GARMIN LTD — Director's Dealing 2012

Mar 8, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2012-03-07

Reporting Person: Huang Pao-Chang (General Manager - Garmin Corp.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-07	Common Shares	M	16000	$14.90	Acquired	43776	Direct
2012-03-07	Common Shares	S	16000	$46.839	Disposed	27776	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-07	Stock option (right to buy)	$14.90	M	16000	Disposed	2012-12-26	Common Shares (16000)	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 $46.83 to $46.85 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 number of shares reported in Column 5 includes (a) 4,800unvested shares acquired pursuant to an award of 12,000 restricted stock units in December 2008 (the award vests in five equal annual installments beginning in December 2009), (b) 2,562 unvested shares acquired pursuant to an award of 4,270 restricted stock units in December 2009 (the award vests in five equal annual installments beginning in December 2010), (c) 3,520 unvested shares acquired pursuant an award of 4,400 restricted stock units in December 2010 (the award vests in five equal annual installments beginning in December 2011), and (d) 3,760 unvested shares acquired pursuant to the award of restricted stock units in December 2011 (the award vests in five equal annual installments beginning in December 2012).

F3: The stock option vested in five equal annual installments beginning on December 26, 2003.