Director Jonathan Burrell filed a Form 4 with the U.S. Securities and Exchange Commission on August 5, 2026, disclosing multiple gift transactions in Garmin Ltd. (GRMN) registered shares dated August 3 and August 4, 2026, involving several trusts and grantor retained annuity trusts.

Key Highlights

  • Reporting person: Jonathan Burrell, a director of Garmin Ltd.
  • Transaction type: All reported transactions carried transaction code G (gift), each at a price of $0.
  • Direct holdings: Burrell directly holds 9,889 registered shares, including 9,136 shares and 753 unvested RSUs vesting June 5, 2027, according to the filing.
  • GRAT transfers (mother's trusts): 170,000 shares disposed of and 272,000 shares acquired on August 3 and August 4, 2026, respectively, in trusts established by his mother, with a resulting balance of 4,371,752 shares in those GRATs.
  • GRAT transfers (own trusts): 400,000 shares acquired on August 4, 2026, in GRATs established by Burrell himself, bringing that balance to 2,133,300 shares.
  • Trust disposals: 50,000 shares disposed of on August 3 and 272,000 shares disposed of on August 4 from his mother's revocable trust, reducing that balance to 0.
  • Disclaimer of beneficial ownership: The filing states Burrell "disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein" for several of the reported holdings.

Burrell's Gift Transactions Across Multiple Trust Structures at Garmin

According to the filing, all transactions reported by Jonathan Burrell involved registered shares of Garmin Ltd. transferred as gifts (transaction code G) at $0 per share. The transactions occurred on August 3 and August 4, 2026, and involved a series of grantor retained annuity trusts (GRATs), a revocable trust, limited liability companies, and other trust arrangements. Burrell's role varies across these structures: he is described as a co-trustee of GRATs he established himself, a co-trustee of GRATs established by his mother, and a co-trustee and attorney-in-fact for his mother's revocable trust.

For the GRATs established by his mother, the filing discloses a disposal of 170,000 shares on August 3, 2026, and an acquisition of 272,000 shares on August 4, 2026, with a resulting balance of 4,371,752 shares held indirectly in those trusts. In Burrell's own GRATs, 400,000 shares were acquired on August 4, 2026, bringing the indirect balance to 2,133,300 shares. His mother's revocable trust saw disposals of 50,000 shares on August 3 and 272,000 shares on August 4, 2026, leaving a balance of 0 shares in that structure.

Separately, the filing notes indirect holdings of 394,478 registered shares through LLCs that are wholly owned by a GRAT remainder trust established for Burrell's benefit, and 626,043 shares held indirectly in another trust following an August 4, 2026 disposal of 408,000 shares. Burrell's direct holdings consist of 9,136 registered shares and 753 unvested restricted stock units (RSUs), awarded under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan, which vest on June 5, 2027, and can be settled only in registered shares.

What Was Disclosed

Garmin Ltd. director Jonathan Burrell disclosed gift-coded transfers of registered shares across multiple trust and LLC structures on August 3 and 4, 2026, with all transactions reported at $0 per share and several accompanied by disclaimers of full beneficial ownership.