GRMN Director Jonathan Burrell discloses trust-related transfers of 277k and 45k shares
Rhea-AI Filing Summary
Jonathan Burrell, a Garmin Ltd. (GRMN) director, reported multiple changes in his beneficial ownership on Form 4. On 08/15/2025 and 08/18/2025 he reported dispositions and corresponding acquisitions across several account types and trusts, including transactions of 45,000 and 277,000 registered shares (transaction code G, price $0). The filing lists both direct and indirect holdings through GRATs, LLCs, trusts and revocable trusts and specifies that some interests are disclaimed except for pecuniary interests. The report is signed and dated 08/18/2025.
Positive
- Full disclosure of transactions and beneficial ownership across trusts and entities provides transparency to investors
- Clear identification of indirect ownership forms (GRATs, LLCs, trusts) and disclaimers of beneficial ownership where applicable
Negative
- Large reported movements of 277,000 and 45,000 registered shares on 08/18/2025 and 08/15/2025 respectively, which may be material to share-level insider activity
- Many holdings held indirectly through trusts and entities, which can obscure direct economic exposure despite disclosed pecuniary interests
Insights
TL;DR: Routine insider reporting showing complex estate and trust arrangements; no new corporate governance events disclosed.
The Form 4 documents transfers and settlements involving grantor retained annuity trusts, limited liability companies and trusts, indicating use of structured estate-planning vehicles rather than simple open-market trades. The reporting person disclaims beneficial ownership of many positions except for pecuniary interests, consistent with common trustee/remainder-interest arrangements. The filing does not disclose any executive departures, policy changes, or governance actions.
TL;DR: Insider reported sizeable share movements on two dates; transactions appear to be trust-related rather than market sales at value.
The Form 4 shows reported dispositions of 45,000 shares (08/15/2025) and 277,000 shares (08/18/2025) using code G and corresponding reported acquisitions at $0 in trust contexts. The filing lists post-transaction beneficial ownership totals across several vehicles, highlighting concentration of indirect holdings. The disclosure provides specific share counts and ownership forms but no execution prices for market trades, limiting market-impact interpretation.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Registered Shares | 277,000 | $0.00 | -- |
| Gift | Registered Shares | 277,000 | $0.00 | -- |
| Gift | Registered Shares | 45,000 | $0.00 | -- |
| Gift | Registered Shares | 45,000 | $0.00 | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
Footnotes (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.
