GARMIN LTD — Director's Dealing 2012

Mar 1, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2012-02-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-02-29	Common Shares	M	12000	$30.66	Acquired	53171	Direct
2012-02-29	Common Shares	D	7740	$47.54	Disposed	45431	Direct
2012-02-29	Common Shares	F	1555	$47.54	Disposed	43876	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-29	Stock Appreciation Right	$30.66	M	12000	Disposed	2015-12-16	Common Shares (12000)	Direct

Footnotes

F1: The number of Common Shares reported in Column 5 includes (a) 5,332 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 beginning on December 10, 2011, (b) 4,002 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 beginning on December 11, 2010), (c) 6,000 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 beginning on December 12, 2009), and (d) 5,370 unvested shares that were acquired pursuant to the award of restricted stock units on December 14, 2011 (the award vests in five equal annual installments beginning on December 14, 2012).

F2: The stock appreciation right vested in five equal annual installments beginning on December 16, 2006.