GARMIN LTD — Director's Dealing 2019

Nov 1, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2019-10-30

Reporting Person: KAO MIN H (Director, Executive Chairman, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-10-30	Registered Shares	S	1300	$92.0201	Disposed	13787170	Indirect
2019-10-30	Registered Shares	S	9492	$93.0472	Disposed	13777678	Indirect
2019-10-30	Registered Shares	S	9011	$93.9274	Disposed	13768667	Indirect
2019-10-30	Registered Shares	S	6313	$95.1183	Disposed	13762354	Indirect
2019-10-30	Registered Shares	S	6917	$96.0259	Disposed	13755437	Indirect
2019-10-30	Registered Shares	S	3900	$92.0201	Disposed	13751537	Indirect
2019-10-30	Registered Shares	S	28475	$93.0473	Disposed	13723062	Indirect
2019-10-30	Registered Shares	S	27033	$93.9274	Disposed	13696029	Indirect
2019-10-30	Registered Shares	S	18938	$95.1183	Disposed	13677091	Indirect
2019-10-30	Registered Shares	S	20752	$96.0259	Disposed	13656339	Indirect
2019-10-31	Registered Shares	S	53859	$93.4283	Disposed	13602480	Indirect
2019-10-31	Registered Shares	S	8121	$94.5669	Disposed	13594359	Indirect
2019-10-31	Registered Shares	S	7844	$95.1661	Disposed	13586515	Indirect
2019-10-31	Registered Shares	S	161576	$93.4283	Disposed	13424939	Indirect
2019-10-31	Registered Shares	S	24362	$94.5669	Disposed	13400577	Indirect
2019-10-31	Registered Shares	S	23535	$95.1661	Disposed	13377042	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	6454753	Indirect

Footnotes

F1: Sale of shares pursuant to a Rule 10b5-1 trading plan adopted on June 12, 2019.

F2: This transaction was executed in multiple trades at prices ranging from $91.46 to $92.37. 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.

F3: This transaction was executed in multiple trades at prices ranging from $92.53 to $93.52. 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.

F4: This transaction was executed in multiple trades at prices ranging from $93.53 to $94.51. 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.

F5: This transaction was executed in multiple trades at prices ranging from $94.53 to $95.49. 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: This transaction was executed in multiple trades at prices ranging from $95.56 to $96.35. 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.

F7: This transaction was executed in multiple trades at prices ranging from $91.46 to $92.37. 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.

F8: This transaction was executed in multiple trades at prices ranging from $92.53 to $93.52. 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.

F9: This transaction was executed in multiple trades at prices ranging from $93.53 to $94.51. 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.

F10: This transaction was executed in multiple trades at prices ranging from $94.53 to $95.49. 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.

F11: This transaction was executed in multiple trades at prices ranging from $95.56 to $96.35. 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.

F12: This transaction was executed in multiple trades at prices ranging from $92.99 to $93.93. 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.

F13: This transaction was executed in multiple trades at prices ranging from $94.02 to $95.01. 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.

F14: This transaction was executed in multiple trades at prices ranging from $95.02 to $95.55. 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.

F15: This transaction was executed in multiple trades at prices ranging from $92.99 to $93.93. 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.

F16: This transaction was executed in multiple trades at prices ranging from $94.02 to $95.01. 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.

F17: This transaction was executed in multiple trades at prices ranging from $95.02 to $95.55. 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.

F18: On October 17, 2019, the reporting person transferred 1,644,429 Registered Shares of Garmin Ltd. that the reporting person previously reported as directly owned to the M&F Trust, a trust of which the reporting person and his spouse are trustees and beneficiaries. At the same time, the reporting person's spouse transferred to the M&F Trust 4,810,324 Registered Shares of Garmin Ltd. that the reporting person previously reported as indirectly owned through his spouse.