GRMN insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Cheng-Wei Wang General Manager - Garmin Corp.	9,941	$299.36	25%	29K	Aug 18, 2026	Aug 20, 2026

What stands out

Three officers sold more than 25% of vested holdings: Cheng-Wei Wang (28% of holdings, $3.0M, none under a disclosed plan), Douglas Boessen (29% of holdings, $2.0M, all under a disclosed plan) and Matthew Munn (46% of holdings, $1.3M, none under a disclosed plan).Cheng-Wei Wang: largest sale, Aug 18, 2026 · Douglas Boessen: largest sale, Feb 26, 2026 · Matthew Munn: largest sale, Feb 26, 2026

Two officers sold shares but ended with larger stakes, because more shares came in than were sold: Joshua Maxfield (sold 1.2K, 8.2% of starting holdings; 4.6K added) and Edward Link (sold 1.3K, 4.6% of starting holdings; 3.3K added).Joshua Maxfield: largest sale, Jul 31, 2026 · Edward Link: largest sale, Mar 10, 2026

Percentages cover 14 of 17 officers and directors. Left out: Min Kao (most holdings were last confirmed in 2019); Jonathan Burrell (holdings couldn't be fully reconciled); Sean Biddlecombe (most holdings were last confirmed in 2017). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Clifton Pemble

President and CEO, Director

24% · $8.4MDisclosed plan

Cheng-Wei Wang

General Manager - Garmin Corp.

28% · $3.0MNo plan disclosed

Patrick Desbois

co-COO

16% · $2.5MDisclosed plan

Douglas Boessen

CFO and Treasurer

29% · $2.0MDisclosed plan

Matthew Munn

EVP, Man. Director - Auto OEM

46% · $1.3MNo plan disclosed

All 11 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Common questions

Is the Garmin CEO selling stock?

Yes. Clifton Pemble sold 34K shares ($8.4M, 24% of starting holdings) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Garmin insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 64% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 36% had no disclosed plan. A trading plan schedules sales in advance.

Are any Garmin insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Garmin insiders sell?

About 15% overall. As a group they still hold 95% of their starting shares. These figures leave out Min Kao, the largest holder (most holdings were last confirmed in 2019). That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold11 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Clifton Pemble President and CEO, Director	$8.4M 34K shares	24%	Disclosed plan
Cheng-Wei Wang General Manager - Garmin Corp.	$3.0M 9.9K shares	28%	No plan disclosed
Patrick Desbois co-COO	$2.5M 10K shares	16%	Disclosed plan
Douglas Boessen CFO and Treasurer	$2.0M 8.5K shares	29%	Disclosed plan
Matthew Munn EVP, Man. Director - Auto OEM	$1.3M 5.3K shares	46%	No plan disclosed
Susan Lyman VP, Consumer Sales & Marketing	$956K 3.8K shares	45%	No plan disclosed
Sean Biddlecombe Managing Director, EMEA	$547K 2.1K shares	i No percentage: most holdings were last confirmed in 2017.	No plan disclosed
Laurie Minard VP, Human Resources	$469K 1.9K shares	42%	No plan disclosed
Joshua Maxfield VP, General Counsel	$335K 1.2K shares	8.2%	No plan disclosed
Joseph Hartnett Director	$321K 1.3K shares	6.0%	No plan disclosed
Edward Link VP, Information Technology	$311K 1.3K shares	4.6%	No plan disclosed

The full ownership picture16 of 17 insiders fully reconciled · 17 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Min Kao

Most of this insider's holdings were last confirmed in 2019. Confirmed in the last three years: 18,150,220 shares. Not confirmed since: 97,768,513 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Executive Chairman, Director

18.19M

18.15M

see note

Vesting, gifts, unvested awards and holding lines for Min Kao

0shares vested or exercised

−43Kgifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Children	Registered Shares	11,950,619	11,927,217
M&F Trust	Registered Shares	6,242,981	6,223,003

Additional holdings last reported Oct 21, 2019, not confirmed since: 97,768,513 shares. Not included in any total or percentage on this page.

