Garmin (GRMN) director Burrell reports 540,000-share gifts via trusts and GRATs

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported non-market gift transfers of Registered Shares held through related entities. Entities associated with him made bona fide gifts totaling 540,000 Registered Shares, including 182,000 shares from a trust that then held no shares and 182,000 shares from GRATs that continued to hold 4,591,752 shares.

The filing also shows ongoing indirect holdings through multiple trusts, GRATs and LLCs, plus 9,351 Registered Shares held directly. A footnote states this direct stake consists of 8,493 Registered Shares and unvested RSUs that can be settled only in Registered Shares, with 858 RSUs scheduled to vest on June 6, 2026.

Insights

Insider transactions analyst

Reported activity is non-market gifting and appears routine.

The filing shows Jonathan Burrell, a director of Garmin Ltd., reporting bona fide gifts of 540,000 Registered Shares held through trusts and GRATs. Code G transactions are gifts, not open-market sales, so they do not generate sale proceeds or reflect pricing views.

Post-gift, one trust shows zero remaining shares, while GRATs still hold 4,591,752 shares, indicating substantial continuing indirect exposure. The filing also notes 9,351 Registered Shares held directly, including 8,493 shares plus unvested RSUs that vest as to 858 shares on June 6, 2026.

Footnotes clarify that Burrell is co-trustee or manager of these entities and disclaims beneficial ownership beyond his pecuniary interest. Overall, these appear as estate or wealth-transfer moves rather than trading decisions, so the investment signal is limited.

Insider Trade Summary

540,000 shares gifted

Mixed 9 txns

Insider BURRELL JONATHAN

Role null

Type	Security	Shares	Price	Value
Gift	Registered Shares	182,000	$0.00	--
Gift	Registered Shares	182,000	$0.00	--
Gift	Registered Shares	88,000	$0.00	--
Gift	Registered Shares	88,000	$0.00	--
holding	Registered Shares	--	--	--
holding	Registered Shares	--	--	--
holding	Registered Shares	--	--	--
holding	Registered Shares	--	--	--
holding	Registered Shares	--	--	--

Holdings After Transaction: Registered Shares — 4,591,752 shares (Indirect, By GRATs); Registered Shares — 9,351 shares (Direct, null)

Footnotes (1)

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

Total gifted shares: 540,000 shares Gift from trust (May 18): 182,000 shares GRATs gifted (May 18): 182,000 shares +3 more

6 metrics

Total gifted shares 540,000 shares Bona fide gifts of Registered Shares reported in this Form 4

Gift from trust (May 18) 182,000 shares Registered Shares gifted by trust; trust holdings then 0 shares

GRATs gifted (May 18) 182,000 shares Registered Shares gifted by GRATs; GRATs then held 4,591,752 shares

GRATs holding after gifts 4,591,752 shares Registered Shares indirectly held via GRATs following reported gifts

Direct Registered Shares 9,351 shares Direct holdings consisting of 8,493 shares plus unvested RSUs

RSUs vesting 858 shares RSUs that vest on June 6, 2026, settle in Registered Shares

Key Terms

Registered Shares, restricted stock units (RSUs), grantor retained annuity trusts (GRATs), bona fide gift, +1 more

5 terms

Registered Shares financial

"Consists of (a) 8,493 Registered Shares and (b) unvested restricted stock units"

Shares that are recorded by name in a company’s official shareholder register, so the company knows exactly who owns them and must update its records when they change hands. For investors this matters because registered shares make it easier to receive dividends, vote at meetings and prove ownership—like having a named entry in an address book rather than an anonymous ticket—reducing confusion and improving legal and tax transparency.

restricted stock units (RSUs) financial

"unvested restricted stock units (RSUs) awarded to the reporting person"

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.

grantor retained annuity trusts (GRATs) financial

"The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs)"

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.

pecuniary interests financial

"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein"

Form 4 Insider Transactions: What Each Field Means →

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^*

BURRELL JONATHAN

(Last) (First) (Middle)

6300 WEST 143RD STREET

(Street)

OVERLAND PARK KANSAS 66223

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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

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

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

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								1,757,700	I	By GRATs(2)
Registered Shares	05/15/2026		G		88,000	D	$0	4,409,752	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,592,300	I	By trust(5)
Registered Shares	05/15/2026		G		88,000	A	$0	182,000	I	By trust(6)
Registered Shares								1,018,443	I	By trust
Registered Shares	05/18/2026		G		182,000	A	$0	4,591,752	I	By GRATs(3)
Registered Shares	05/18/2026		G		182,000	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	05/18/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Garmin (GRMN) director Jonathan Burrell report?

Jonathan Burrell reported bona fide gifts of 540,000 Garmin Registered Shares held through related trusts and GRATs. These non-market transfers use transaction code G, meaning they are gifts rather than open-market sales, so they do not directly signal views on Garmin’s share price.

Did Jonathan Burrell sell any Garmin (GRMN) shares in this Form 4 filing?

No, the Form 4 shows gift transfers, not sales. All reported dispositions use transaction code G for bona fide gifts at a price of $0.0000 per share, indicating non-cash, non-market transfers rather than open-market selling activity in Garmin stock.

How many Garmin (GRMN) shares were gifted by entities associated with Jonathan Burrell?

Entities associated with Jonathan Burrell reported gifting 540,000 Garmin Registered Shares. This total includes 182,000 shares from a trust that then held zero shares and 182,000 shares from GRATs that continued to hold 4,591,752 shares after the reported transactions.

What Garmin (GRMN) holdings remain in Grantor Retained Annuity Trusts (GRATs) linked to Jonathan Burrell?

After the reported gift transfers, GRATs associated with Jonathan Burrell still hold 4,591,752 Garmin Registered Shares. Footnotes explain he is a co-trustee and holds only a pecuniary interest, while primary beneficial interests are for family members through the GRAT structures.

How many Garmin (GRMN) shares does Jonathan Burrell hold directly and through equity awards?

The filing shows 9,351 Registered Shares held directly by Jonathan Burrell. A footnote explains this consists of 8,493 Registered Shares and unvested RSUs that settle only in Registered Shares, with 858 RSUs scheduled to vest on June 6, 2026 under Garmin’s non-employee director plan.

What ownership disclaimers does Jonathan Burrell make regarding Garmin (GRMN) shares in trusts and GRATs?

Footnotes state Burrell is co-trustee or manager of several GRATs and trusts and disclaims beneficial ownership of those Garmin shares except to the extent of his pecuniary interest. Remainder interests are held for his benefit or for family members, limiting his direct economic ownership.