[Form 4] GARMIN LTD Insider Trading Activity

Rhea-AI Filing Summary

Jonathan Burrell, a director of Garmin Ltd. (GRMN), reported multiple transactions on 09/12/2025 on Form 4. The filing shows dispositions including 9,351 registered shares (which consist of 8,493 registered shares and RSUs that vest as to 858 shares on June 6, 2026) and Code G transactions of 4,200 and 104,000 registered shares at a reported price of $0 (gifts). The report also lists acquisitions recorded as Code G of 4,200 and 104,000 registered shares at $0, allocated to trusts. The filing discloses substantial indirect holdings via GRATs, LLCs and trusts with amounts reported as 734,600, 4,841,052, 394,478, and 1,382,199 shares and additional indirect totals reflecting post-transaction positions (e.g., 2,028,843 and 381,000 shares). The reporting person disclaims beneficial ownership of certain securities except to the extent of pecuniary interest.

Positive

• Transparent disclosure of transactions and indirect holdings, including RSU vesting detail
• Use of trusts and GRATs documented, clarifying nature of indirect ownership and disclaimers

Negative

• Direct disposition of 9,351 registered shares could be perceived negatively by some investors
• Complex ownership structure via multiple trusts and LLCs may complicate clear assessment of insider alignment

Insights

Securities Analyst

TL;DR: Director reported multiple gift and disposition transactions, with large indirect holdings disclosed; no cash proceeds reported.

The Form 4 shows Jonathan Burrell executed several Code G (gift) transactions on 09/12/2025 and recorded a direct disposition of 9,351 registered shares including RSUs that partially vest in 2026. Transactions at a price of $0 indicate transfers to related trusts rather than market sales. Material ownership is primarily indirect through GRATs, LLCs and trusts, with several multi-hundred-thousand-share balances reported. For investors, this is a governance/ownership disclosure rather than an operational signal; there is no indication of market sales for cash proceeds or option exercises in this filing.

Corporate Governance Expert

TL;DR: Large indirect holdings and intra-family trust transfers disclosed; gifts and disclaimers are prominent.

The filing emphasizes estate-planning structures: co-trustee roles, remainder interests, and manager roles for LLCs that hold significant Garmin shares. Multiple Code G entries and accompanying disclaimers show transfers to GRATs and trusts and limited direct beneficial ownership changes. This is typical of tax and succession planning by insiders and does not, by itself, imply a change in corporate control or an operational governance shift.

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^*

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)
09/12/2025

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	09/12/2025		G		4,200	D	$0	734,600	I	By GRATs(2)
Registered Shares	09/12/2025		G		104,000	D	$0	4,841,052	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,382,199	I	By trust(5)
Registered Shares	09/12/2025		G		4,200	A	$0	2,028,843	I	By trust
Registered Shares	09/12/2025		G		104,000	A	$0	381,000	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	09/12/2025
	** 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 did Garmin director Jonathan Burrell report on Form 4 (GRMN)?

He reported multiple transactions on 09/12/2025, including a direct disposition of 9,351 registered shares, Code G transfers of 4,200 and 104,000 registered shares at $0, and extensive indirect holdings via trusts and LLCs.

Were any shares sold for cash in this Form 4 by Jonathan Burrell?

No cash sale price is reported for the Code G transactions; the entries at $0 indicate gifts/transfers to trusts rather than market sales.

Does the filing show any vested or unvested RSUs for Jonathan Burrell?

Yes, the 9,351 registered shares include 8,493 registered shares and unvested RSUs that vest as to 858 shares on June 6, 2026.

How much indirect ownership does the Form 4 disclose?

The filing lists multiple indirect holdings including amounts of 734,600, 4,841,052, 394,478, and 1,382,199 shares across GRATs, LLCs and trusts, with post-transaction indirect totals such as 2,028,843 and 381,000 shares.

What do the disclaimers in the Form 4 mean?

The reporting person disclaims beneficial ownership of certain securities except to the extent of his pecuniary interest, indicating he does not claim full beneficial control of shares held in trusts or by other beneficiaries.