SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
RAUCKMAN KEVIN
(Last) (First) (Middle)
1200 E. 151ST STREET
(Street)
OLATHE KS 66062
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
GARMIN LTD [ GRMN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
VP, Executive Office
3. Date of Earliest Transaction (Month/Day/Year)
11/05/2014
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Registered Shares 11/05/2014 M 12,000 A $30.66 51,431(1) D
Registered Shares 11/05/2014 D 6,609 D $55.67 44,822(1) D
Registered Shares 11/05/2014 M 15,000 A $46.15 59,822(1) D
Registered Shares 11/05/2014 D 12,435 D $55.67 47,387(1) D
Registered Shares 11/05/2014 M 15,000 A $51.07 62,387(1) D
Registered Shares 11/05/2014 D 13,761 D $55.67 48,626(1) D
Registered Shares 11/05/2014 M 20,000 A $50.97 68,626(1) D
Registered Shares 11/05/2014 D 18,312 D $55.67 50,314(1) D
Registered Shares 11/05/2014 M 5,644 A $39.71 55,958(1) D
Registered Shares 11/05/2014 M 3,195 A $42.16 59,153(1) D
Registered Shares 11/05/2014 S 8,839 D $55.68(2) 50,314(1) D
Registered Shares 11/05/2014 S 10,883 D $55.72 39,431(1) D
Registered Shares 2,850 I By spouse
Registered Shares 300 I By children
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock-settled stock appreciation right $30.66 11/05/2014 M 12,000 (3) 12/16/2015 Registered Shares 12,000 $0 0 D
Stock-settled stock appreciation right $46.15 11/05/2014 M 15,000 (4) 06/09/2015 Registered Shares 15,000 $0 0 D
Stock-settled stock appreciation right $51.07 11/05/2014 M 15,000 (5) 12/05/2016 Registered Shares 15,000 $0 0 D
Stock-settled stock appreciation right $50.97 11/05/2014 M 20,000 (6) 06/06/2018 Registered Shares 20,000 $0 0 D
Employee stock option (right to buy) $39.71 11/05/2014 M 5,644 (7) 12/28/2021 Registered Shares 5,644 $0 0 D
Employee stock option (right to buy) $42.16 11/05/2014 M 3,195 (8) 12/10/2022 Registered Shares 3,195 $0 0 D
Explanation of Responses:
1. Includes 14,930 unvested shares acquired pursuant to prior awards of restricted stock units and 294 shares acquired in June 2014 under the Employee Stock Purchase Plan.
2. This is a weighted average price. The Registered Shares were sold in separate transactions on the same day at prices ranging from $55.66 to $55.77. The reporting person undertakes to provide to Garmin Ltd., any security holder of Garmin Ltd., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Registered Shares sold at each separate price within the range set forth in this Footnote.
3. The stock appreciation right vested in five equal annual installments beginning on December 16, 2006.
4. The stock appreciation right vested in five equal annual installments beginning on June 9, 2007.
5. The stock appreciation right vested in five equal annual installments beginning on December 5, 2007.
6. The stock appreciation right vested in five equal annual installments beginning on June 6, 2009.
7. The stock option vests in five equal annual installments, beginning on December 28, 2012.
8. The stock options vests in five equal annual installments, beginning on December 10, 2013.
Remarks:
By Joshua H. Maxfield, Attorney-in-Fact 11/07/2014
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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