Garmin (NYSE: GRMN) director shifts 701,600 shares as bona fide gifts

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported indirect gifts of company stock held in estate-planning vehicles. On March 11, 2026, entities associated with him made bona fide gifts totaling 701,600 Registered Shares, distributed across grantor retained annuity trusts (GRATs) and other trusts. These transfers were recorded at a price of $0.00 per share, reflecting that they were gifts rather than market sales, so no trading proceeds were realized. After these transactions, the filing shows Burrell still indirectly holds several million Garmin shares through GRATs, trusts, and LLCs, along with a smaller direct position. Footnotes state he is co‑trustee or manager of these entities and disclaims beneficial ownership except to the extent of his pecuniary interest. The filing also notes unvested RSUs that can settle only in Registered Shares, with 858 RSUs scheduled to vest on June 6, 2026.

Insights

Equity ownership and governance analyst

Large indirect gifts via trusts reallocate Garmin shares without open-market selling.

Director Jonathan Burrell reported bona fide gifts of 701,600 Garmin Registered Shares on March 11, 2026. These dispositions occurred through GRATs and other trusts, not through open-market sales, and were recorded at $0.00 per share.

The filing shows substantial remaining indirect holdings: multiple GRATs, trusts and LLCs still hold several million shares, plus a smaller direct stake. Footnotes emphasize Burrell serves as co‑trustee or manager and disclaims beneficial ownership beyond his pecuniary interest.

Because these are estate- and trust‑planning transfers, not discretionary market sales, the informational signal about Garmin’s outlook is limited. Subsequent company disclosures may provide more context on any future changes in Burrell‑related 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^*

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)
03/11/2026

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								9,351(1)	D
Registered Shares								1,497,500	I	By GRATs(2)
Registered Shares	03/11/2026		G		330,000	D	$0	4,670,352	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,447,766	I	By trust(5)
Registered Shares	03/11/2026		G		41,600	A	$0	1,288,443	I	By trust
Registered Shares	03/11/2026		G		330,000	A	$0	355,000	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	03/13/2026
	** 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.

FAQ

What did Garmin (GRMN) director Jonathan Burrell report in this Form 4?

Garmin director Jonathan Burrell reported bona fide gifts of 701,600 Registered Shares on March 11, 2026. The transfers were made through GRATs and other trusts, not open-market trades, and were recorded at $0.00 per share as non-cash estate-planning movements of stock.

Were the Garmin (GRMN) shares sold or gifted in Burrell’s March 2026 filing?

The shares were gifted, not sold. The Form 4 uses transaction code G, indicating bona fide gifts totaling 701,600 Registered Shares at $0.00 per share, executed through GRATs and trusts associated with Burrell rather than as open-market sales for cash proceeds.

How many Garmin (GRMN) shares did entities associated with Jonathan Burrell transfer?

Entities associated with Jonathan Burrell transferred 701,600 Registered Shares as bona fide gifts. Individual line items include 330,000 shares by GRATs and 330,000 and 41,600 shares by trusts, reflecting multiple indirect holdings used for estate-planning transfers rather than market transactions.

Does Jonathan Burrell still hold Garmin (GRMN) shares after these gift transfers?

Yes. Post-transaction balances show several million Registered Shares still held indirectly through GRATs, trusts, and LLCs, plus a smaller direct stake. The filing also notes unvested RSUs that can settle only in Registered Shares, with 858 RSUs vesting on June 6, 2026.

How are the gifted Garmin (GRMN) shares held in relation to Jonathan Burrell?

The gifted Garmin shares are held through GRATs and trusts where Burrell serves as co‑trustee or manager. Footnotes state he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest, underscoring that the holdings reside in estate-planning entities.

Do the Burrell Form 4 gifts indicate a change in Garmin (GRMN) insider sentiment?

The filing reflects estate-planning gifts rather than open-market selling, so it offers limited insight into insider sentiment. Shares were transferred at $0.00 per share via GRATs and trusts, and Burrell continues to be associated with substantial indirect Garmin holdings after the reported movements.