GARMIN LTD — Director's Dealing 2021

Mar 17, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2021-03-15

Reporting Person: Boessen Douglas G. (CFO and Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-15	Registered Shares	M	12680	$52.44	Acquired	53402	Direct
2021-03-15	Registered Shares	F	8095	$128.11	Disposed	45307	Direct
2021-03-15	Registered Shares	S	4975	$127.6131	Disposed	40332	Direct
2021-03-15	Registered Shares	S	2279	$127.9644	Disposed	38053	Direct
2021-03-16	Registered Shares	S	1232	$127.1293	Disposed	36821	Direct
2021-03-16	Registered Shares	S	2072	$128.1002	Disposed	34749	Direct
2021-03-16	Registered Shares	S	1281	$128.9559	Disposed	33468	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-03-15	Stock Appreciation Right	$52.44	M	12680	Disposed	2025-12-15	Registered Shares (12680)	Direct

Footnotes

F1: Pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 1, 2021.

F2: Includes 11,469 unvested shares acquired pursuant to previously granted restricted stock unit awards.

F3: Consists of (i) 5,190 shares withheld to cover the exercise price of the stock appreciation rights and (ii) 2,905 shares withheld to pay the resulting tax liability.

F4: This transaction was executed in multiple trades at prices ranging from $126.905 to $127.900. 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 $127.905 to $128.055. 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 $126.710 to $127.575. 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 $127.760 to $128.725. 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 $128.80 to $129.26. 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: The award vested in five equal annual installments, beginning on December 15, 2015.