Direct, Common Shares: 10,336,188 shares, last reported Dec 21, 2011
children, Common Shares: 28,443,568 shares, last reported Dec 21, 2011
Spouse, Common Shares: 5,207,824 shares, last reported Dec 21, 2011
Direct, Common Stock: 11,674,788 shares, last reported Mar 14, 2006
children, Common Stock: 30,443,568 shares, last reported Mar 14, 2006
Spouse, Common Stock: 5,207,824 shares, last reported Mar 14, 2006
Direct, Registered Shares: 1,644,429 shares, last reported Oct 21, 2019
Spouse, Registered Shares: 4,810,324 shares, last reported Oct 21, 2019

Jonathan Burrell

Holdings couldn't be fully reconciled. A footnote describes a transfer or distribution between related entities, but the amounts could not be matched to the balance change. Largest: +4,113,952 shares on Nov 4, 2025 (GRATs). See the filing Sales and other transactions for Jonathan Burrell are complete.

Director

n/a

Vesting, gifts, unvested awards and holding lines for Jonathan Burrell

0shares vested or exercised

−756Kgifted (net of own trusts)

−215withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Holdings couldn't be fully reconciled. A footnote describes a transfer or distribution between related entities, but the amounts could not be matched to the balance change. Largest: +4,113,952 shares on Nov 4, 2025 (GRATs). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	9,351	9,889
GRATs	Registered Shares	4,841,052	3,943,752
GRATs (3)	Registered Shares	4,405,150	4,371,752
trust	Registered Shares	1,382,199	158,600
trust (5)	Registered Shares	1,382,199	1,648,966
trust (6)	Registered Shares	816,902	0
GRATs (2)	Registered Shares	533,800	2,133,300
LLCs	Registered Shares	394,478	394,478
LLCs (4)	Registered Shares	394,478	394,478

Additional holdings last reported Mar 10, 2022, not confirmed since: 10,733,678 shares. Not included in any total or percentage on this page.

trust, Common Shares: 100,000 shares, last reported Mar 1, 2012
family trust, Common shares: 10,000 shares, last reported Sep 7, 2007
GRATs (4), Registered Shares: 10,580,200 shares, last reported Dec 2, 2019
LLC, Registered Shares: 43,478 shares, last reported Mar 10, 2022

Clifton Pemble

Minor difference of 201 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

President and CEO, Director

142K

−34K

120K

85%

Vesting, gifts, unvested awards and holding lines for Clifton Pemble

0shares vested or exercised

−5.5Kgifted (net of own trusts)

−23Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	141,626	120,127
Child	Registered Shares	255	255

Additional holdings last reported Feb 25, 2017, not confirmed since: 17,211 shares. Not included in any total or percentage on this page.

Direct, Common Shares: 16,706 shares, last reported Apr 2, 2012
Children, Registered Shares: 505 shares, last reported Feb 25, 2017

Reconciliation: minor difference of 201 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Philip Straub

Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

EVP, Man. Director - Aviation

97K

101K

no sales

Vesting, gifts, unvested awards and holding lines for Philip Straub

0shares vested or exercised

−670gifted (net of own trusts)

−6.9Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	96,695	100,889

Additional holdings last reported Aug 9, 2012, not confirmed since: 6,305 shares. Not included in any total or percentage on this page.

Direct, Common shares: 6,305 shares, last reported Aug 9, 2012

Patrick Desbois

Includes unvested RSUs, amount not disclosed.

co-COO

63K

−10K

59K

93%

Vesting, gifts, unvested awards and holding lines for Patrick Desbois

0shares vested or exercised

0gifted (net of own trusts)

−8.1Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	63,048	58,540

Bradley Trenkle

Minor difference of 122 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

co-COO

42K

48K

no sales

Vesting, gifts, unvested awards and holding lines for Bradley Trenkle

0shares vested or exercised

−252gifted (net of own trusts)

−5.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	42,255	47,829

Reconciliation: minor difference of 122 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Cheng-Wei Wang

Minor difference of 112 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

General Manager - Garmin Corp.

