GARMIN LTD — Director's Dealing 2014

Feb 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2014-02-21

Reporting Person: Biddlecombe Sean (Managing Director, EMEA)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-02-21	Registered Shares	M	662	—	Acquired	13393	Direct
2014-02-21	Registered Shares	M	78	—	Acquired	13471	Direct
2014-02-21	Registered Shares	M	87	—	Acquired	13558	Direct
2014-02-21	Registered Shares	S	1290	$51.82	Disposed	12268	Direct
2014-02-21	Registered Shares	S	827	$51.91	Disposed	11441	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-02-21	Stock-settled stock appreciation right	$46.15	M	6000	Disposed	2016-06-09	Registered Shares (6000)	Direct
2014-02-21	Stock-settled stock appreciation right	$51.07	M	5000	Disposed	2016-12-05	Registered Shares (5000)	Direct
2014-02-21	Stock-settled stock appreciation right	$50.97	M	5000	Disposed	2018-06-06	Registered Shares (5000)	Direct

Footnotes

F1: Includes (a) 666 unvested shares acquired pursuant to an award of 1,665 restricted stock units on December 10, 2010 (the award vests in five annual installments); (b) 316 unvested shares acquired pursuant to an award of 1,580 restricted stock units on December 11, 2009 (the award vests in five annual installments); (c) 804 unvested shares acquired pursuant to a grant of 1,340 restricted stock units on December 14, 2011 (the award vests in five annual installments); (d) 854 unvested shares acquired pursuant to an award of 1,281 restricted stock units on December 10, 2012 (the award vests in three annual installments); and (e) 1,227 unvested shares acquired pursuant to the grant of restricted stock units on December 10, 2013 (the award vests in three equal annual installments).