Garmin Ltd (GRMN) director Jonathan Burrell details large share transfers to GRATs and trusts

Rhea-AI Filing Summary

Garmin Ltd director Jonathan Burrell filed a Form 4 reporting several transactions in Garmin Ltd (GRMN) shares. On 12/02/2025 and 12/03/2025, he reported code G transactions (gifts) of 10,150 and 1,450 registered shares at a reported price of $0, leaving 1,097,500 shares held indirectly by multiple grantor retained annuity trusts (GRATs) in which he has interests. On 12/04/2025, he reported a further code G gift of 445,000 registered shares at $0, resulting in 5,000,352 shares held indirectly by certain GRATs, and a separate code G disposition of 445,000 shares from a trust, leaving that trust with 25,000 shares.

Following these transactions, Burrell reports 9,351 shares beneficially owned directly, consisting of 8,493 registered shares and unvested RSUs that vest as to 858 shares on June 6, 2026. He also reports indirect holdings of 394,478 shares through LLCs and 1,447,766, 1,646,843, and 25,000 shares through various trusts, with multiple disclaimers that he only benefits to the extent of his pecuniary interests.

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)
12/02/2025

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								9,351(1)	D
Registered Shares	12/02/2025		G		10,150	D	$0	1,098,950	I	By GRATs(2)
Registered Shares	12/03/2025		G		1,450	D	$0	1,097,500	I	By GRATs(2)
Registered Shares	12/04/2025		G		445,000	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								1,646,843	I	By trust
Registered Shares	12/04/2025		G		445,000	D	$0	25,000	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	12/04/2025
	** 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.
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FAQ

What type of SEC filing was made for Garmin Ltd (GRMN)?

This is a Form 4 filing, which reports changes in the beneficial ownership of Garmin Ltd (GRMN) equity securities by an insider.

Who is the reporting person in this Garmin Ltd (GRMN) Form 4 and what is their role?

The reporting person is Jonathan Burrell, who is identified as a Director of Garmin Ltd.

What transactions did Jonathan Burrell report in Garmin Ltd (GRMN) shares?

He reported code G (gift) transactions of 10,150 shares on 12/02/2025, 1,450 shares on 12/03/2025, and 445,000 shares on 12/04/2025 at a reported price of $0 per share, involving transfers to and from various trusts and GRATs.

How many Garmin Ltd (GRMN) shares does Jonathan Burrell report owning directly after these transactions?

He reports 9,351 shares beneficially owned directly, consisting of 8,493 registered shares and unvested RSUs that vest as to 858 shares on June 6, 2026.

What indirect holdings in Garmin Ltd (GRMN) does Jonathan Burrell report?

He reports indirect beneficial ownership of 5,000,352 shares through certain GRATs, 394,478 shares through LLCs, and additional shares including 1,447,766, 1,646,843, and 25,000 held through various trusts.

What disclaimers does Jonathan Burrell make about his beneficial ownership of Garmin Ltd (GRMN) shares?

He states that, for several GRATs and trusts, he disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest in those holdings.

Were any derivative securities reported in this Garmin Ltd (GRMN) Form 4?

The filing includes a Table II for derivative securities but shows no specific derivative transactions or holdings filled in for the reporting person.