs after transactions
Indirect trust holdings
1,034,043 shares
Registered Shares held by a trust after transactions
Direct holdings
9,889 shares
Registered Shares held directly by Burrell
Future RSU vesting
858 shares
RSUs vesting June 5, 2027, settled in Registered Shares
Key Terms
bona fide gift, grantor retained annuity trusts (GRATs), restricted stock units (RSUs), pecuniary interest, +1 more
5 terms
bona fide gift financial
"transaction_code_description: Bona fide gift"
A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.
grantor retained annuity trusts (GRATs) financial
"The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him"
restricted stock units (RSUs) financial
"unvested restricted stock units (RSUs) awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan"
Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein"
revocable trust financial
"co-trustee of his mother's revocable trust and his mother's attorney-in-fact"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did Garmin (GRMN) director Jonathan Burrell report in this Form 4?
Jonathan Burrell reported bona fide gifts of Garmin shares made by trusts and GRATs associated with him, totaling 644,000 Registered Shares. These are non-market transfers, not open-market sales, and occur through entities where he serves as trustee or manager.
What indirect Garmin (GRMN) holdings does Jonathan Burrell report?
Burrell reports large indirect holdings through multiple vehicles, including trusts, LLCs, and GRATs. Individual positions shown include 1,034,043 shares in one trust, 1,592,300 in another trust, 394,478 via LLCs, and 4,269,752 shares held by GRATs after the reported gifts.
How does the filing describe Jonathan Burrell’s beneficial ownership of Garmin (GRMN) trust-held shares?
Footnotes state that Burrell often disclaims beneficial ownership of trust and GRAT securities except to the extent of his pecuniary interest. He serves as co-trustee or manager of several entities, including GRATs established by him or his mother and a GRAT remainder trust.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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