GARMIN LTD — Director's Dealing 2020

Jul 20, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2020-07-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-07-16	Registered Shares	M	19246	$49.07	Acquired	169701	Direct
2020-07-16	Registered Shares	M	34415	$52.44	Acquired	204116	Direct
2020-07-16	Registered Shares	F	38941	$101.04	Disposed	165175	Direct
2020-07-17	Registered Shares	S	12439	$99.7973	Disposed	152736	Direct
2020-07-17	Registered Shares	S	2281	$100.4925	Disposed	150455	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-07-16	Stock Appreciation Right	$49.07	M	19246	Disposed	2023-12-10	Registered Shares (19246)	Direct
2020-07-16	Stock Appreciation Right	$52.44	M	34415	Disposed	2024-12-15	Registered Shares (34415)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	255	Indirect

Footnotes

F1: Pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 27, 2020.

F2: Includes 43,629 unvested shares acquired pursuant to previously granted restricted stock unit awards and 191 shares acquired by the reporting person in June 2020 under the Garmin Ltd. Employee Stock Purchase Plan.

F3: Consists of (i) 27,208 shares withheld to cover the exercise price of the stock appreciation rights and (ii) 11,733 shares withheld to pay the resulting tax liability.

F4: This transaction was executed in multiple trades at prices ranging from $99.21 to $100.20. 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 $100.22 to $100.90. 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 vests in five equal annual installments beginning on December 10, 2013.

F7: The award vests in five equal annual installments, beginning on December 15, 2015.