Form 4: Garmin Director's Share Transfers for Estate Planning

Garmin Director Jonathan Burrell reported multiple gift-based transfers of company shares between various trusts and entities for estate planning purposes.

Summary

• Jonathan Burrell, a Director of Garmin Ltd. (GRMN), filed a Form 4 to report changes in his beneficial ownership of Garmin Registered Shares.
• On September 12, 2025, Mr. Burrell disposed of 4,200 shares via gift, resulting in 734,600 shares indirectly owned by grantor retained annuity trusts (GRATs) where he is a co-trustee.
• On the same date, he disposed of an additional 104,000 shares via gift, with 4,841,052 shares remaining indirectly owned by GRATs established by his mother, where he holds a remainder interest.
• Also on September 12, 2025, Mr. Burrell acquired 4,200 shares via gift, resulting in 2,028,843 shares indirectly owned by a trust where he is a co-trustee.
• Additionally, on September 12, 2025, he acquired 104,000 shares via gift, leading to 381,000 shares indirectly owned by his mother's revocable trust, where he is a co-trustee and holds a remainder interest.
• Following these transactions, Mr. Burrell directly beneficially owns 9,351 Registered Shares, which include 8,493 shares and 858 unvested restricted stock units (RSUs) vesting on June 6, 2026.
• His indirect beneficial ownership also includes 394,478 shares held by limited liability companies (LLCs) wholly-owned by a GRAT remainder trust established for his benefit, and 1,382,199 shares held by another GRAT remainder trust established for his benefit.

Sentiment

Score: 5

Explanation: The filing is a routine Form 4 reporting changes in beneficial ownership due to gift transfers, which are neutral in terms of company performance or outlook.

Future Outlook

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

Industry Context

This filing is a routine insider transaction report and does not provide information relevant to broader industry trends or competitive landscape.

Related Party Transactions

• The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him, with his children holding remainder interests.
• The reporting person is a co-trustee of several GRATs established by his mother, where he holds a remainder interest.
• The reporting person is the manager of several limited liability companies (LLCs) wholly-owned by a GRAT remainder trust established for his benefit.
• The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.
• The reporting person is a co-trustee of his mother's revocable trust and her attorney-in-fact, also holding a remainder interest in the securities held in that trust.

Stakeholder Impact

• Shareholders: The filing details changes in the beneficial ownership structure of a director, which does not impact the total outstanding shares or the company's operational performance.

Next Steps

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

Key Dates

Recommendation

This Form 4 filing details routine gift-based transfers of shares by a director for estate planning purposes. It does not provide any new information regarding Garmin's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The transactions are internal to the director's beneficial ownership structure and do not reflect a change in confidence in the company's prospects.

Keywords

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