SCHEDULE 13G/A: Jonathan Burrell Discloses 5.55% Beneficial Stake in Garmin Ltd. Through Diverse Trust Structures

Jonathan Burrell has filed an amended Schedule 13G, revealing a beneficial ownership of 10,676,584 Registered Shares, representing 5.55% of Garmin Ltd.'s class of securities as of March 31, 2025.

Summary

• Jonathan Burrell beneficially owns 10,676,584 Registered Shares of Garmin Ltd., which constitutes 5.55% of the company's outstanding shares.
• He holds sole voting and dispositive power over 9,375,751 shares.
• He shares voting and dispositive power over 1,300,833 shares.
• A significant portion of the shares, 5,978,150, are held in Grantor Retained Annuity Trusts established by his mother, over which he has sole voting and dispositive power.
• An additional 348,006 shares are held in Charitable Lead Annuity Trusts, with Mr. Burrell holding sole voting and dispositive power.
• 2,348,041 shares are held in Mr. Burrell's revocable trust, where he maintains sole voting and dispositive power.
• Shares held in The Judith M. Burrell Revocable Trust (256,000 shares) and a GRAT remainder trust for his benefit (1,044,833 shares) involve shared voting and dispositive power.
• Other holdings include shares in limited liability companies wholly-owned by a GRAT remainder trust (394,478 shares), Grantor Retained Annuity Trusts established by Mr. Burrell (299,400 shares), and 7,676 shares owned directly, including vested or soon-to-vest Restricted Stock Units (RSUs).

Sentiment

Score: 5

Explanation: The document is a neutral, factual disclosure of beneficial ownership and does not contain information that would significantly alter sentiment towards the company, as it is a routine regulatory filing.

Positives

• The filing indicates a significant, stable ownership stake by an individual, which can be viewed positively for long-term company stability.
• The diverse trust structures suggest a well-planned and long-term approach to holding the shares.

Negatives

• The document does not contain any explicitly negative information; it is a factual disclosure of beneficial ownership.

Risks

• The document does not explicitly detail risks associated with the company or the ownership structure beyond the inherent risks of equity investment.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding Garmin Ltd.'s future performance or strategic direction.

Industry Context

This filing is a routine regulatory disclosure of a significant shareholder's stake and does not provide specific insights into broader industry trends or competitive dynamics for Garmin Ltd. It primarily concerns the ownership structure of the company's shares.

Related Party Transactions

• Shares are held in trusts established by the reporting person's mother (Grantor Retained Annuity Trusts and The Judith M. Burrell Revocable Trust), indicating a related party relationship in the ownership structure.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant individual shareholder's stake and how it is structured, which can influence perceptions of ownership stability and control.

Key Dates

Keywords

Garmin Ltd., Beneficial Ownership, Schedule 13G, Jonathan Burrell, Equity Stake, Registered Shares, Trusts, SEC Filing, Shareholder Disclosure