GARMIN LTD — Director's Dealing 2011

May 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2011-05-10

Reporting Person: KELLEY GARY V (Vice President - Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-10	Common Shares	M	6400	$30.66	Acquired	13492	Direct
2011-05-10	Common Shares	F	5862	$35.27	Disposed	7630	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-10	Stock Appreciation Right	$30.66	M	6400	Disposed	2015-12-16	Common Shares (6400)	Direct

Footnotes

F1: The number of Common Shares reported in Column 5 includes (a) 2,700 unvested shares acquired pursuant to an award of 4,500 restricted stock units in December 2008 (the award vests in five equal annual installments beginning in December 2009), (b) 1,536 unvested shares acquired pursuant to an award of 1,920 restricted stock units in December 2009 (the award vests in five euqal annual installments beginning in December 2010, (c) 1,665 shares that were acquired pursuant to the grant of restricted stock units in December 2010 (the award vests in five equal annual installments beginning in December 2011), and (d) 433 shares that were purchased for the reporting person's account in December 2010 as a participant in the Garmin Ltd. Employee Stock Purchase Plan.

F2: These shares were delivered or withheld as payment of the exercise price and tax liability related to the exercise of the Stock Appreciation Right dislosed in Table II of this Form 4.

F3: The stock appreciation right vested in five equal annual installments beginning on December 16, 2006.