Garmin (GRMN) director Jonathan Burrell reports 1.19M-share bona fide gifts

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported a series of bona fide gifts of Garmin Registered Shares. On March 12–13, 2026, entities associated with him, including multiple grantor retained annuity trusts (GRATs) and trusts, made gifts totaling 1,186,000 Registered Shares, all at a reported price of $0.00 per share, indicating non-market, no-cash transfers.

The shares are held indirectly through GRATs, trusts and LLCs where Burrell often serves as co‑trustee or manager and in many cases disclaims beneficial ownership beyond his pecuniary interest. He also continues to hold 9,351 Registered Shares directly, along with additional indirect holdings after these gifts.

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^*

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)
03/12/2026

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	03/13/2026		G		38,000	D	$0	1,459,500	I	By GRATs(2)
Registered Shares	03/12/2026		G		330,000	A	$0	5,000,352	I	By GRATs(3)
Registered Shares								394,478	I	By LLCs(4)
Registered Shares								1,447,766	I	By trust(5)
Registered Shares	03/13/2026		G		38,000	A	$0	1,326,443	I	By trust
Registered Shares	03/12/2026		G		330,000	D	$0	25,000	I	By trust(6)
Registered Shares	03/13/2026		G		225,000	D	$0	4,776,352	I	By GRATs(3)
Registered Shares	03/13/2026		G		225,000	A	$0	249,000	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	03/16/2026
	** 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.
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FAQ

What did Garmin (GRMN) director Jonathan Burrell report in this Form 4?

Jonathan Burrell reported several bona fide gift transactions of Garmin Registered Shares. On March 12–13, 2026, entities associated with him, including GRATs and trusts, transferred a large block of shares at a reported price of $0.00 per share, indicating non-cash gifts.

How many Garmin (GRMN) shares were gifted in these transactions?

The filing shows bona fide gifts totaling 1,186,000 Garmin Registered Shares. These gifts occurred across multiple entries on March 12 and March 13, 2026, with individual transactions of 330,000, 225,000 and 38,000 shares each, all reported at a price of $0.00 per share.

Were these Garmin (GRMN) transactions open-market sales or non-cash gifts?

These transactions were non-cash gifts, not open-market sales. Each is coded as a bona fide gift (transaction code G) at $0.00 per share, meaning the shares were transferred without consideration, typically to beneficiaries of trusts or related estate-planning entities.

Does Jonathan Burrell still own Garmin (GRMN) shares after these gifts?

Yes. After the reported gifts, Burrell continues to hold Garmin shares both directly and indirectly. One entry shows 9,351 Registered Shares held directly, and other entries show substantial remaining indirect holdings through GRATs, trusts and LLCs associated with him.

Which entities were involved in the Garmin (GRMN) share gifts reported by Burrell?

The gifts involve Registered Shares held indirectly through multiple grantor retained annuity trusts (GRATs), other trusts and LLCs. Footnotes explain he is co‑trustee or manager of these entities and often disclaims beneficial ownership beyond his pecuniary interest in the underlying securities.

What does transaction code G mean in this Garmin (GRMN) Form 4?

Transaction code G designates a bona fide gift of securities. In this case, it indicates that the Garmin Registered Shares were transferred by GRATs and trusts associated with Jonathan Burrell as gifts, at a reported price of $0.00 per share, rather than being sold in the market.