GARMIN LTD — Director's Dealing 2014

Aug 14, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2014-08-12

Reporting Person: Bartel Danny J (Vice President,Worldwide Sales)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-12	Registered Shares	M	10000	$19.94	Acquired	85970	Direct
2014-08-12	Registered Shares	S	10000	$55.52	Disposed	75970	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-12	Employee stock option (right to buy)	$19.94	M	10000	Disposed	2014-09-23	Registered Shares (10000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	1400	Indirect

Footnotes

F1: Includes (a) 1,866 unvested shares acquired pursuant to an award of 4,665 restricted stock units on December 10, 2010 (the award vests in five annual installments); (b) 934 unvested shares acquired pursuant to an award of 4,670 restricted stock units on December 11, 2009 (the award vests in five annual installments); (c) 2,256 unvested shares acquired pursuant to a grant of 3,760 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 equal 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) 566 shares acquired by the reporting person in June 2014 under the employee stock purchase plan.

F2: This is a weighted average price. The Registered Shares were sold in separate transactions on the same day at prices ranging from $55.25 to $55.65 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 September 23, 2005.