Garmin (NASDAQ: GRMN) director shifts shares via GRAT and trust gifts
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
GARMIN LTD director Jonathan Burrell reported indirect, non-cash insider transactions involving registered shares. On February 23, 2026, entities associated with him, including grantor retained annuity trusts (GRATs) and a trust, made two bona fide gift transfers of 167,000 registered shares each at $0.00 per share. After these gifts, various GRATs, LLCs and trusts continued to hold large indirect positions, while Burrell also held 9,351 registered shares directly along with restricted stock units that vest as to 858 shares on June 6, 2026. Several trusts and GRATs note that Burrell is co-trustee and that he disclaims beneficial ownership except to the extent of his pecuniary interest.
Positive
- None.
Negative
- None.
Insider Trade Summary
334,000 shares gifted
Mixed
7 txns
Insider
BURRELL JONATHAN
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Registered Shares | 167,000 | $0.00 | -- |
| Gift | Registered Shares | 167,000 | $0.00 | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
Holdings After Transaction:
Registered Shares — 4,833,352 shares (Indirect, By GRATs);
Registered Shares — 9,351 shares (Direct)
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.
FAQ
What insider transaction did Garmin (GRMN) director Jonathan Burrell report?
Jonathan Burrell reported indirect bona fide gift transfers of Garmin registered shares. On February 23, 2026, entities associated with him, including GRATs and a trust, each transferred 167,000 registered shares as gifts at $0.00 per share, rather than open-market sales.
Were the Garmin (GRMN) insider transactions by Jonathan Burrell sales or gifts?
The reported Garmin transactions were gifts, not sales. Two non-derivative transactions on February 23, 2026 carried transaction code G, described as a bona fide gift, with 167,000 registered shares each transferred at $0.00 per share through GRATs and a trust.
What ongoing Garmin (GRMN) equity does Jonathan Burrell retain after these gifts?
After the reported gifts, Burrell retains both direct and indirect holdings. He directly holds 9,351 registered shares and has unvested restricted stock units that can settle in registered shares, with 858 RSUs vesting on June 6, 2026, alongside sizable positions in GRATs and trusts.
What role do GRATs and family trusts play in Garmin (GRMN) director Burrell’s holdings?
GRATs and family trusts hold a substantial portion of Burrell-linked Garmin shares. He acts as co-trustee or manager for multiple GRATs established by him or family members, and for his mother’s revocable trust, while often holding remainder or pecuniary interests in these entities.