[Form 4] GARMIN LTD Insider Trading Activity

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported several internal transfers of Garmin registered shares on 11/14/2025 on a Form 4. The transactions, coded "G" for gifts, show 200,000 shares added at $0 to grantor retained annuity trusts (GRATs) for which he is co-trustee, and 190,500 shares similarly added to other GRATs. Corresponding entries show 200,000 and 190,500 shares transferred out of a trust at $0, reflecting movement of shares among family trusts and GRATs.

After these transactions, Burrell reports beneficial ownership of Garmin shares through multiple GRATs, limited liability companies and trusts, as well as 8,493 registered shares held directly and unvested restricted stock units that can be settled only in registered shares, with 858 RSUs vesting on June 6, 2026. He repeatedly disclaims beneficial ownership of many of these indirect holdings except to the extent of his pecuniary interest.

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

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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^*

BURRELL JONATHAN

(Last) (First) (Middle)

6300 WEST 143RD STREET

(Street)

OVERLAND PARK KS 66223

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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								9,351(1)	D
Registered Shares	11/14/2025		G		200,000	A	$0	1,127,100	I	By GRATs(2)
Registered Shares	11/14/2025		G		190,500	A	$0	5,025,352	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,447,766	I	By trust(5)
Registered Shares	11/14/2025		G		200,000	D	$0	1,628,843	I	By trust
Registered Shares	11/14/2025		G		190,500	D	$0	0	I	By trust(6)

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. Consists of (a) 8,493 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 6, 2026.

2. 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.

3. 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.

4. 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.

5. The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.

6. 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.

	/s/Jonathan Burrell	11/17/2025
	** 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 insider transaction did Garmin (GRMN) report for Jonathan Burrell?

Garmin reported that director Jonathan Burrell filed a Form 4 for transactions on 11/14/2025, showing gifts and transfers of Garmin registered shares among trusts and grantor retained annuity trusts (GRATs) at a reported price of $0 per share.

How many Garmin shares were moved by gifts or transfers on 11/14/2025?

The Form 4 shows 200,000 registered shares added at $0 to GRATs identified in footnote (2) and 190,500 registered shares added at $0 to GRATs identified in footnote (3), with matching 200,000 and 190,500 share transfers out of a trust.

What Garmin share holdings does Jonathan Burrell report after these transactions?

Burrell reports 9,351 registered shares in one line (including 8,493 shares and unvested RSUs) held directly, and additional indirect beneficial ownership through GRATs, limited liability companies, and trusts, with specific amounts listed for each indirect entity.

What restricted stock units (RSUs) does Jonathan Burrell hold in Garmin (GRMN)?

Footnote (1) states that his direct holdings consist of 8,493 registered shares plus unvested restricted stock units awarded under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan, which are settled only in registered shares. 858 RSUs vest on June 6, 2026.

How are GRATs and trusts involved in Jonathan Burrells Garmin share ownership?

The Form 4 explains that Burrell is co-trustee or manager of several grantor retained annuity trusts (GRATs), a GRAT remainder trust, limited liability companies owned by a GRAT remainder trust, and family trusts. These entities hold Garmin registered shares, and Burrell disclaims beneficial ownership beyond his pecuniary interest.

What is Jonathan Burrells relationship to Garmin Ltd. in this Form 4?

The filing identifies Jonathan Burrell as a director of Garmin Ltd. and confirms that the Form 4 is filed by one reporting person.