Garmin (NYSE: GRMN) VP Susan Lyman receives 2,595-share stock award

Rhea-AI Filing Summary

Garmin Ltd VP Susan Lyman, head of consumer sales and marketing, acquired 2,595 registered shares on February 18, 2026 as a grant or award at a reported price of $0.00 per share. These shares were acquired under a restricted stock unit award granted in February 2025 that originally had both performance-based and time-based vesting conditions. The performance conditions have now been met, and the award is subject only to time-based vesting, scheduled in three equal annual installments beginning on February 25, 2026.

Following this transaction, Lyman directly holds 12,264 registered shares, which includes unvested shares from restricted stock unit awards and shares acquired under the Garmin Ltd. Employee Stock Purchase Plan. She also indirectly holds 52.14 registered shares through a 401(k) plan.

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
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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^*

LYMAN SUSAN

(Last) (First) (Middle)

1200 E. 151ST ST.

(Street)

OLATHE KS 66062

(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)
	VP, Consumer Sales & Marketing

3. Date of Earliest Transaction (Month/Day/Year)
02/18/2026

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	02/18/2026		A		2,595(1)	A	$0	12,264(2)	D
Registered Shares								52.14	I	By 401(k) Plan

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. Shares acquired pursuant to a restricted stock units award granted in February 2025 that had both performance-based and time-based vesting conditions. The performance-based vesting conditions have been satisfied, and now the award is subject only to time-based vesting conditions. The award vests in three equal annual installments beginning on February 25, 2026.

2. Includes (i) 9,789 unvested shares acquired pursuant to the restricted stock units award described in Footnote 1 and other previously granted restricted stock unit awards and (ii) 54 shares acquired in December 2025 under the Garmin Ltd. Employee Stock Purchase Plan.

	/s/ Paul E. Cassat, as attorney-in-fact for Susan Lyman	02/20/2026
	** 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.
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FAQ

What insider transaction did Garmin (GRMN) report for Susan Lyman?

Garmin reported that VP Susan Lyman acquired 2,595 registered shares on February 18, 2026 as a grant or award at no cost. The shares relate to a restricted stock unit award with performance and time-based vesting conditions.

How many Garmin (GRMN) shares does Susan Lyman hold after this Form 4?

After the reported grant, Susan Lyman directly holds 12,264 registered shares of Garmin. This total includes unvested restricted stock unit shares and 54 shares acquired under the Garmin Ltd. Employee Stock Purchase Plan, plus additional shares held indirectly via a 401(k) plan.

What are the vesting terms of Susan Lyman’s Garmin (GRMN) stock award?

The 2,595-share award comes from restricted stock units granted in February 2025. Performance-based conditions have been satisfied, and remaining vesting is time-based, in three equal annual installments starting on February 25, 2026, subject to continued service conditions described.

Is the Garmin (GRMN) insider transaction by Susan Lyman a purchase or an award?

The transaction is classified as a grant or award acquisition, not an open-market purchase. It was reported with transaction code A, indicating a grant, award, or other acquisition of registered shares under Garmin’s equity compensation arrangements.

Does Susan Lyman hold Garmin (GRMN) shares indirectly through a retirement plan?

Yes. In addition to her direct holdings, the Form 4 reports 52.14 registered shares held indirectly for Susan Lyman through a 401(k) plan, reflecting retirement-related ownership separate from her directly held and restricted stock unit shares.

What role does Susan Lyman hold at Garmin (GRMN) in this Form 4 filing?

Susan Lyman is identified as an officer of Garmin Ltd, serving as VP, Consumer Sales & Marketing. The reported stock award and holdings relate to her position and participation in Garmin’s equity and employee stock purchase plans.