GARMIN LTD — Director's Dealing 2024

Mar 15, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2024-03-13

Reporting Person: BURRELL JONATHAN (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-13	Registered Shares	G	33000	—	Acquired	266400	Indirect
2024-03-13	Registered Shares	G	33000	—	Disposed	63600	Indirect
2024-03-13	Registered Shares	G	694000	—	Acquired	7522947	Indirect
2024-03-13	Registered Shares	G	694000	—	Disposed	374200	Indirect
2024-03-13	Registered Shares	S	15000	$148.8893	Disposed	653834	Indirect
2024-03-14	Registered Shares	S	15000	$147.4856	Disposed	638834	Indirect
2024-03-14	Registered Shares	G	321500	—	Disposed	7201447	Indirect
2024-03-14	Registered Shares	G	321500	—	Acquired	695700	Indirect
2024-03-15	Registered Shares	S	15000	$146.1521	Disposed	623834	Indirect
2024-03-15	Registered Shares	G	694000	—	Acquired	7895447	Indirect
2024-03-15	Registered Shares	G	694000	—	Disposed	1700	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	8052	Direct
Registered Shares	9223049	Indirect
Registered Shares	394478	Indirect

Footnotes

F1: Consists of (a) 6,551 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 1,501 shares on June 9, 2024.

F2: 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.

F3: 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.

F4: 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.

F5: 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.

F6: 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.

F7: The reporting person is a co-trustee of a GRAT remainder trust established for his benefit. The reported sales of 45,000 shares occurred automatically pursuant to a Rule 10b5-1 trading plan adopted on December 1, 2023.

F8: The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $148.09 to $149.06, inclusive. The reporting person undertakes to provide to Garmin Ltd., any security holder of Garmin Ltd., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

F9: The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $146.45 to $148.525, inclusive. The reporting person undertakes to provide to Garmin Ltd., any security holder of Garmin Ltd., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.

F10: The price reported in column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $145.81 to $146.68, inclusive. The reporting person undertakes to provide to Garmin Ltd., any security holder of Garmin Ltd., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within this range.