GARMIN LTD — Director's Dealing 2010

Dec 14, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2010-12-10

Reporting Person: RAUCKMAN KEVIN (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-10	Common Shares	A	6665	—	Acquired	29756	Direct
2010-12-11	Common Shares	F	419	$30.04	Disposed	29337	Direct
2010-12-12	Common Shares	F	943	$30.04	Disposed	28394	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	300	Indirect
Common Shares	5100	Indirect

Footnotes

F1: Shares were acquired pursuant to a grant of restricted stock units under the Garmin Ltd. 2005 Equity Incentive Plan. The award vests in five equal annual installments beginning December 2011.

F2: The number of shares in Row 1 of Column 5 includes (a) 9,000 unvested shares that were acquired in December 2008 pursuant to a grant of 15,000 restricted stock units (the award vests in five equal annual installments beginning December 2009), (b) 5,336 unvested shares that were acquired in December 2009 pursuant to a grant of 6,670 restricted stock units (the award vests in five equal annual installments beginning December 2010), and (c) the 6,665 unvested shares that were acquired pursuant to the grant of restricted stock units reported in Column 4, (d) 3,000 shares that were paid to the reporting person on December 12, 2010 upon vesting of restricted stock units that were awarded to him in December 2008, and (e) 1,334 shares that were paid to the reporting person on December 11, 2010 upon vesting of restricted stock units that were awarded to him in December 2009.

F3: On December 11, 2010, 1,334 shares that were acquired by the reporting person pursuant to the award of restricted stock units in December 2009 reported in Footnote 2 vested and were paid to the reporting person. 419 of these 1,334 shares were withheld to pay the resulting tax liability.

F4: The numbers of shares in Rows 2 and 3 of Column 5 include (a) 9,000 unvested shares that were acquired in December 2008 pursuant to a grant of 15,000 restricted stock units (the award vests in five equal annual installments beginning December 2009), (b) 5,336 unvested shares that were acquired in December 2009 pursuant to a grant of 6,670 restricted stock units (the award vests in five equal annual installments beginning December 2010), and (c) the 6,665 unvested shares that were acquired pursuant to the grant of restricted stock units reported in Column 4.

F5: On December 12, 2010, 3,000 shares that were acquired by the reporting person pursuant to the award of restricted stock units in December 2008 reported in Footnote 2 vested and were paid to the reporting person. 943 of these 3,000 shares were withheld to pay the resulting tax liability.