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

Corporate Governance Expert

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.

Securities Analyst

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.

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^*

BURRELL JONATHAN

(Last) (First) (Middle)

6300 WEST 143RD STREET

(Street)

OVERLAND PARK KS 66223

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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								9,351(1)	D
Registered Shares	08/15/2025		G		45,000	D	$0	738,800	I	By GRATs(2)
Registered Shares	08/18/2025		G		277,000	D	$0	4,945,052	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,382,199	I	By trust(5)
Registered Shares	08/15/2025		G		45,000	A	$0	2,024,643	I	By trust
Registered Shares	08/18/2025		G		277,000	A	$0	277,000	I	By 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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount 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 Burrell	08/18/2025
	** 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 transactions did Jonathan Burrell report on Form 4 for Garmin (GRMN)?

The filing reports dispositions and acquisitions on 08/15/2025 and 08/18/2025, including 45,000 and 277,000 registered shares (transaction code G) and various beneficial ownership updates via trusts and entities.

What is the relationship of the reporting person to Garmin?

The form identifies Jonathan Burrell as a Director of Garmin Ltd.

Were any prices disclosed for the transactions?

The reported transactions using code G show a price of $0, consistent with transfers to or among trusts or non-sale transfers rather than open-market purchases.

Does the filing explain the indirect ownership?

Yes; the filing explains indirect ownership through GRATs, LLCs, trusts and notes the reporting person disclaims beneficial ownership except for pecuniary interests in many cases.

When was the Form 4 signed?

The signature block shows the filing was signed by Jonathan Burrell on 08/18/2025.