GARMIN LTD — Director's Dealing 2018

May 22, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2018-05-17

Reporting Person: Bartel Danny J (VP, Worldwide Sales)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-05-17	Registered Shares	M	15000	$50.97	Acquired	189325	Direct
2018-05-17	Registered Shares	F	13452	$59.69	Disposed	175873	Direct
2018-05-17	Registered Shares	S	1548	$59.688	Disposed	174325	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-05-17	Stock Appreciation Right	$50.97	M	15000	Disposed	2018-06-06	Registered Shares (15000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	1400	Indirect

Footnotes

F1: Includes 13,793 unvested shares acquired pursuant to previously granted restricted stock unit awards.

F2: Consists of (i) 12,809 shares withheld to cover the exercise price of the stock appreciation rights and (ii) 643 shares withheld to pay the resulting tax liability.

F3: The stock appreciation right vested in five equal annual installments commencing on June 6, 2009.