GARMIN LTD — Director's Dealing 2021

Jun 1, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2021-05-28

Reporting Person: BURRELL JONATHAN (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-05-28	Registered Shares	G	960000	—	Acquired	2058151	Indirect
2021-05-28	Registered Shares	S	84237	$142.5791	Disposed	1973914	Indirect
2021-05-28	Registered Shares	G	960000	—	Disposed	9985420	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	5258	Direct
Registered Shares	30000	Indirect
Registered Shares	8948049	Indirect
Registered Shares	469358	Indirect
Registered Shares	43478	Indirect

Footnotes

F1: Consists of (a) 2,799 Registered Shares, and (b) unvested RSUs awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan that can be settled only in Registered Shares, which RSUs consist of: (i) RSUs granted on June 5, 2020 that vest as to 1,594 shares on June 5, 2021; and (ii) RSUs granted on June 8, 2018 that vest as to 865 shares on June 8, 2021.

F2: The reporting person is a co-trustee of his mother's revocable trust and is his mother's attorney-in-fact, and also holds a remainder interest in the securities held in such trust. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F3: The sale of Registered Shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the revocable trust of the reporting person's mother on May 14, 2021.

F4: The price reported here in Column 4 is a weighted average price, and reflects the sale of Registered Shares in multiple transactions at per share prices ranging from $142.185 to $143.135, inclusive. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F5: The reporting person is a co-trustee of several charitable lead annuity trusts (CLATs) and holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F6: The reporting person is a co-trustee of several grantor retained annuity trusts (GRATs) established by his mother, and he holds a remainder interest therein. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F7: The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.

F8: The reporting person is the manager of a limited liability company, which is wholly-owned by a GRAT remainder trust established for the reporting person's benefit.