Form 4: Garmin Director Burrell Reports Share Transfers

Garmin Ltd. Director Jonathan Burrell disclosed multiple non-market transfers of Registered Shares involving grantor retained annuity trusts and other family trusts.

Summary

• Jonathan Burrell, a Director of Garmin Ltd. (GRMN), reported changes in his beneficial ownership of Registered Shares.
• Transactions occurred on November 28, 2025, and December 1, 2025.
• All reported transactions were coded "G", indicating gifts or intra-family transfers, with a reported price of $0.
• On November 28, 2025, 5,900 shares were disposed from grantor retained annuity trusts (GRATs) and 5,900 shares were acquired by a trust.
• On November 28, 2025, 470,000 shares were disposed from other GRATs and 470,000 shares were acquired by a trust.
• On December 1, 2025, 12,100 shares were disposed from GRATs and 12,100 shares were acquired by a trust.
• Following these transactions, Burrell directly owns 9,351 Registered Shares, which includes 8,493 direct shares and 858 unvested restricted stock units (RSUs) that vest on June 6, 2026.
• Indirect beneficial ownership includes 1,109,100 shares via GRATs, 4,555,352 shares via other GRATs, 394,478 shares via Limited Liability Companies (LLCs), and 1,646,843 shares via trusts.

Sentiment

Score: 5

Explanation: The filing is a standard Form 4 reporting insider transactions, specifically non-market transfers related to estate planning. It has a neutral impact on the company's operational or financial sentiment.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This filing pertains to an individual director's personal shareholdings and estate planning, and as such, it does not directly relate to broader industry trends or competitors for Garmin Ltd.

Stakeholder Impact

• Minimal direct impact on shareholders as the transactions are non-market transfers related to a director's personal estate planning and do not reflect a change in the director's overall economic interest in the company, only the form of ownership.

Next Steps

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

Key Dates

Keywords

Garmin, GRMN, Jonathan Burrell, Form 4, Insider Transaction, Beneficial Ownership, Director, Share Transfer, GRATs, Trusts, Estate Planning