GARMIN LTD — Director's Dealing 2014

Dec 17, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2014-12-15

Reporting Person: PEMBLE CLIFTON A (President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-15	Registered Shares	A	12234	—	Acquired	82552	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-15	Stock Appreciation Rights	$52.44	M	34415	Acquired	2025-12-15	Registered Shares (34415)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	500	Indirect
Registered Shares	250	Indirect

Footnotes

F1: Shares were acquired pursuant to a grant of restricted stock units under the Garmin Ltd. Equity Incentive Plan. The award vests in three equal annual installments beginning on December 15, 2015.

F2: Includes: (a) 12,234 unvested shares acquired pursuant to the award of restricted stock units described in Footnote 1 of this Form 4; 16,935 unvested shares acquired pursuant to restricted stock unit awards granted in previous years; (c) 8,505 net shares released to the reporting person in December 2014 upon vesting of previously awarded restricted stock unit awards; (d) 348 shares acquired in June 2014 under the Employee Stock Purchase Plan; and (e) 759 shares acquired under dividend reinvestment programs since the reporting peron's last Form 4.

F3: The award vests in five equal annual installments, beginning on December 15, 2015.