GARMIN LTD — Director's Dealing 2012

Dec 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2012-12-20

Reporting Person: Biddlecombe Sean (Managing Director EMEA)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-20	Registered Shares	M	3618	$27.27	Acquired	13723	Direct
2012-12-20	Registered Shares	M	5400	$19.94	Acquired	19123	Direct
2012-12-20	Registered Shares	S	9018	$41.737	Disposed	10105	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-20	Employee stock option (right to buy)	$27.27	M	3618	Disposed	2013-12-23	Registered Shares (3618)	Direct
2012-12-20	Employee stock option (right to buy)	$19.94	M	5400	Disposed	2014-09-23	Registered Shares (5400)	Direct

Footnotes

F1: Includes (a) 750 unvested shares acquired pursuant to a grant of 3,750 restricted stock units in December 2008 (the award vests in five equal annual installments), (b) 632 unvested shares acquired pursuant to a grant of 1,580 restricted stock units in December 2009 (the award vests in five equal annual installments), (c) 999 unvested shares that were acquired pursuant to a grant of 1,665 restricted stock units in December 2010 (the award vests in five equal annual installments), (d) 1,072 unvested shares that were acquired pursuant to a grant of 1,340 restricted stock units in December 2011 (the award vests in five equal annual installments), and (e) 1,281 unvested shares that were acquired pursuant to a grant of 1,281 restricted stock units in December 2012 (the award vests in three equal annual instalmments).

F2: This is a weighted average price. The Registered Shares were sold in separate transactions on the same day at prices ranging from $41.71 to $41.80 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: The stock option vested in five equal annual installments beginning on December 23, 2004.

F4: The stock option vested in five equal annual installments beginning on September 23, 2005.