Form 4: Garmin Director Hartnett Reports Stock Transactions

Director Joseph J. Hartnett reports acquisition and disposal of Garmin Ltd. shares related to restricted stock units.

Summary

• Joseph J. Hartnett, a director of Garmin Ltd., reported transactions involving the company's registered shares.
• On June 7, 2024, Hartnett acquired 1,090 shares through a grant of restricted stock units under the 2011 Non-Employee Directors' Equity Incentive Plan, vesting on June 7, 2025.
• On June 9, 2024, 1,501 shares from a previous restricted stock unit award vested, with 376 shares withheld to cover tax liabilities at a price of $163.26 per share.
• Following these transactions, Hartnett beneficially owns 20,797 registered shares.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard executive compensation practices and alignment of interests.

Positives

• The acquisition of shares through restricted stock units aligns the director's interests with the company's long-term performance.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like Garmin.

Comparison to Industry Standards

• Restricted stock units are a common form of executive compensation in the technology industry, used by companies like Apple, Google, and Microsoft to align executive interests with shareholder value.
• The vesting schedules and tax withholding practices are standard procedures for equity compensation.

Stakeholder Impact

• The transactions have a minor positive impact on shareholders by aligning director interests with company performance.

Key Dates