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Garmin (GRMN) director gifts 40,000 shares via GRATs and trusts

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Garmin Ltd director Jonathan Burrell reported several indirect transactions in Registered Shares, primarily classified as bona fide gifts. The filing shows gift transfers totaling 40,000 shares, made at a reported price of $0.00 per share, indicating non-market, no‑consideration dispositions.

The gifted shares were held indirectly through grantor retained annuity trusts (GRATs) and trusts where Burrell serves as co‑trustee, and he disclaims beneficial ownership beyond his pecuniary interests. After these transactions, he continues to report substantial indirect holdings in Registered Shares through GRATs, trusts, and LLCs, along with 8,493 directly reported shares plus unvested RSUs scheduled to vest as to 858 shares on June 6, 2026.

Positive

  • None.

Negative

  • None.
Insider BURRELL JONATHAN
Role null
Type Security Shares Price Value
Gift Registered Shares 8,800 $0.00 --
Gift Registered Shares 15,600 $0.00 --
Gift Registered Shares 15,600 $0.00 --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
Holdings After Transaction: Registered Shares — 1,733,300 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.
Total gifted shares 40,000 shares Bona fide gifts of Registered Shares reported in this Form 4
Gift on May 27, 2026 8,800 shares Registered Shares gifted indirectly by GRATs at $0.00 per share
Gifts on May 26, 2026 (trust) 15,600 shares Registered Shares gifted indirectly by trust at $0.00 per share
Gifts on May 26, 2026 (GRATs) 15,600 shares Registered Shares gifted indirectly by GRATs at $0.00 per share
Indirect holdings by trust 1,592,300 shares Total Registered Shares following transaction, held indirectly by trust
Indirect holdings by GRATs 1,733,300 shares Total Registered Shares following May 27, 2026 transaction, by GRATs
Directly reported shares 8,493 shares Registered Shares held directly, excluding unvested RSUs
RSUs vesting 858 shares Unvested RSUs scheduled to vest on June 6, 2026
bona fide gift financial
"The transactions are coded as G with the 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.
grantor retained annuity trusts (GRATs) financial
"The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him."
remainder interest financial
"His children hold the remainder interests therein, and he holds a remainder interest in other GRATs."
restricted stock units (RSUs) financial
"Unvested restricted stock units (RSUs) awarded under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan."
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.
pecuniary interests financial
"The reporting person disclaims beneficial ownership except to the extent of his pecuniary interests therein."
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/26/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Registered Shares9,351(1)D
Registered Shares05/26/2026G15,600D$01,742,100IBy GRATs(2)
Registered Shares4,591,752IBy GRATs(3)
Registered Shares394,478IBy LLCs(4)
Registered Shares1,592,300IBy trust(5)
Registered Shares05/26/2026G15,600A$01,034,043IBy trust
Registered Shares05/27/2026G8,800D$01,733,300IBy GRATs(2)
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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.
/s/Jonathan Burrell05/27/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Jonathan Burrell report for Garmin (GRMN)?

Jonathan Burrell reported several indirect transactions in Garmin Registered Shares, mainly classified as bona fide gifts. These non-market transfers involved shares held through grantor retained annuity trusts (GRATs) and trusts where he is co‑trustee, rather than open‑market purchases or sales.

How many Garmin (GRMN) shares did Jonathan Burrell gift in this Form 4?

The Form 4 shows bona fide gift transfers totaling 40,000 Registered Shares. These gifts were split among multiple entries, including two transfers of 15,600 shares each on May 26, 2026, and an 8,800‑share transfer on May 27, 2026, all at zero consideration.

Were Jonathan Burrell’s Garmin (GRMN) transactions open-market sales?

No, the disclosed Garmin transactions are coded as G for bona fide gifts, not open‑market sales. The reported price per share is $0.00 for each gift, indicating they were non‑cash transfers rather than sales executed through the market or brokers.

How many Garmin (GRMN) shares does Jonathan Burrell hold after these transactions?

After the reported gifts, Burrell’s Form 4 shows continued indirect holdings through various GRATs, trusts and LLCs, plus a direct position of 8,493 Registered Shares. He also has unvested RSUs that will vest as to 858 shares on June 6, 2026, increasing his share count upon vesting.

What role do GRATs and trusts play in Jonathan Burrell’s Garmin (GRMN) holdings?

Many of Burrell’s Garmin holdings are reported as indirect, held by grantor retained annuity trusts (GRATs), trusts, and LLCs. He is a co‑trustee or manager of these entities and disclaims beneficial ownership except for his pecuniary interests, meaning the economic benefit is partly allocated to other beneficiaries.

What future Garmin (GRMN) share vesting is disclosed for Jonathan Burrell?

The filing notes unvested restricted stock units (RSUs) that can be settled only in Registered Shares. These RSUs vest as to 858 shares on June 6, 2026, which, upon vesting and settlement, will add to Burrell’s directly reported Garmin equity position under the non‑employee directors’ equity incentive plan.