Sec Form 4 Filing - BETTS GENE M @ GARMIN LTD - 2013-06-10

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
BETTS GENE M
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
_____ Officer (give title below) X __ Other (specify below)
Former Director
(Last) (First) (Middle)
8624 CALERA DRIVE
3. Date of Earliest Transaction (MM/DD/YY)
06/10/2013
(Street)
AUSTIN, TX78735
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 06/01/2013 F 200 ( 1 ) D $ 35.31 4,953 ( 2 ) D
Registered Shares 06/03/2013 F 250 ( 3 ) D $ 35.02 4,703 ( 4 ) D
Registered Shares 06/07/2013 F 649 ( 5 ) D $ 34.72 4,054 D
Registered Shares 06/10/2013 S 4,054 D $ 35.08 ( 6 ) 0 D
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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(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 of Derivative Security: 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
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
BETTS GENE M
8624 CALERA DRIVE
AUSTIN, TX78735
Former Director
Signatures
Andrew R. Etkind, Attorney-in-Fact 06/11/2013
Signature of Reporting Person Date
Explanation of Responses:
( 1 )On June 1, 2013, 802 shares that were acquired by the reporting person pursuant to the award of restricted stock units on June 1, 2012 were paid to the reporting person. 200 of these 802 shares were withheld to pay a resulting tax liability.
( 2 )The number of shares reported in Row 1, Column 5 includes (a) 1,999 unvested shares that were acquired pursuant to the grant of 2,999 restricted stock units on June 3, 2011 (the award vests in three equal annual installments beginning on June 3, 2012), and (b) 1,602 unvested shares that were acquired pursuant to the grant of 2,404 restricted stock units on June 1, 2012 (the award vests in three equal annual installments beginning on June 1, 2013).
( 3 )On June 3, 2013, 1,000 shares that were acquired by the reporting person pursuant to the award of restricted stock units on June 3, 2011 were paid to the reporting person. 250 of these 1,000 shares were withheld to pay a resulting tax liability.
( 4 )The number of shares reported in Row 2, Column 5 includes (a) 999 unvested shares that were acquired pursuant to the grant of 2,999 restricted stock units on June 3, 2011 (the award vests in three equal annual installments beginning on June 3, 2012), and (b) 1,602 unvested shares that were acquired pursuant to the grant of 2,404 restricted stock units on June 1, 2012 (the award vests in three equal annual installments beginning on June 1, 2013).
( 5 )On June 7, 2013, 999 unvested shares that were acquired pursuant to the grant of 2,999 restricted stock units on June 3, 2011 and 1,602 unvested shares that were acquired pursuant to the grant of 2,404 restricted stock units on June 1, 2012 were released to the reporting person in accordance with the terms of the Garmin Ltd. 2011 Non-Employee Directors' Equity Incentive Plan. 649 of these 2,601 shares were withheld to pay a resulting tax liability.
( 6 )This is a weighted average price. The Registered Shares were sold in separate transactions on the same day at prices ranging from $35.07 to $35.10 per share. The reporting person undertakes toprovide 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.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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