SCHEDULE 13G/A: Jonathan Burrell Discloses 8.77% Beneficial Stake in Garmin Ltd. Through Trusts and Direct Holdings

Jonathan Burrell has filed an amended Schedule 13G, revealing a beneficial ownership of 8.77% of Garmin Ltd.'s Registered Shares as of December 31, 2024.

Summary

• Jonathan Burrell beneficially owns an aggregate of 17,759,750 Registered Shares of Garmin Ltd.
• This ownership represents 8.77% of the class of securities.
• Burrell holds sole voting and dispositive power over 16,849,400 shares.
• Shared voting and dispositive power is held over 910,350 shares.
• A significant portion, 9,149,049 shares, are held in several Charitable Lead Annuity Trusts, where Burrell has sole voting and dispositive power.
• Another 7,037,597 shares are held in Grantor Retained Annuity Trusts established by Burrell's mother, with Burrell holding sole voting and dispositive power.
• 9,300 shares are held in Burrell's revocable trust, also under his sole voting and dispositive power.
• 910,350 shares are held in a GRAT remainder trust for Burrell's benefit, where he shares voting and dispositive power with a third-party co-trustee.
• An additional 394,478 shares are held in limited liability companies wholly-owned by a GRAT remainder trust for Burrell's benefit, with sole voting and dispositive power.
• 251,300 shares are held in Grantor Retained Annuity Trusts established by Burrell, under his sole voting and dispositive power.
• A direct ownership of 7,676 shares is also reported, which may include vested or soon-to-vest Restricted Stock Units (RSUs) from the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan.
• The securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Garmin Ltd.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that would inherently lead to a positive or negative sentiment regarding the company's operational or financial performance. It simply reports a significant shareholder's stake.

Future Outlook

NA

Industry Context

This filing is a standard disclosure of beneficial ownership by a significant individual shareholder in a publicly traded company, Garmin Ltd., which operates in the GPS technology and wearable device industry. It does not provide specific industry trends or competitive analysis.

Related Party Transactions

• The filing details shares held in various trusts (Charitable Lead Annuity Trusts, Grantor Retained Annuity Trusts) established by or for the benefit of Jonathan Burrell or his family members, which are considered related party holdings.

Stakeholder Impact

• Shareholders: Provides transparency regarding the beneficial ownership structure of a significant individual shareholder, Jonathan Burrell, and how his 8.77% stake in Garmin Ltd. is held across various trusts and direct ownership.

Key Dates

Keywords

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