GARMIN LTD — Director's Dealing 2017

Nov 15, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2017-11-13

Reporting Person: PEMBLE CLIFTON A (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-11-10	Registered Shares	G	1799	—	Disposed	111402	Direct
2017-11-13	Registered Shares	M	25000	$50.97	Acquired	136402	Direct
2017-11-13	Registered Shares	F	22587	$60.83	Disposed	113815	Direct
2017-11-13	Registered Shares	S	2413	$60.30	Disposed	111402	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-11-13	Stock-settled stock appreciation right	$50.97	M	25000	Disposed	2018-06-06	Registered Shares (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	255	Indirect

Footnotes

F1: On November 10, 2017, the reporting person gifted 1,799 shares to a charitable organization.

F2: Includes 45,356 unvested shares acquired pursuant to previously granted restricted stock units awards.

F3: Pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 3, 2017.

F4: Consists of (i) 20,948 shares withheld to cover the exercise price of the stock appreciation rights and (ii) 1,639 shares withheld to pay the resulting tax liability.

F5: This transaction was executed in multiple trades at prices ranging from $60.07 to $60.50. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, Garmin Ltd. or a security holder of Garmin Ltd. full information regarding the number of shares sold at each separate price within the range.

F6: The stock appreciation right vested in five equal annual installments commencing on June 6, 2009.