Garmin director gifts 800,000 shares via trusts
Garmin Ltd director Jonathan Burrell reported estate-planning moves rather than market trades.
Rhea-AI Filing Summary
Garmin Ltd director Jonathan Burrell reported estate-planning moves rather than market trades. On May 5, 2026, entities associated with him made bona fide gifts of 800,000 Registered Shares of Garmin stock, split between trust and GRAT holdings, at $0.00 per share.
After these gifts, Burrell continues to hold sizable indirect positions, including 962,443 Registered Shares by trust, 1,849,700 Registered Shares by GRATs and 394,478 Registered Shares by LLCs, along with 9,351 shares held directly. His direct holdings include unvested RSUs that vest as to 858 shares on June 6, 2026. The filing characterizes the transfers as gifts, not open-market sales, so they do not reflect a change in trading outlook.
Positive
- None.
Negative
- None.
Insider Trade Summary
800,000 shares gifted
Gift
7 txns
Insider
BURRELL JONATHAN
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Gift | Registered Shares | 400,000 | $0.00 | $0.00 |
| Gift | Registered Shares | 400,000 | $0.00 | $0.00 |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
| holding | Registered Shares | -- | -- | -- |
Holdings After Transaction:
Registered Shares — 6,192,452 shares (Indirect, By GRATs);
Registered Shares — 2,803,743 shares (Indirect, By trust);
Registered Shares — 9,351 shares (Direct);
Registered Shares — 394,478 shares (Indirect, By LLCs)
Footnotes (6)
- F1. 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.
- F2. 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.
- F3. 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.
- F4. 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.
- F5. The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.
- F6. 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.
Key Figures
Gifted shares by trust: 400,000 shares
Gifted shares by GRATs: 400,000 shares
Total gifted shares: 800,000 shares
+5 more
8 metrics
Gifted shares by trust
400,000 shares
Bona fide gift of Registered Shares by trust on May 5, 2026
Gifted shares by GRATs
400,000 shares
Bona fide gift of Registered Shares by GRATs on May 5, 2026
Total gifted shares
800,000 shares
Aggregate of two bona fide gift transactions reported in Form 4
Indirect holdings by trust
962,443 shares
Registered Shares held indirectly by trust after transactions
Indirect holdings by GRATs
1,849,700 shares
Registered Shares held indirectly by GRATs after transactions
Indirect holdings by LLCs
394,478 shares
Registered Shares held indirectly by LLCs after transactions
Direct holdings
9,351 shares
Registered Shares held directly, including RSUs, after transactions
RSUs vesting
858 shares
RSUs scheduled to vest on June 6, 2026
Key Terms
bona fide gift, grantor retained annuity trusts (GRATs), restricted stock units (RSUs), pecuniary interests, +1 more
5 terms
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
"co-trustee of multiple grantor retained annuity trusts (GRATs) established by him"
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 interests financial
"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interests therein"
remainder interest financial
"his children hold the remainder interests therein"
FAQ
What did Garmin (GRMN) director Jonathan Burrell report in this Form 4?
Jonathan Burrell reported bona fide gifts of Garmin Registered Shares. Trusts and GRATs associated with him transferred 800,000 shares at $0.00 per share, reflecting estate-planning gifts rather than open-market buying or selling activity in GRMN stock.
Were the Garmin (GRMN) insider transactions open-market sales or gifts?
The reported transactions were bona fide gifts, not open-market sales. The Form 4 uses transaction code “G” and a $0.00 per share price, indicating transfers made as gifts by trusts and GRATs associated with director Jonathan Burrell.
How are Jonathan Burrell’s indirect Garmin holdings structured in this Form 4?
Burrell’s indirect holdings are reported through several entities. These include grantor retained annuity trusts (GRATs), other trusts where he is co-trustee, and LLCs managed by him, each holding significant blocks of Garmin Registered Shares for estate and wealth-planning purposes.
What does the Form 4 say about Burrell’s RSUs in Garmin (GRMN)?
The footnotes state his direct position consists of 8,493 Registered Shares and unvested restricted stock units. These RSUs can be settled only in Registered Shares and are scheduled to vest as to 858 shares on June 6, 2026 under Garmin’s non-employee director plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
