Form 4: Garmin Director Susan M. Ball Reports Routine Stock Transactions, Including RSU Grant and Tax-Related Sale

Garmin Ltd. Director Susan M. Ball reported the acquisition of 858 restricted stock units and the disposition of 273 shares for tax purposes, as part of her compensation plan.

Summary

• Garmin Ltd. Director Susan M. Ball acquired 858 Registered Shares on June 6, 2025, at a price of $0, pursuant to a grant of restricted stock units (RSUs) under the Garmin Ltd. 2011 Non-Employee Directors' Equity Incentive Plan.
• These 858 newly acquired shares are unvested and are scheduled to vest on June 6, 2026.
• On June 7, 2025, Ms. Ball disposed of 273 Registered Shares at a price of $207.45 per share.
• This disposition was due to shares being withheld to cover tax liabilities arising from the vesting of 1,090 previously granted restricted stock units that vested on June 7, 2024.
• Following the June 6, 2025 transaction, Ms. Ball beneficially owned 2,123 shares, which included the 858 new unvested RSUs and 1,090 shares from a previously granted RSU award.
• After the June 7, 2025 transaction (tax withholding), Ms. Ball's beneficial ownership decreased to 1,850 shares, which includes the 858 unvested shares from the June 6, 2025 grant.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The RSU grant is a positive sign of continued director alignment, while the tax-related sale is a routine and expected event, not indicative of negative sentiment towards the company.

Positives

• The grant of 858 restricted stock units aligns the director's interests with long-term shareholder value, as the award vests in one year.
• The transaction represents a routine compensation event for a non-employee director, indicating stable corporate governance practices regarding executive incentives.

Negatives

• The disposition of 273 shares, although for tax purposes, reduces the director's direct beneficial ownership in the company.

Risks

• While a routine transaction, any insider selling, even for tax purposes, can sometimes be misinterpreted by the market if not clearly understood as part of a compensation plan.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding Garmin Ltd.'s financial performance or strategic outlook, focusing solely on insider stock transactions.

Industry Context

This Form 4 filing is a routine disclosure of insider stock transactions, common across all publicly traded companies. It reflects standard compensation practices for non-employee directors, where equity awards like Restricted Stock Units (RSUs) are used to align director interests with shareholder value. It does not provide insights into broader industry trends for the consumer electronics or GPS technology sectors.

Related Party Transactions

• The acquisition of 858 restricted stock units by Director Susan M. Ball is a related party transaction as it represents compensation from the company to an insider.

Stakeholder Impact

• Shareholders: The grant of RSUs to a director aligns their interests with long-term shareholder value. The tax-related sale is a minor, routine event with negligible impact on overall share structure.
• Employees: No direct impact mentioned.

Next Steps

• The 858 restricted stock units granted on June 6, 2025, are expected to vest on June 6, 2026.

Key Dates

Keywords

Garmin, GRMN, SEC Form 4, Insider Trading, Restricted Stock Units, RSU, Director Compensation, Beneficial Ownership, Equity Incentive Plan, Tax Withholding