GARMIN LTD — Director's Dealing 2010

Mar 25, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2010-03-25

Reporting Person: ETKIND ANDREW R (VP, General Counsel, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-03-25	Common Shares	M	10000	$19.94	Acquired	48051	Direct
2010-03-25	Common Shares	M	10000	$14.90	Acquired	58051	Direct
2010-03-25	Common Shares	S	20000	$39.828	Disposed	38051	Direct
2010-03-25	Common Shares	S	2960	$40.161	Disposed	35091	Direct
2010-03-25	Common Shares	S	640	$40.19	Disposed	34451	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-03-25	Employee stock option (right to buy)	$19.94	M	10000	Disposed	2014-09-23	Common Shares (10000)	Direct
2010-03-25	Employee stock option (right to buy)	$14.90	M	10000	Disposed	2012-12-26	Common Shares (10000)	Direct

Footnotes

F1: The price reported in Column 4 is a weighted average price. The Common Shares were sold in separate transactions on the same day at prices ranging from $39.820 to $39.854 per share. 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 Common Shares sold at each separate price within the range set forth in this Footnote.

F2: The price reported in Column 4 is a weighted average price. The Common Shares were sold in separate transactions on the same day at prices ranging from $40.14 to $40.18 per share. 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 Common Shares sold at each separate price within the range set forth in this Footnote.

F3: The number of Common Shares reported in Column 5 includes (a) 1,115 shares held in the 401(k) Plan, (b) 3,000 shares that were paid to Mr. Etkind in December 2009 upon vesting of restricted stock units that were awarded to him in December 2008, (c) 12,000 unvested shares acquired pursuant to an award of 15,000 restricted stock units in December 2008 (the award vests in five equal installments beginning in December 2009), (d) 6,670 unvested shares acquired pursuant to an award of 6,670 restricted stock units in December 2009 (the award vests in five equal installments beginning in December 2010), and (e) 328 shares that were purchased for Mr. Etkind's account in December 2009 as a participan in the Garmin Ltd. Employee Stock Purchase Plan.

F4: The stock option vested in five equal annual installments beginning on September 23, 2005.

F5: The stock option vested in five equal annual installments beginning on December 26, 2003.