GARMIN LTD — Director's Dealing 2020

Feb 27, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2020-02-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-25	Registered Shares	A	4404	—	Acquired	60480	Direct
2020-02-25	Registered Shares	F	1796	$92.00	Disposed	58684	Direct

Footnotes

F1: Shares acquired pursuant to a restricted stock units award granted in February 2019 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, 2020.

F2: Includes 12,069 unvested shares acquired pursuant to previously granted restricted stock units awards, (ii) the 4,404 unvested shares acquired pursuant to the restricted stock units award described in Footnote 1 and (iii) 46 shares acquired in December 2019 under the Garmin Ltd. Employee Stock Purchase Plan.

F3: 1,468 shares that were acquired by the reporting person pursuant to the restricted stock units award described in Footnote 1 and 3,351 shares that were acquired by the reporting person pursuant to other previously granted restricted stock unit awards vested and were paid to the reporting person. Of these shares, 1,796 shares were withheld to pay a resulting tax liability.

F4: Includes 8,718 unvested shares acquired pursuant to previously granted restricted stock unit awards and 2,936 remaining unvested shares acquired pursuant to the restricted stock units award described in Footnote 1.