GARMIN LTD — Director's Dealing 2014

Mar 3, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2014-02-28

Reporting Person: RAUCKMAN KEVIN (CFO and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-28	Registered Shares	M	10000	$21.59	Acquired	49137	Direct
2014-02-28	Registered Shares	D	4019	$53.72	Disposed	45118	Direct
2014-02-28	Registered Shares	S	5981	$53.65	Disposed	39137	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-28	Stock-settled stock appreciation right	$21.59	M	10000	Disposed	2015-06-23	Registered Shares (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	2850	Indirect
Registered Shares	300	Indirect

Footnotes

F1: The stock appreciation right vested in five equal annual installments, beginning on June 23, 2006.

F2: Includes (a) 2,666 unvested shares acquired pursuant to an award of 6,665 restricted stock units on December 10, 2010 (the award vests in five annual installments); (b) 1,334 unvested shares acquired pursuant to an award of 6,670 restricted stock units on December 11, 2009 (the award vests in five annual installments); (c) 3,222 unvested shares acquired pursuant to a grant of 5,370 restricted stock units on December 14, 2011 (the award vests in five annual installments); (d) 3,418 unvested shares acquired pursuant to an award of 5,127 restricted stock units on December 10, 2012 (the award vests in three annual installments); (e) 4,290 unvested shares acquired pursuant to the grant of restricted stock units on December 10, 2013 (the award vests in three equal annual installments); and (f) 170 shares acquired under the Garmin Ltd. Employee Stock Purchase Plan in December 2013.