SCHEDULE 13G/A: Jonathan Burrell Discloses 8.22% Beneficial Stake in Garmin Ltd. Through Various Trusts

Jonathan Burrell has filed an Amendment No. 90 to Schedule 13G, disclosing a beneficial ownership of 8.22% of Garmin Ltd.'s Registered Shares, totaling 15,819,230 shares, primarily held through various trust structures.

Summary

• Jonathan Burrell beneficially owns 15,819,230 Registered Shares of Garmin Ltd.
• This represents 8.22% of the total class of securities.
• He holds sole voting and dispositive power over 14,985,880 shares.
• He holds shared voting and dispositive power over 833,350 shares.
• A significant portion of the shares, 7,358,529, are held in several Charitable Lead Annuity Trusts.
• Another large portion, 6,914,597 shares, are held in several Grantor Retained Annuity Trusts established by his mother.
• Other holdings include 59,300 shares in his revocable trust, 810,350 shares in a GRAT remainder trust for his benefit, 394,478 shares in limited liability companies wholly-owned by a GRAT remainder trust, and 251,300 shares in Grantor Retained Annuity Trusts established by him.
• Additionally, 23,000 shares are held by The Judith M. Burrell Revocable Trust, where he shares power with Judith M. Burrell.
• He directly owns 7,676 shares, which may include vested restricted stock units (RSUs).

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not convey a positive or negative sentiment regarding the company's performance or prospects. It is neutral in tone and content.

Positives

• The filing indicates a significant, long-term stake by an individual, potentially signaling confidence in Garmin Ltd.'s stability and future.
• A substantial portion of the shares are held in charitable lead annuity trusts, indicating philanthropic intent associated with the holdings.

Future Outlook

The document is a beneficial ownership filing and does not contain any forward-looking statements or guidance regarding Garmin Ltd.'s future performance or strategic outlook.

Industry Context

This Schedule 13G filing is a routine disclosure required by the U.S. Securities and Exchange Commission (SEC) when an individual or entity acquires beneficial ownership of more than 5% of a company's voting stock. It provides transparency regarding significant ownership stakes, which can be relevant for corporate governance and investor relations, but does not typically contain operational or financial updates relevant to broader industry trends.

Related Party Transactions

• A portion of the shares (23,000) are held in The Judith M. Burrell Revocable Trust, where Jonathan Burrell shares voting and dispositive power with his mother, Judith M. Burrell, for whom he is attorney-in-fact. The trust exists for the benefit of his mother.
• 6,914,597 shares are held in Grantor Retained Annuity Trusts established by the reporting person's mother, for her benefit during the annuity period, with remaining amounts distributable to remainder trusts for the benefit of certain descendants of the reporting person's parents.
• 7,358,529 shares are held in Charitable Lead Annuity Trusts, which provide annuity payments to charity and thereafter will be for the benefit of the descendants of the reporting person's parents.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant individual shareholder's stake and the structure of their holdings, which can influence perceptions of stability and long-term commitment.
• Company Management: Awareness of a large, stable shareholder base can influence strategic decisions and corporate governance considerations.

Key Dates

Keywords

Garmin Ltd., Jonathan Burrell, Schedule 13G, Beneficial Ownership, Registered Shares, SEC Filing, Shareholder, Trusts, Charitable Lead Annuity Trust, Grantor Retained Annuity Trust, Equity Stake