GARMIN LTD — Director's Dealing 2016

Aug 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2016-08-03

Reporting Person: ETKIND ANDREW R (VP, General Counsel, Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-03	Registered Shares	M	15000	$51.07	Acquired	64670	Direct
2016-08-03	Registered Shares	D	13954	$54.90	Disposed	50716	Direct
2016-08-03	Registered Shares	S	1046	$54.90	Disposed	49670	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-03	Stock-settled stock appreciation right	$51.07	M	15000	Disposed	2016-12-05	Restricted shares (15000)	Direct

Footnotes

F1: Includes 11,380 unvested shares acquired by the reporting person pursuant to previously granted awards of restricted stock units, and 97 shares acquired by the reporting person in June 2016 under the Garmin Ltd. Employee Stock Purchase Plan.

F2: The stock appreciation right vested in five equal annual installments, beginning on December 5, 2007.