GARMIN LTD — Director's Dealing 2011

Nov 8, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2011-11-07

Reporting Person: RAUCKMAN KEVIN (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-07	Common shares	M	10000	$10.38	Acquired	39292	Direct
2011-11-07	Common shares	S	10000	$35.66	Disposed	29292	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-07	Employee stock option (right to buy)	$10.38	M	10000	Disposed	2011-12-21	Common shares (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	300	Indirect
Common Shares	5100	Indirect

Footnotes

F1: The stock option vested in five equal annual installments, beginning on December 21, 2002.

F2: The number of shares in Column 5 of Table I 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), (c) 6,665 unvested shares that were acquired in December 2010 pursuant to a grant of 6,665 restricted stock units (the award vests in five equal annual installments beginning December 2011), and (d) 378 shares that were purchased for the reporting person's account in June 2011 as a participant in the Garmin Ltd. Employee Stock Purchase Plan.

F3: The price reported in Row 2, Column 4 of Table I is a weighted average price. The Common Shares were sold in separate transactions on the same day at prices ranging from $35.59 to $35.77 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 above.