BURRELL JONATHAN 4

What Happened
Jonathan Burrell, a director of Garmin Ltd. (GRMN), reported gift transactions on February 23, 2026. The filing shows two gift entries of 167,000 shares each (one “Disposed” and one “Acquired”), both at $0.00 per share (total reported value $0). The matching disposed and acquired entries indicate a transfer of shares between accounts or trust entities rather than an open‑market sale or purchase.

Key Details

• Transaction date: 2026-02-23. Price: $0.00 (code G = Gift).
• Shares reported: 167,000 shares disposed and 167,000 shares acquired (net economic sale/purchase not indicated).
• Shares owned after transaction: Not specified in the provided excerpt.
• Footnotes of note:
  • F1: Some holdings include 8,493 registered shares and unvested RSUs (858 RSUs vesting June 6, 2026).
  • F2–F6: Multiple footnotes state Burrell is a co‑trustee/manager of various GRATs, trusts and LLCs and disclaims beneficial ownership except to the extent of any pecuniary interest — indicating these moves involve trust/remainder interests.
• Filing timeliness: Reported with a 2026-02-23 period and filing date 2026-02-23 (appears timely).

Context
Gifts (code G) are transfers for which no cash is exchanged and generally do not directly signal the insider’s view of the stock price. The presence of matching disposed and acquired gift entries plus trust‑related footnotes suggests internal reallocations among trusts or family entities rather than a market transaction. Retail investors should view this as an ownership-structure change, not a conventional buy or sell.