GRMN Form 4: Edward J. Link sells shares; holdings include RSUs and ESPP

Rhea-AI Filing Summary

Edward J. Link, Vice President of Information Technology at Garmin Ltd. (GRMN), sold 1,718 registered shares on 08/11/2025 at a reported price of $230 per share. After the transaction he beneficially owned 27,703 shares. The filing discloses that the reported holdings include 5,908 unvested shares from previously granted restricted stock units and 69 shares purchased in June 2025 under Garmin's Employee Stock Purchase Plan.

The Form 4 was submitted by a filing representative on behalf of Mr. Link and identifies the transaction with code "S," indicating a sale of registered shares.

Positive

• Continued significant ownership: Reporting person retains 27,703 shares after the transaction, including unvested RSUs and ESPP purchases.
• Detailed disclosure: Filing specifies components of holdings: 5,908 unvested RSUs and 69 ESPP shares, improving transparency.

Negative

• Insider sale: The officer disposed of 1,718 registered shares on 08/11/2025 at a reported price of $230 per share.

Insights

Financial Analyst

TL;DR: Officer sale of 1,718 shares at $230; remaining beneficial ownership of 27,703 shares includes RSUs and ESPP purchases.

The transaction is a disclosed sale by an executive, reducing his registered share count by 1,718 while leaving a reported beneficial position of 27,703 shares. The filing explicitly notes 5,908 unvested restricted stock units and 69 ESPP shares as components of that total, which affects the composition of the executive's holdings but does not by itself indicate broader corporate change. The sale price is reported as $230 per share and the transaction is coded as "S" in the filing.

Corporate Governance Expert

TL;DR: Routine insider disclosure of a sale; continuing meaningful ownership remains through vested and unvested holdings.

The Form 4 records an officer-level sale and continues to show substantial beneficial ownership by the reporting person. The disclosure itemizes that 5,908 unvested RSUs and 69 ESPP-acquired shares are part of the 27,703 shares owned following the sale. This level of detail satisfies standard disclosure expectations for insider transactions and clarifies the nature of indirect and unvested holdings shown on the form.

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^*

LINK EDWARD J.

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Information Technology

3. Date of Earliest Transaction (Month/Day/Year)
08/11/2025

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	08/11/2025		S		1,718	D	$230	27,703(1)	D

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. Includes (i) 5,908 unvested shares acquired pursuant to previously granted restricted stock unit awards and (ii) 69 shares acquired in June 2025 under the Garmin Ltd. Employee Stock Purchase Plan.

	/s/ Paul E. Cassat, as attorney-in-fact for Edward J. Link	08/11/2025
	** 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 did Garmin (GRMN) insider Edward J. Link report on the Form 4?

The Form 4 reports that Edward J. Link sold 1,718 registered shares on 08/11/2025 at a reported price of $230 per share and retained 27,703 shares beneficially.

How many shares does Edward J. Link beneficially own after the transaction?

Following the reported transaction, the filing shows 27,703 shares beneficially owned by Mr. Link.

Does the filing explain the composition of the 27,703 shares?

Yes. The filing states the total includes 5,908 unvested restricted stock units and 69 shares acquired in June 2025 under the Employee Stock Purchase Plan.

What transaction code is used in the Form 4 and what was transacted?

The Form 4 uses transaction code "S", which is shown on the form in connection with the sale of registered shares on 08/11/2025.

Who filed the Form 4 on behalf of Edward J. Link?

The signature block indicates the form was signed by Paul E. Cassat, as attorney-in-fact for Edward J. Link on 08/11/2025.