GARMIN LTD — Director's Dealing 2018

Feb 27, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2018-02-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-02-23	Registered Shares	M	20000	$50.97	Acquired	65494	Direct
2018-02-23	Registered Shares	F	18071	$60.39	Disposed	47423	Direct
2018-02-23	Registered Shares	S	1929	$60.61	Disposed	45494	Direct
2018-02-25	Registered Shares	A	4281	—	Acquired	49775	Direct
2018-02-25	Registered Shares	F	1213	$60.35	Disposed	48562	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-02-23	Stock Appreciation Right	$50.97	M	20000	Disposed	2018-06-06	Registered Shares (20000)	Direct

Footnotes

F1: Includes 13,142 unvested shares acquired pursuant to previously granted restricted stock unit awards and 69 shares acquired by the reporting person in December 2017 under the Garmin Ltd. Employee Stock Purchase Plan

F2: Consists of (i) 16,881 shares withheld to cover the exercise price of the stock appreciation rights and (ii) 1,190 shares withheld to pay the resulting tax liability.

F3: Shares acquired pursuant to a restricted stock units award granted in February 2017 that had both performance-based and time-based vesting conditions. The performance-based vesting conditions have been satisfied, and now the award is subject only to time-based vesting conditions. The award vests in three equal annual installments beginning on February 25, 2018.

F4: Includes 13,142 unvested shares acquired pursuant to previously granted restricted stock unit awards and the 4,281 unvested shares acquired pursuant to the restricted stock units award described in Footnote 3.

F5: 1,427 shares that were acquired by the reporting person pursuant to the restricted stock units award described in Footnote 3 and 1,927 shares that were acquired by the reporting person pursuant to another previously granted restricted stock units award vested and were paid to the reporting person. Of these shares, 1,213 shares were withheld to pay a resulting tax liability.

F6: Includes 11,215 unvested shares acquired pursuant to previously granted restricted stock units awards and 2,854 remaining unvested shares acquired pursuant to the restricted stock units award described in Footnote 3.

F7: The stock appreciation right vested in five equal annual installments commencing on June 6, 2009.