GARMIN LTD — Director's Dealing 2018

May 23, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2018-05-21

Reporting Person: BURRELL JONATHAN (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-21	Registered Shares	J	308800	—	Acquired	1013270	Indirect
2018-05-21	Registered Shares	J	308800	—	Disposed	13268800	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	40000	Indirect
Registered Shares	8720050	Indirect

Footnotes

F1: Pursuant to a "substitution of assets" provision in the applicable trust documents for a grantor retained annuity trust (GRAT) established by the reporting person's mother, 308,800 shares were withdrawn from the GRAT and contributed to the revocable trust established by the reporting person's mother, and assets having a value equal to the withdrawn securities were contributed to the GRAT in substitution for the withdrawn securities. To the extent that this substitution of assets is deemed to be a purchase, the price reflecting the value for the withdrawn securities is $60.285 per share (which is the average of the reported high and low per share prices for the securities on the date of the transaction).

F2: The reporting person is a co-trustee of his mother's revocable trust and is his mother's attorney-in-fact, and also holds a remainder interest in the securities held in such trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F3: The reporting person is a co-trustee of several charitable lead annuity trusts (CLATs) and holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F4: The reporting person is a co-trustee of several grantor retained annuity trusts (GRATs) established by his mother, and he holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.