36K

−9.9K

30K

82%

Vesting, gifts, unvested awards and holding lines for Cheng-Wei Wang

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	36,092	29,506

Reconciliation: minor difference of 112 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Douglas Boessen

Minor difference of 51 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

CFO and Treasurer

29K

−8.5K

26K

89%

Vesting, gifts, unvested awards and holding lines for Douglas Boessen

0shares vested or exercised

0gifted (net of own trusts)

−5.7Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	29,146	26,049

Reconciliation: minor difference of 51 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Edward Link

Minor difference of 51 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

VP, Information Technology

28K

−1.3K

28K

+2.6%

Vesting, gifts, unvested awards and holding lines for Edward Link

0shares vested or exercised

0gifted (net of own trusts)

−1.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	27,703	28,425

Reconciliation: minor difference of 51 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Joseph Hartnett

Minor difference of 643 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends. Includes unvested RSUs, amount not disclosed. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Director

21K

−1.3K

21K

99.5%

Vesting, gifts, unvested awards and holding lines for Joseph Hartnett

0shares vested or exercised

0gifted (net of own trusts)

−215withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	21,382	21,277

Reconciliation: minor difference of 643 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Joshua Maxfield

Minor difference of 201 shares. Small increase from a 401(k) plan. Includes unvested RSUs, amount not disclosed. Small increase from a 401(k) plan.

VP, General Counsel

14K

−1.2K

16K

+11%

Vesting, gifts, unvested awards and holding lines for Joshua Maxfield

0shares vested or exercised

0gifted (net of own trusts)

−1.9Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from a 401(k) plan. Filing 1 Filing 2

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	13,517	15,042
401(k) Plan	Registered Shares	522	535

Reconciliation: minor difference of 201 shares. Small increase from a 401(k) plan.

Matthew Munn

Minor difference of 58 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

EVP, Man. Director - Auto OEM

11K

−5.3K

9.9K

86%

Vesting, gifts, unvested awards and holding lines for Matthew Munn

0shares vested or exercised

0gifted (net of own trusts)

−2.8Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	11,450	9,876

Reconciliation: minor difference of 58 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Susan Lyman

Minor difference of 120 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

VP, Consumer Sales & Marketing

8.5K

−3.8K

7.5K

89%

Vesting, gifts, unvested awards and holding lines for Susan Lyman

0shares vested or exercised

0gifted (net of own trusts)

−1.6Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	8,432	7,471
401(k) Plan	Registered Shares	52	52

Reconciliation: minor difference of 120 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Sean Biddlecombe

Most of this insider's holdings were last confirmed in 2017. Confirmed in the last three years: 6,021 shares. Not confirmed since: 20,702 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Managing Director, EMEA

7.6K

−2.1K

see note

Vesting, gifts, unvested awards and holding lines for Sean Biddlecombe

0shares vested or exercised

0gifted (net of own trusts)

−1.5Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	7,588	6,021

Additional holdings last reported Feb 25, 2017, not confirmed since: 20,702 shares. Not included in any total or percentage on this page.

Direct, Common Shares: 890 shares, last reported Mar 20, 2012
Direct, Resticted Shares: 8,318 shares, last reported Dec 15, 2016
Direct, Restricted Shares: 11,494 shares, last reported Feb 25, 2017

Catherine Lewis

Includes unvested RSUs, amount not disclosed.

Director

7.4K

7.9K

no sales

Vesting, gifts, unvested awards and holding lines for Catherine Lewis

0shares vested or exercised

0gifted (net of own trusts)

−215withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	7,407	7,945

Laurie Minard

Minor difference of 57 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer). Includes unvested RSUs, amount not disclosed.

VP, Human Resources

4.5K

−1.9K

3.8K

83%

Vesting, gifts, unvested awards and holding lines for Laurie Minard

0shares vested or exercised

0gifted (net of own trusts)

−1.5Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	4,547	3,785

Reconciliation: minor difference of 57 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Susan Ball

Includes unvested RSUs, amount not disclosed.

