Form 4: Garmin CFO Adjusts Holdings, Sells Shares Under 10b5-1 Plan

Garmin's CFO and Treasurer, Douglas G. Boessen, reported the vesting of restricted stock units, a new RSU grant, and subsequent sales of company shares.

Summary

• On December 15, 2025, 4,469 restricted stock units (RSUs) vested and were released to Douglas G. Boessen, CFO and Treasurer of Garmin Ltd.
• Of the vested shares, 1,984 were withheld to cover tax liabilities at a price of $207.23 per share.
• Following the vesting and tax withholding, Douglas G. Boessen's beneficial ownership included 27,162 shares, with 13,478 being unvested.
• On December 15, 2025, Douglas G. Boessen received a new grant of 4,239 restricted stock units at a price of $0, which will vest in three equal annual installments starting December 15, 2026.
• After the new RSU grant, beneficial ownership increased to 31,401 shares, including 17,717 unvested shares from current and previous grants.
• On December 16, 2025, Douglas G. Boessen sold 1,977 registered shares at a weighted average price of $206.1138 per share.
• Also on December 16, 2025, an additional 508 registered shares were sold at a weighted average price of $206.8401 per share.
• Both sales on December 16, 2025, were executed pursuant to a Rule 10b5-1 trading plan adopted on March 3, 2025.
• Following all reported transactions, Douglas G. Boessen's beneficial ownership stands at 28,916 shares, which includes 17,717 unvested shares.

Sentiment

Score: 5

Explanation: The filing reports routine insider transactions, including RSU vesting, tax withholding, a new RSU grant, and sales under a pre-arranged 10b5-1 plan. These are standard activities for executives and do not inherently indicate a positive or negative outlook for the company.

Positives

• The grant of 4,239 new restricted stock units aligns the CFO's incentives with the long-term performance of Garmin Ltd.

Negatives

• The sale of 2,485 shares by an insider, even under a pre-arranged plan, represents a reduction in direct ownership.

Future Outlook

The newly granted restricted stock units will vest in three equal annual installments, with the first installment vesting on December 15, 2026.

Industry Context

This Form 4 details routine insider stock transactions, which are common across all publicly traded companies. The use of a Rule 10b5-1 plan is a standard practice for executives to manage their stock holdings while complying with insider trading regulations.

Comparison to Industry Standards

• Not applicable for an insider transaction report, as this filing details individual stock transactions rather than company-wide performance or project results that would be benchmarked against industry peers.

Stakeholder Impact

• Shareholders may note the CFO's continued equity participation through the new RSU grant, aligning interests.
• The sales under a 10b5-1 plan are pre-scheduled and generally have minimal impact on market perception compared to unscheduled sales.

Next Steps

• The first installment of the 4,239 restricted stock units granted on December 15, 2025, is scheduled to vest on December 15, 2026.

Key Dates

Recommendation

The filing details routine insider transactions by Garmin's CFO, including RSU vesting, a new grant, and sales under a pre-arranged 10b5-1 plan. These transactions do not provide new fundamental information about the company's performance or outlook to warrant a change in investment recommendation based solely on this filing.

Keywords

Garmin, GRMN, SEC Form 4, Insider Trading, Stock Sale, Restricted Stock Units, RSU, 10b5-1 Plan, Douglas G. Boessen, CFO, Treasurer