GARMIN LTD — Director's Dealing 2012

Dec 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2012-12-17

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-17	Registered Shares	M	17000	$27.27	Acquired	65255	Direct
2012-12-17	Registered Shares	M	10000	$19.94	Acquired	75255	Direct
2012-12-17	Registered Shares	M	10000	$21.59	Acquired	85255	Direct
2012-12-17	Registered Shares	D	5257	$41.07	Disposed	79998	Direct
2012-12-17	Registered Shares	F	1703	$41.07	Disposed	78295	Direct
2012-12-17	Registered Shares	S	12101	$40.978	Disposed	66194	Direct
2012-12-17	Registered Shares	S	14899	$40.953	Disposed	51295	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-17	Employee stock option (right to buy)	$27.27	M	17000	Disposed	2013-12-23	Registered Shares (17000)	Direct
2012-12-17	Employee stock option (right to buy)	$19.94	M	10000	Disposed	2014-09-23	Registered Shares (10000)	Direct
2012-12-17	Stock appreciation right	$21.59	M	10000	Disposed	2015-06-23	Registered Shares (10000)	Direct

Footnotes

F1: Includes (a) 3,999 unvested shares acquired pursuant to an award of 6,665 restricted stock units on December 10, 2010 (the award vests in five equal annual installments), (b) 2,668 unvested shares acquired pursuant to an award of 6,670 restricted stock units on December 11, 2009 (the award vests in five equal annual installments), (c) 3,000 unvested shares that were acquired pursuant to a grant of 15,000 restricted stock units on December 12, 2008 (the award vests in five equal annual installments), (d) 4,296 unvested shares that were acquired pursuant to the award of 5,370 restricted stock units on December 14, 2011 (the award vests in five equal annual installments ), and (e) 5,127 unvested shares that were acquired pursuant to a grant of 5,127 restricted stock units on December 10, 2012 (the award vests in three equal annual installments).

F2: This is a weighted average price. The Registered Shares were sold in separate transactions on the same day at prices ranging from $40.97 to $40.99 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 Registered Shares sold at each separate price within the range set forth in this Footnote.

F3: This is a weighted average price. The Registered Shares were sold in separate transactions on the same day at prices ranging from $40.95 to $40.97 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 Registered Shares sold at each separate price within the range set forth in this Footnote.

F4: The stock option vested in five equal annual installments beginning on December 23, 2004.

F5: The stock option vested in five equal annual installments beginning on Septemeber 23, 2005.

F6: The stock appreciation right vested in five equal annual installments beginning on June 23, 2006.