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: Pokorny Brian James (Vice President - Operations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-17	Registered Shares	M	15000	$27.27	Acquired	31620	Direct
2012-12-17	Registered Shares	M	20000	$19.94	Acquired	51620	Direct
2012-12-17	Registered Shares	S	35000	$41.00	Disposed	16620	Direct
2012-12-17	Registered Shares	S	4256	$40.946	Disposed	12364	Direct
2012-12-17	Registered Shares	S	2518	$40.85	Disposed	9846	Direct
2012-12-18	Registered Shares	M	10000	$21.59	Acquired	19846	Direct
2012-12-18	Registered Shares	D	5157	$41.87	Disposed	14689	Direct
2012-12-18	Registered Shares	F	1802	$41.87	Disposed	12887	Direct
2012-12-18	Registered Shares	M	12000	$30.66	Acquired	24887	Direct
2012-12-18	Registered Shares	D	8788	$41.87	Disposed	16099	Direct
2012-12-18	Registered Shares	F	1331	$41.87	Disposed	14768	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	15000	Disposed	2013-12-23	Registered Shares (15000)	Direct
2012-12-17	Employee stock option (right to buy)	$19.94	M	20000	Disposed	2014-09-23	Registered Shares (20000)	Direct
2012-12-18	Stock appreciation right	$21.59	M	10000	Disposed	2015-06-23	Registered Shares (10000)	Direct
2012-12-18	Stock appreciation right	$30.66	M	12000	Disposed	2015-12-16	Registered Shares (12000)	Direct

Footnotes

F1: Includes: (a) 2,001 unvested shares that were acquired pursuant to an award of 3,335 restricted stock units on December 10, 2010 (the award vests in five equal annual installments), (b) 1,332 unvested shares that were acquired pursuant to an award of 3,330 restricted stock units on December 11, 2009 (the award vests in five equal annual installments), (c) 1,800 unvested shares that were acquired pursuant to an award of 9,000 restricted stock units on December 12, 2008 (the award vests in five equal annual installments), (d) 2,148 unvested shares that were acquired pursuant to an award of restricted stock units on December 14, 2011 (the award vests in five equal annual installments), and (e) 2,565 unvested shares that were acquired pursuant to an award of 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 $40.94 to $40.951 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 $40.8501 to $40.851 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 September 23, 2005.

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

F7: The stock appreciation right vested in five equal annual installments beginning on December 16, 2006.