GARMIN LTD — Director's Dealing 2021

Jun 7, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GARMIN LTD (GRMN)
CIK: 0001121788
Period of Report: 2021-06-04

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-06-04	Registered Shares	A	1045	—	Acquired	6303	Direct
2021-06-05	Registered Shares	F	399	$143.64	Disposed	5904	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	30000	Indirect
Registered Shares	1608151	Indirect
Registered Shares	8948049	Indirect
Registered Shares	9985420	Indirect
Registered Shares	469358	Indirect
Registered Shares	43478	Indirect

Footnotes

F1: Consists of restricted stock units ("RSUs") awarded to the reporting person under the Garmin Ltd. Non-Employee Directors' Equity Incentive Plan, which RSUs vest on June 4, 2022 and can be settled only in Registered Shares.

F2: 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; (ii) RSUs granted on June 8, 2018 that vest as to 865 shares on June 8, 2021; and (iii) RSUs granted on June 4, 2021 that vest as to 1,045 shares on June 4, 2022.

F3: Consists of Registered Shares withheld to pay taxes resulting from the June 5, 2021 vesting and settlement of RSUs awarded to the reporting person with respect to 1,594 Registered Shares.

F4: Consists of (a) 3,994 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 8, 2018 that vest as to 865 shares on June 8, 2021; and (ii) RSUs granted on June 4, 2021 that vest as to 1,045 shares on June 4, 2022.

F5: 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.

F6: 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.

F7: 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.

F8: The reporting person is a co-trustee of a GRAT remainder trust established for his benefit.

F9: 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.