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Garmin (GRMN) director Jonathan Burrell gifts 870,000 shares via trusts and GRATs

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

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported a series of bona fide gifts totaling 870,000 Registered Shares on May 8, 2026. The transactions were coded “G” and described as gift transfers, meaning they were not open‑market sales or purchases.

The gifts were made through multiple entities, including trusts, grantor retained annuity trusts (GRATs) and LLCs associated with Burrell. After these transfers, Form 4 entries show large remaining indirect positions, including 4,497,752 Registered Shares held by GRATs and 1,018,443 Registered Shares held by a trust. Footnotes note that Burrell serves as trustee or manager of these entities and generally disclaims beneficial ownership except to the extent of his pecuniary interests.

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Insider BURRELL JONATHAN
Role null
Type Security Shares Price Value
Gift Registered Shares 92,000 $0.00 --
Gift Registered Shares 94,000 $0.00 --
Gift Registered Shares 94,000 $0.00 --
Gift Registered Shares 92,000 $0.00 --
Gift Registered Shares 249,000 $0.00 --
Gift Registered Shares 249,000 $0.00 --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
Holdings After Transaction: Registered Shares — 1,757,700 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. 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.
Total shares gifted 870,000 Registered Shares Bona fide gifts on May 8, 2026
Individual gift sizes 249,000; 249,000; 92,000; 94,000; 94,000; 92,000 shares Six separate G-code gift transactions
GRATs holding after gifts 4,497,752 Registered Shares Indirect ownership by GRATs following a gift
Trust holding after gifts 1,018,443 Registered Shares Indirect ownership by trust following a gift
Indirect trust holding (other) 1,592,300 Registered Shares Indirect holding by trust as of May 8, 2026
Indirect LLC holdings 394,478 Registered Shares Indirect ownership by LLCs as of May 8, 2026
Direct holding 9,351 Registered Shares Direct ownership as reported on May 8, 2026
RSUs vesting 858 shares RSUs vesting on June 6, 2026 under directors’ plan
bona fide gift financial
"transaction_code_description: "Bona fide gift" for multiple G-code entries"
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"
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein"
Registered Shares financial
"Consists of (a) 8,493 Registered Shares and (b) unvested restricted stock units (RSUs)"
Shares that are recorded by name in a company’s official shareholder register, so the company knows exactly who owns them and must update its records when they change hands. For investors this matters because registered shares make it easier to receive dividends, vote at meetings and prove ownership—like having a named entry in an address book rather than an anonymous ticket—reducing confusion and improving legal and tax transparency.
restricted stock units (RSUs) financial
"unvested restricted stock units (RSUs) awarded to the reporting person 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.
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)
05/08/2026		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 Shares05/08/2026G92,000D$01,757,700IBy GRATs(2)
Registered Shares05/08/2026G94,000D$04,248,752IBy GRATs(3)
Registered Shares394,478IBy LLCs(4)
Registered Shares1,592,300IBy trust(5)
Registered Shares05/08/2026G94,000A$0343,000IBy trust(6)
Registered Shares05/08/2026G92,000A$01,018,443IBy trust
Registered Shares05/08/2026G249,000A$04,497,752IBy GRATs(3)
Registered Shares05/08/2026G249,000D$094,000IBy 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)
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.
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 Burrell05/11/2026
** 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

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

Jonathan Burrell reported bona fide gifts of 870,000 Registered Shares of Garmin Ltd. on May 8, 2026. These were coded as “G” transactions, indicating non‑market gifts rather than open‑market sales or purchases.

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

No. The reported Garmin share transfers were all coded as “G” bona fide gifts, not open‑market sales. Shares were transferred at a stated price of $0.00 per share through trusts and GRATs associated with Burrell.

Through which entities were the Garmin (GRMN) shares gifted by Jonathan Burrell?

The gifts involved Registered Shares held by trusts, by GRATs, and by LLCs associated with Jonathan Burrell. Footnotes explain he is a co‑trustee or manager of these entities, often holding only a remainder or pecuniary interest.

What Garmin (GRMN) indirect holdings remain after Jonathan Burrell’s gifts?

After the gifts, Form 4 entries show large remaining indirect positions, including 4,497,752 Registered Shares held by GRATs and 1,018,443 Registered Shares held by a trust. Additional indirect holdings are reported through other trusts and LLCs.

Does Jonathan Burrell fully own all Garmin (GRMN) shares reported in the Form 4?

No. Footnotes state he often disclaims beneficial ownership of securities held in certain trusts and GRATs, except to the extent of his pecuniary interest. Many shares are held for remainder interests benefiting him or his family members.

What does the Form 4 say about Jonathan Burrell’s Garmin (GRMN) RSUs?

One footnote states Burrell holds 8,493 Registered Shares plus unvested restricted stock units under Garmin’s Non‑Employee Directors’ Equity Incentive Plan. Those RSUs are payable only in Registered Shares and 858 shares vest on June 6, 2026.