Garmin (GRMN) director Jonathan Burrell moves Garmin shares among GRATs and trusts

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported several transactions in Garmin registered shares involving family estate-planning entities. On November 28, 2025, he recorded gifts or transfers (code G) of 5,900 and 470,000 registered shares at a stated price of $0, moving holdings among grantor retained annuity trusts (GRATs) and trusts where he serves as co‑trustee. Following these moves, one group of GRATs held 1,121,200 registered shares and another set of GRATs held 4,555,352 registered shares, reported as indirectly owned.

He also reports indirect ownership through limited liability companies and trusts, including 1,447,766 registered shares held by a trust and additional shares held by LLCs. A separate line notes 9,351 registered shares consisting of 8,493 shares plus unvested restricted stock units that vest as to 858 shares on June 6, 2026. Burrell disclaims beneficial ownership of many of these positions 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

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)
11/28/2025

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	11/28/2025		G		5,900	D	$0	1,121,200	I	By GRATs(2)
Registered Shares	11/28/2025		G		470,000	D	$0	4,555,352	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,447,766	I	By trust(5)
Registered Shares	11/28/2025		G		5,900	A	$0	1,634,743	I	By trust
Registered Shares	11/28/2025		G		470,000	A	$0	470,000	I	By trust(6)
Registered Shares	12/01/2025		G		12,100	D	$0	1,109,100	I	By GRATs(2)
Registered Shares	12/01/2025		G		12,100	A	$0	1,646,843	I	By trust

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	12/01/2025
	** 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 activity did Garmin (GRMN) report for director Jonathan Burrell?

The filing shows that director Jonathan Burrell recorded multiple code G transactions on November 28, 2025 and December 1, 2025 moving Garmin registered shares among grantor retained annuity trusts (GRATs), trusts, and related entities where he serves as trustee or manager, with all transactions reported at a price of $0 per share.

How many Garmin (GRMN) shares do Jonathan Burrell’s GRATs hold after the reported transactions?

After the reported transactions, one group of GRATs where Jonathan Burrell is co‑trustee holds 1,121,200 registered shares and another group of GRATs holds 4,555,352 registered shares, all reported as indirectly owned through those trusts.

What directly held Garmin (GRMN) equity does Jonathan Burrell report?

Jonathan Burrell reports 9,351 directly held registered shares, consisting of 8,493 registered shares plus unvested restricted stock units that can be settled only in registered shares and vest as to 858 shares on June 6, 2026 under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan.

How does Jonathan Burrell hold Garmin (GRMN) shares indirectly?

He reports indirect ownership through several entities: GRATs he established, GRATs established by his mother, limited liability companies that are wholly owned by a GRAT remainder trust for his benefit, and trusts where he is co‑trustee, including a GRAT remainder trust and his mother’s revocable trust.

Does Jonathan Burrell claim full beneficial ownership of all reported Garmin (GRMN) shares?

No. In multiple footnotes, Jonathan Burrell states that he disclaims beneficial ownership of the reported securities held in various GRATs and his mother’s revocable trust except to the extent of his pecuniary interest in those securities.

What is transaction code G in the context of Garmin (GRMN) insider activity?

In this context, transaction code G is used for transactions where Garmin registered shares are transferred, such as gifts or similar transfers, among GRATs, trusts, and related entities associated with Jonathan Burrell, all reported at a price of $0 per share.