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Garmin (GRMN) director Burrell reports 587,934-share gifts via trusts and GRATs

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Garmin Ltd. director Jonathan Burrell reported large non-market gifts of Garmin Registered Shares made through trusts and GRATs associated with him. The filing shows three bona fide gift transactions totaling 587,934 shares, all at a reported price of $0.00 per share, meaning no sale proceeds were received.

These dispositions were executed by trusts and grantor retained annuity trusts where Burrell serves as co-trustee or manager and often holds only a pecuniary remainder interest. After these gifts, the entities continue to hold significant indirect positions, including 1,592,300 registered shares in one trust and 4,342,752 registered shares in certain GRATs, while Burrell also holds 9,351 shares directly and additional indirect stakes via other trusts and LLCs.

Positive

  • None.

Negative

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Insights

Burrell’s Form 4 shows large gifted shares via trusts, not market sales.

Director Jonathan Burrell reported three bona fide gifts of Garmin Registered Shares totaling 587,934 shares on May 4, 2026. These are code G transactions, meaning transfers without consideration, so they do not involve open-market selling pressure or cash proceeds.

The gifts were made from trusts and grantor retained annuity trusts (GRATs) where Burrell is co-trustee or manager, with footnotes stating he disclaims beneficial ownership except for his pecuniary interest. Following these gifts, the entities still hold large indirect positions, including 1,592,300 and 4,342,752 registered shares in specific trusts and GRATs, plus other indirect and 9,351 directly held shares.

Because these are estate- and trust-planning transfers rather than discretionary market trades, they typically carry limited signaling value about Burrell’s view of Garmin’s stock. Future company filings may add context on any additional trust or GRAT-related restructurings.

Insider BURRELL JONATHAN
Role null
Type Security Shares Price Value
Gift Registered Shares 9,800 $0.00 --
Gift Registered Shares 433,600 $0.00 --
Gift Registered Shares 144,534 $0.00 --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
holding Registered Shares -- -- --
Holdings After Transaction: Registered Shares — 1,449,700 shares (Indirect, By GRATs); Registered Shares — 9,351 shares (Direct, null)
Footnotes (1)
  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.
Total gifted shares 587,934 shares Aggregate bona fide gifts on May 4, 2026
Single trust gift 144,534 shares Bona fide gift by trust, price $0.00 per share
GRAT gift block 433,600 shares Bona fide gift by GRATs, price $0.00 per share
Additional GRAT gift 9,800 shares Bona fide gift by GRATs, price $0.00 per share
Trust holdings after gift 1,592,300 shares Registered Shares held indirectly by a trust after gifts
GRAT holdings after gift 4,342,752 shares Registered Shares held indirectly by certain GRATs after gifts
Directly held shares 9,351 shares Registered Shares held directly by Burrell after transactions
Upcoming RSU vesting 858 shares RSUs vesting on June 6, 2026 under directors’ plan
bona fide gift financial
"transaction_code_description: Bona fide gift"
A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.
grantor retained annuity trusts (GRATs) financial
"The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him"
remainder interest financial
"his children hold the remainder interests therein"
restricted stock units (RSUs) financial
"unvested restricted stock units (RSUs) awarded to the reporting person"
Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.
pecuniary interest financial
"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein"
revocable trust financial
"his mother's revocable trust and his mother's attorney-in-fact"
A revocable trust is a legal arrangement where the person who creates it keeps control and can change or cancel the trust at any time, while naming who will manage and receive the assets later. Think of it like a flexible folder for your investments and property that can be relabeled or reworked as circumstances change; it matters to investors because it determines how ownership is recorded, how easily assets transfer on incapacity or death, and whether holdings bypass public probate proceedings.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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
Estimated average burden
hours per response:0.5
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 KANSAS 66223
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
GARMIN LTD [ GRMN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/04/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Registered Shares9,351(1)D
Registered Shares05/04/2026G9,800D$01,449,700IBy GRATs(2)
Registered Shares05/04/2026G433,600D$04,342,752IBy GRATs(3)
Registered Shares394,478IBy LLCs(4)
Registered Shares05/04/2026G144,534A$01,592,300IBy trust(5)
Registered Shares249,000IBy trust(6)
Registered Shares1,326,443IBy trust
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 Burrell05/05/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Garmin (GRMN) disclose for Jonathan Burrell in this Form 4?

The Form 4 shows director Jonathan Burrell reported three bona fide gifts of Garmin Registered Shares totaling 587,934 shares on May 4, 2026. These were non-market transfers executed through trusts and GRATs associated with him, not open-market stock sales for cash.

Did Jonathan Burrell sell Garmin (GRMN) shares in the open market in this filing?

No, the Form 4 reports only code G bona fide gifts of Garmin Registered Shares, with a transaction price of $0.00 per share. These gifts occurred through trusts and GRATs, so they do not represent discretionary open-market selling or generate sale proceeds.

How many Garmin shares were gifted by entities linked to Jonathan Burrell?

Entities associated with Jonathan Burrell reported gifting a total of 587,934 Garmin Registered Shares: 144,534 shares from a trust and 433,600 plus 9,800 shares from GRATs. All are characterized as bona fide gifts rather than sales, according to the Form 4 details.

What Garmin share holdings remain after Jonathan Burrell’s reported gifts?

After the reported gifts, related entities still hold substantial Garmin positions, including 1,592,300 registered shares in one trust and 4,342,752 shares in certain GRATs. Burrell also has additional indirect holdings via other trusts and LLCs and owns 9,351 shares directly in his name.

How are trusts and GRATs involved in Jonathan Burrell’s Garmin (GRMN) holdings?

Many of the reported Garmin shares are held in trusts and grantor retained annuity trusts where Burrell is co-trustee or manager. Footnotes state he often holds remainder or pecuniary interests, and he disclaims beneficial ownership beyond that, highlighting an estate- and trust-planning structure.

Are there any restricted stock units (RSUs) disclosed for Jonathan Burrell in this Form 4?

Yes. A footnote explains Burrell holds unvested restricted stock units granted under Garmin’s Non-Employee Directors’ Equity Incentive Plan, settled only in Registered Shares. These RSUs are scheduled to vest as to 858 shares on June 6, 2026, adding to his future equity exposure.