Director

1.9K

2.4K

no sales

Vesting, gifts, unvested awards and holding lines for Susan Ball

0shares vested or exercised

0gifted (net of own trusts)

−215withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Registered Shares	1,850	2,388

16 of 17 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (6 exactly, 10 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 14 of 17 officers and directors. Left out: Min Kao (most holdings were last confirmed in 2019); Jonathan Burrell (holdings couldn't be fully reconciled); Sean Biddlecombe (most holdings were last confirmed in 2017). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$20.0M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $20.0M across 79,909 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $12.8M · 64%

36%

The lighter segment is sales with no plan disclosed in the filing ($7.2M), including tax-related sales outside a plan.

No plan disclosed · $7.2M

Sales with no 10b5-1 plan and no tax reference in the filing. $3.0M of it is Cheng-Wei Wang. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Matthew Munn, Feb 26, 2026

Taxes

60,485 shares ($14.2M) were withheld by the company for taxes, which isn't a market sale.

Charitable gifts · 50K shares

Gifts the filings describe as charitable. Gifts are not sales and are not included in the sale totals.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Clifton Pemble President and CEO, Director	34K	$8.4M	100%	42%	Dec 16, 2025 to Jul 29, 2026
Cheng-Wei Wang General Manager - Garmin Corp.	9.9K	$3.0M	0%	15%	Aug 18, 2026 to Aug 18, 2026
Patrick Desbois co-COO	10K	$2.5M	100%	12%	Jan 7, 2026 to Feb 26, 2026
Douglas Boessen CFO and Treasurer	8.5K	$2.0M	100%	10%	Dec 16, 2025 to Jun 5, 2026
Matthew Munn EVP, Man. Director - Auto OEM	5.3K	$1.3M	0%	7%	Feb 26, 2026 to Feb 26, 2026
Susan Lyman VP, Consumer Sales & Marketing	3.8K	$956K	0%	5%	Feb 26, 2026 to Feb 26, 2026
Sean Biddlecombe Managing Director, EMEA	2.1K	$547K	0%	3%	Feb 20, 2026 to Jul 31, 2026
Laurie Minard VP, Human Resources	1.9K	$469K	0%	2%	Feb 23, 2026 to May 8, 2026
Joshua Maxfield VP, General Counsel	1.2K	$335K	0%	2%	Jul 31, 2026 to Jul 31, 2026
Joseph Hartnett Director	1.3K	$321K	0%	2%	Jun 9, 2026 to Jun 9, 2026
Edward Link VP, Information Technology	1.3K	$311K	0%	2%	Mar 10, 2026 to Mar 10, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$2.7M	$2.7M	$0	$0
Jan 2026	$774K	$774K	$0	$0
Feb 2026	$10.4M	$7.7M	$0	$2.7M
Mar 2026	$311K	$0	$0	$311K
Apr 2026	$0	$0	$0	$0
May 2026	$262K	$0	$0	$262K
Jun 2026	$797K	$476K	$0	$321K
Jul 2026	$1.8M	$1.2M	$0	$624K
Aug 2026	$3.0M	$0	$0	$3.0M
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about half of the 5-year average. 11 insiders sold; the average is 7 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	80K	11	$20.0M
Oct 8, 2025 1 year earlier	61K	9	$13.5M
Oct 8, 2024 2 years earlier	209K	10	$30.6M
Oct 9, 2023 3 years earlier	67K	7	$6.5M
Oct 9, 2022 4 years earlier	26K	1	$2.4M
Oct 9, 2021 5 years earlier	499K	7	$70.2M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

Jonathan Burrell: holdings couldn't be fully reconciled (difference of -348,765 shares). A footnote describes a transfer or distribution between related entities, but the amounts could not be matched to the balance change. Largest: +4,113,952 shares on Nov 4, 2025 (GRATs). Filing, Nov 4, 2025

Footnote: "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."

