Form 4: Garmin Director Burrell Reports Share Transfers

Garmin Ltd. Director Jonathan Burrell reported several non-derivative share transactions involving grantor retained annuity trusts and other trusts, primarily involving gifts, on November 14, 2025.

Summary

• Jonathan Burrell, a Director of Garmin Ltd. (GRMN), reported changes in his beneficial ownership of Registered Shares on November 14, 2025.
• He directly owns 9,351 Registered Shares, which includes 8,493 vested shares and 858 unvested restricted stock units (RSUs) that are scheduled to vest on June 6, 2026.
• Indirectly, he holds 1,127,100 shares through grantor retained annuity trusts (GRATs) he established, where his children hold remainder interests. On November 14, 2025, 200,000 shares were acquired by these GRATs as gifts.
• He also indirectly holds 5,025,352 shares through GRATs established by his mother, where he holds a remainder interest. On November 14, 2025, 190,500 shares were acquired by these GRATs as gifts.
• An additional 394,478 shares are held indirectly through limited liability companies (LLCs) wholly-owned by a GRAT remainder trust established for his benefit.
• He indirectly holds 1,628,843 shares through a GRAT remainder trust established for his benefit. On November 14, 2025, 200,000 shares were disposed of from this trust as gifts.
• Furthermore, 190,500 shares were disposed of as gifts from his mother's revocable trust on November 14, 2025, resulting in 0 shares remaining in that specific trust. He serves as a co-trustee and attorney-in-fact for this trust and holds a remainder interest.

Sentiment

Score: 5

Explanation: The filing is a routine insider transaction report (Form 4) detailing share transfers via gifts, which are typically for estate planning purposes and do not reflect directly on company performance or outlook. Therefore, the sentiment is neutral.

Positives

• The director continues to hold a significant number of Garmin shares, both directly and indirectly, indicating continued alignment with shareholder interests.
• The transactions are reported as gifts (transaction code 'G' with a price of $0), suggesting estate planning rather than sales for cash, which typically does not imply a lack of confidence in the company.

Negatives

• No direct negatives related to company performance or outlook are indicated by this insider transaction report.

Risks

• The nature of a Form 4 filing is to report insider ownership changes, not to detail company-specific risks. No new risks related to Garmin's operations or financial health are disclosed in this document.

Future Outlook

This Form 4 filing is a report of insider transactions and does not contain any forward-looking statements or guidance regarding Garmin Ltd.'s future performance or outlook.

Industry Context

This filing is a routine insider transaction report and does not provide specific insights into broader industry trends or competitive landscape for Garmin Ltd. It focuses solely on changes in a director's beneficial ownership.

Related Party Transactions

• Transactions involved grantor retained annuity trusts (GRATs) established by the reporting person for his children's remainder interests.
• Transactions involved GRATs established by the reporting person's mother, where he holds a remainder interest.
• Transactions involved a GRAT remainder trust established for the reporting person's benefit.
• Transactions involved his mother's revocable trust, where the reporting person is a co-trustee, attorney-in-fact, and holds a remainder interest.

Stakeholder Impact

• Shareholders may note the continued significant indirect holdings of a director, which generally aligns management interests with shareholder interests.
• The transactions are primarily for estate planning and do not indicate any immediate operational or strategic impact on employees, customers, suppliers, or creditors.

Next Steps

• Vesting of 858 restricted stock units (RSUs) on June 6, 2026.

Key Dates

Recommendation

This Form 4 details routine insider transactions involving gifts of shares to various trusts for estate planning purposes. These transactions do not reflect a change in the director's confidence in the company's future or indicate any operational performance issues. Therefore, the filing itself does not warrant a change in investment recommendation.

Keywords

Garmin, GRMN, Form 4, insider transaction, director, beneficial ownership, stock gifts, estate planning, GRATs, trusts, equity