GARMIN LTD — Director's Dealing 2024

Sep 11, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2024-09-10

Reporting Person: BURRELL JONATHAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-09-10	Registered Shares	J	15000	$182.225	Disposed	255600	Indirect
2024-09-10	Registered Shares	J	15000	$182.225	Acquired	15000	Indirect
2024-09-11	Registered Shares	G	10000	—	Disposed	5000	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	8766	Direct
Registered Shares	6239247	Indirect
Registered Shares	9223049	Indirect
Registered Shares	394478	Indirect
Registered Shares	798350	Indirect
Registered Shares	910350	Indirect

Footnotes

F1: Consists of (a) 7,676 Registered Shares, and (b) unvested restricted stock units (RSUs) awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan that can be settled only in Registered Shares, which RSUs vest as to 1,090 shares on June 7, 2025.

F2: On September 10, 2024, the reporting person's revocable trust (Revocable Trust) withdrew 16,500 Registered Shares from a grantor annuity trust (GRAT). The reporting person has sole voting and dispositive power over each of the Revocable Trust and the GRAT. In exchange for the Registered Shares, the Revocable Trust contributed to the GRAT assets of equal value. This transfer of Registered Shares from the GRAT to the Revocable Trust resulted in a decrease in the number of Registered Shares the reporting person beneficially owns indirectly through the GRAT and a corresponding increase in the number of Registered Shares the reporting person beneficially owns indirectly through the Revocable Trust. The reporting person believes that this transfer of Registered Shares from the GRAT to the Revocable Trust constitutes a change in form of beneficial ownership of the shares, exempted by Rule 16a-13 under the Securities Exchange Act of 1934, as amended.

F3: The reporting person is a co-trustee of multiple grantor retained annuity trusts (GRATs) established by him, and his children hold the remainder interests therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F4: The reporting person is a co-trustee of several grantor retained annuity trusts (GRATs) established by his mother, and he holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F5: The reporting person is a co-trustee of several charitable lead annuity trusts (CLATs) and holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F6: The reporting person is the manager of several limited liability companies that are wholly-owned by a GRAT remainder trust established for the reporting person's benefit.

F7: The reporting person is a co-trustee of his mother's revocable trust and is his mother's attorney-in-fact, and also holds a remainder interest in the securities held in such trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F8: The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.