GARMIN LTD — Director's Dealing 2021

Mar 16, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-03-15	Registered Shares	G	750000	—	Acquired	1468151	Indirect
2021-03-15	Registered Shares	G	750000	—	Disposed	11370220	Indirect
2021-03-16	Registered Shares	G	251200	—	Disposed	11119020	Indirect
2021-03-16	Registered Shares	G	83736	—	Acquired	331636	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	5258	Direct
Registered Shares	30000	Indirect
Registered Shares	8948049	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 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.

F4: 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.

F5: The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.