Clifton Pemble: minor difference of 201 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Bradley Trenkle: minor difference of 122 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Cheng-Wei Wang: minor difference of 112 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Douglas Boessen: minor difference of 51 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Edward Link: minor difference of 51 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Joseph Hartnett: minor difference of 643 shares. Unexplained small increases, consistent with stock unit vesting or reinvested dividends.

Joshua Maxfield: minor difference of 201 shares. Small increase from a 401(k) plan.

Matthew Munn: minor difference of 58 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Susan Lyman: minor difference of 120 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Laurie Minard: minor difference of 57 shares. Difference is stated in footnotes (unreported vesting, exempt acquisition or transfer).

Inferred rename: "Spouse" is treated as the same holder as "spouse's trust", because the old name was never reported again and the new one opened with the same balance (863,570 shares). Old name, new name

Inferred rename: "wife's revocable trust" is treated as the same holder as "Spouse", because the old name was never reported again and the new one opened with the same balance (5,100 shares). Old name, new name

Inferred rename: "wife's revocable trust" is treated as the same holder as "Spouse", because the old name was never reported again and the new one opened with the same balance (3,667 shares). Old name, new name

Inferred rename: "Spouse has signing authority for an account that holds these shares" is treated as the same holder as "Spouse has signing authority for account that holds these shares", because the old name was never reported again and the new one opened with the same balance (1,400 shares). Old name, new name

Inferred rename: "charitable lead annuity trusts" is treated as the same holder as "CLATs", because the old name was never reported again and the new one opened with the same balance (9,000,000 shares). Old name, new name

Inferred typo: the share class "Common Sharess" is treated as the same class as "Common Shares" on 2 holding lines, because the two spellings are nearly identical and each balance carried over exactly. Example (Clifton Pemble, 6,156 shares): old title, new title

Inferred typo: the share class "Common Share" is treated as the same class as "Common Shares" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Donald Eller, 1,601,400 shares): old title, new title

Inferred typo: the share class "Commmon Shares" is treated as the same class as "Common Shares" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Donald Eller, 179,204 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,284 filings from SEC EDGAR, and how we read them

All 1,284 Forms 3, 4 and 5 filed for Garmin (SEC CIK 1121788) from Sep 17, 2003 to Aug 20, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Probable 2-for-1 stock split on or before Aug 15, 2006 (split date stated in a footnote). Splits aren't reported as transactions; 9 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (13)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Danny Bartel	Feb 27, 2025	275,152 shares, last reported balance as of Feb 25, 2025
Charles Peffer	Jun 10, 2024	37,349 shares, last reported balance as of Jun 7, 2024
Andrew Etkind	Feb 27, 2024	88,878 shares, last reported balance as of Feb 26, 2024
Pao-Chang Huang	Dec 18, 2018	38,922 shares, last reported balance as of Dec 15, 2018
Donald Eller	Jun 11, 2018	4,300,894 shares, last reported balance as of Jun 5, 2018
Rebecca Tilden	Jun 11, 2018	7,688 shares, last reported balance as of Jun 10, 2018
Thomas Poberezny	Jun 13, 2016	11,950 shares, last reported balance as of Jun 10, 2016
Gary Burrell	Aug 5, 2015	74,644,140 shares, last reported balance as of Aug 3, 2015
Kevin Rauckman	Nov 7, 2014	52,527 shares, last reported balance as of Nov 5, 2014
Brian Pokorny	Mar 13, 2014	14,839 shares, last reported balance as of Jun 29, 2012
Gene Betts	Jun 11, 2013	6,153 shares, last reported balance as of Jun 5, 2012
Gary Kelley	Jan 5, 2012	5,284 shares, last reported balance as of Dec 30, 2011
Thomas McDonnell	Feb 19, 2010	76,708 shares, last reported balance as of Feb 18, 2010

Garmin insiders sold $20.0M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Garmin CEO selling stock?

Why are Garmin insiders selling?

Are any Garmin insiders buying?

How much of their stake did Garmin insiders sell?

The evidence

No plan disclosed · $7.2M

Taxes

Charitable gifts · 50K shares

Sales by month