Form 4: Garmin Director Jonathan Burrell Reports Gift Transactions and Beneficial Ownership Changes

Director Jonathan Burrell reports gifting of Garmin shares and updates on beneficial ownership through various trusts and LLCs.

Summary

• On May 23, 2024, Jonathan Burrell, a director of Garmin Ltd, reported gifting 40,000 registered shares to an unspecified entity.
• He also received 40,000 registered shares from an unspecified entity on the same day.
• These transactions did not involve any monetary exchange, as the price per share is listed as $0.
• Burrell's direct holdings include 8,052 registered shares, including unvested restricted stock units (RSUs).
• Burrell also has indirect ownership through various grantor retained annuity trusts (GRATs), charitable lead annuity trusts (CLATs), and limited liability companies (LLCs).
• His indirect holdings include 306,400 shares through GRATs, 23,600 shares through a trust, 7,849,847 shares through GRATs established by his mother, 9,223,049 shares through CLATs, 394,478 shares through LLCs, 1,700 shares through his mother's revocable trust, and 639,034 shares through a GRAT remainder trust.
• Burrell disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing transactions and ownership, with no inherent positive or negative sentiment.

Industry Context

This filing is a routine disclosure related to insider transactions and beneficial ownership, which is standard practice for publicly traded companies like Garmin.

Stakeholder Impact

• The transactions reported may have a minor impact on shareholders due to the change in the director's holdings.
• The filing provides transparency regarding the director's ownership structure.

Key Dates