[Form 4] Garmin Ltd Insider Trading Activity

Rhea-AI Filing Summary

Garmin Ltd. (GRMN) filed a Form 4 reporting that Vice President, Human Resources Laurie A. Minard sold 787 registered shares of common stock on 08/06/2025. The shares were disposed of at a reported price of $230 per share, generating gross proceeds of roughly $181 K.

After the sale, Minard’s total beneficial ownership stands at 4,547 shares. This figure includes 4,491 unvested restricted stock units (RSUs) from prior equity awards and 56 shares acquired under the June 2025 Garmin Employee Stock Purchase Plan. No derivative security transactions were reported, and there were no changes to option exercises, grant schedules, or Rule 10b5-1 trading plans.

The transaction reduces the executive’s directly held stock by a modest amount, leaving the bulk of her exposure in unvested, long-term incentive equity.

Positive

• Executive retains 4,491 unvested RSUs, maintaining long-term alignment with shareholder interests.

Negative

• Insider sale of 787 shares at $230 may be interpreted as modest profit-taking.

Insights

Equity Risk Analyst

TL;DR: Minor insider sale; negligible ownership change—signal impact low.

The disposal of 787 shares represents a small fraction of Laurie Minard’s total 4,547-share stake, most of which remains locked in unvested RSUs. The filing shows no derivative activity or new 10b5-1 plan, suggesting a routine liquidity action rather than a strategic shift. Given Garmin’s ~190 M shares outstanding, the sale is immaterial (<0.001%). I view the event as neutral; it neither alters insider sentiment materially nor affects float or EPS. Investors should monitor for patterns of larger, repeated sales before drawing conclusions on management confidence.

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^*

MINARD LAURIE A

(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, Human Resources

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

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	08/06/2025		S		787	D	$230	4,547(1)	D

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. Includes (i) 4,491 unvested shares acquired pursuant to previously granted restricted stock unit awards and (ii) 56 shares acquired in June 2025 under the Garmin Ltd. Employee Stock Purchase Plan.

	/s/ Paul E. Cassat, as attorney-in-fact for Laurie A. Minard	08/06/2025
	** 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).
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FAQ

How many Garmin (GRMN) shares did VP Laurie Minard sell on 08/06/2025?

787 registered shares were sold.

What price per share was disclosed in the Form 4 filing?

The sale price reported was $230 per share.

How many shares does Minard own after the reported transaction?

She now beneficially owns 4,547 shares in total.

How many of those shares are unvested restricted stock units (RSUs)?

4,491 shares are unvested RSUs.

Did the Form 4 report any derivative security transactions?

No, no derivative securities were acquired or disposed of.