[Form 4] Garmin Ltd Insider Trading Activity

Rhea-AI Filing Summary

Garmin Ltd. director and Executive Chairman Min H. Kao reported a non‑derivative disposition of 25,200 registered shares on 08/29/2025. The Form 4 shows the shares were disposed under code G and the explanation states the shares were gifted to a charitable organization. After this transaction, Mr. Kao is reported to beneficially own 11,950,619 shares indirectly through his children. The filing identifies Mr. Kao as both a director and an officer (Executive Chairman) and was submitted by a single reporting person.

Positive

• Shares were gifted to charity, indicating a philanthropic transfer rather than a market sale
• Substantial indirect ownership remains with 11,950,619 shares reported beneficially owned via children

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: A charitable gift by the Executive Chairman reduced his registered holdings modestly and leaves large indirect ownership intact.

The reported 25,200‑share disposition is documented as a gift to charity under transaction code G, which typically indicates a non‑cash, non‑sale transfer with no proceeds to the reporting person. The remaining beneficial ownership of 11,950,619 shares is held indirectly via family, preserving significant control alignment with management. From a governance standpoint, this is routine and does not indicate a change in voting control or a sale-based liquidity event.

Securities Analyst

TL;DR: Transaction is immaterial to share count and appears non‑market, so investor impact is minimal.

The amount disposed represents a small fraction of the reported indirect holdings; the Form 4 lists no cash proceeds and classifies the transfer as a gift. Because the shares were not sold, market supply was not increased and no price signal was generated by insider selling. The disclosure is important for transparency but is unlikely to affect valuation or short‑term liquidity.

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

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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^*

KAO MIN H

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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	08/29/2025		G(1)		25,200	D	$0	11,950,619	I	By Children

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. Shares gifted to a charitable organization.

	/s/ Paul E. Cassat, as attorney-in-fact for Min H. Kao	08/29/2025
	** 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 shares did Min H. Kao transfer according to the Form 4 for GRMN?

The Form 4 reports a disposition of 25,200 registered shares of Garmin Ltd. on 08/29/2025 under transaction code G.

Why were the 25,200 Garmin (GRMN) shares disposed of by the reporting person?

The filing’s explanation states the shares were gifted to a charitable organization.

How many Garmin (GRMN) shares does Min H. Kao beneficially own after the transaction?

The Form 4 reports 11,950,619 shares beneficially owned following the reported transaction, held indirectly by children.

Does the Form 4 indicate a sale that could affect Garmin (GRMN) market supply?

No. The transaction code G and the explanation indicate a charitable gift, not a market sale, so it did not increase shares sold into the market.

What positions does Min H. Kao hold at Garmin as noted on the Form 4?

The form identifies Min H. Kao as a Director and an Officer (Executive Chairman) of Garmin Ltd.