SEC Form 4 · accession 0001014108-18-000130
GARMIN LTD · GRMN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jonathan Burrell
10% Owner
Period of report
May 21, 2018
Accepted (ET)
May 23, 2018 · 3:04 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001121788
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Registered SharesF1,F2 | May 21, 2018 | J | 308,800 | — | A | 1,013,270 | I | By trust |
| Registered SharesF1,F4 | May 21, 2018 | J | 308,800 | — | D | 13,268,800 | I | By GRATs |
| Registered Shares | holding | — | — | — | 40,000 | I | By trust | |
| Registered SharesF3 | holding | — | — | — | 8,720,050 | I | By CLATs |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Pursuant to a "substitution of assets" provision in the applicable trust documents for a grantor retained annuity trust (GRAT) established by the reporting person's mother, 308,800 shares were withdrawn from the GRAT and contributed to the revocable trust established by the reporting person's mother, and assets having a value equal to the withdrawn securities were contributed to the GRAT in substitution for the withdrawn securities. To the extent that this substitution of assets is deemed to be a purchase, the price reflecting the value for the withdrawn securities is $60.285 per share (which is the average of the reported high and low per share prices for the securities on the date of the transaction).
- F2The 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.
- F3The 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.
- F4The 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.