Document:

Exhibit 10.2

 

GARMIN
LTD.

2005 EQUITY INCENTIVE PLAN

as amended and restated on June 7, 2019

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

(Performance-Based
and Time-Based Vesting)

(For
Executive Officers)

 

	To:	_______________________ (“you”
    or the “Grantee”)
	 	 
	Date of Grant: 	_______________________
	 	 
	Performance Year:	_______________________
	 	 
	Total Shares Subject to RSUs:	_______________________
    (the “Eligible Shares”)

 

Notice
of Grant:

 

You
have been granted restricted stock units (“RSUs”) relating to the shares, CHF 0.10 par value per share, of Garmin
Ltd. (“Shares”), subject to the terms and conditions of the Garmin Ltd. 2005 Equity Incentive Plan, as amended
and restated on June 7, 2019 (the “Plan”) and the Award Agreement between you and Garmin Ltd. (the “Company”),
attached as Exhibit A. Accordingly, based on the satisfaction of the applicable performance-based and time-based vesting conditions
set forth in this Notice of Grant, Exhibit A and Exhibit B, the Company agrees to pay you Shares as follows:

 

		●	The
                                         number of Shares that may be issued under this Agreement is a percentage (ranging from
                                         0% to 100% or higher, as set forth in Exhibit B) of the Eligible Shares. The percentage
                                         of the Eligible Shares eligible to be issued, if any (the “Earned Shares”),
                                         is based on the satisfaction of one or more of the preestablished performance goals (the
                                         “Performance Goals”) for the Company’s fiscal year listed above
                                         opposite the heading “Performance Year” and the applicable weighting percentage
                                         of each such goal. The performance goals and applicable weighting percentages for each
                                         goal are set forth and described in Exhibit B to this Agreement.

 

		●	At
                                         a meeting of the Company’s Compensation Committee following the end of the Performance
                                         Year (the “Certification Date”), the Company’s Compensation Committee
                                         will assess the achieved level of performance and certify the goal(s) achievement.

 

		●	Any
                                         Earned Shares will be issued in three equal installments commencing within 30 days of
                                         the Certification Date and each anniversary thereof, provided you are employed with the
                                         Company on each such date.

 

In
order to fully understand your rights under the Plan (a copy of which is attached) and the Award Agreement (the “Award
Agreement”), attached as Exhibit A, you are encouraged to read the Plan and this document carefully. Please refer to
the Plan document for the definition of otherwise undefined capitalized terms used in this Agreement.

 

    1

     

    

 

By
accepting these RSUs, you are also agreeing to be bound by Exhibits A and B, including the restrictive covenants in Section 7
of Exhibit A.

 

	 	GARMIN
                                         LTD.

	 	 	 
	 	By:	    
	 	Name: 	Clifton
    A. Pemble
	 	Title:	President
    and CEO

 

	Grantee:	 
	 	 
	 	 
	Date:	      	 

 

    2

     

    

 

EXHIBIT
A

 

AGREEMENT:

 

In
consideration of the mutual promises and covenants contained herein and other good and valuable consideration paid by the Grantee
to the Company, the Grantee and the Company agree as follows:

 

Section
1. Incorporation of Plan

 

All
provisions of this Award Agreement and the rights of the Grantee hereunder are subject in all respects to the provisions of the
Plan and the powers of the Board therein provided. Capitalized terms used in this Award Agreement but not defined shall have the
meaning set forth in the Plan.

 

Section
2. Grant of RSUs

 

		(a)	Calculation
                                         of Earned Shares. As of the Date of Grant identified above, the Company grants to
                                         you, subject to the terms and conditions set forth herein and in the Plan, the opportunity
                                         to receive the product of (i) the Eligible Shares and (ii) the “Aggregate Vesting
                                         Percentage” as calculated under Section 3, such product the “Earned Shares”.
                                         If the application of this Section 2(a) results in a fractional Earned Share, the number
                                         of Earned Shares shall be rounded up to the nearest whole Share. 

 

		(b)	Vesting
                                         and Delivery of Earned Shares. Provided you are employed (and at all times since
                                         the Date of Grant have been employed) by the Company on a Full-Time Basis (which, for
                                         purposes of this Award Agreement, means regularly scheduled to work 30 hours or more
                                         per week) and unless your right to receive the Earned Shares has been forfeited pursuant
                                         to Sections 3 or 4 below, then (subject to Section 13 below) you will be paid one-third
                                         (1/3) of the Earned Shares within 30 days of the Certification Date (as defined on the
                                         Notice of Grant), one-third (1/3) of the Earned Shares on the first anniversary of the
                                         Certification Date and one-third of the Earned Shares on the second anniversary of the
                                         Certification Date. If any of the first or second anniversaries of the Certification
                                         Date is a Saturday or Sunday or any other non-business day, then you will be paid the
                                         Earned Shares payable on that date on the next business day. For purposes of this Agreement,
                                         except where the Board otherwise determines, a Grantee who, immediately before taking
                                         a Company-approved leave of absence, was employed on a Full-Time Basis will be considered
                                         employed on a Full-Time Basis during the period of such Company-approved leave. 

 

Section
3. Calculation of Aggregate Vesting Percentage; Forfeiture of Unearned Shares

 

The
“Aggregate Vesting Percentage” is the total of the individual vesting percentages for each of the achieved Performance
Goals for the Performance Year as set forth on Exhibit B. All Eligible Shares, if any, which, due to the Aggregate Vesting Percentage
being less than 100% do not become Earned Shares, shall be immediately forfeited as of the Certification Date.

 

    3

     

    

 

Section
4. Effect of Termination of Affiliation or Cessation as Full-Time Employee

 

If
you have a Termination of Affiliation or cease to be employed on a Full-Time Basis for any reason, including termination by the
Company with or without Cause, voluntary resignation, change in employment status from full-time to part-time, death, or Disability,
the effect of such Termination of Affiliation or ceasing to be employed on a Full-Time Basis on all or any portion of the RSUs
is as provided below.

 

		(a)	If
                                         you have a Termination of Affiliation on account of death or Disability after the Certification
                                         Date, any Earned Shares that were forfeitable immediately before such Termination of
                                         Affiliation shall thereupon become nonforfeitable and the Company shall, promptly settle
                                         all such Earned Shares by delivery to you (or, after your death, to your personal representative
                                         or designated beneficiary) a number of unrestricted Shares equal to the aggregate number
                                         of your remaining Earned Shares;

 

		(b)	If
                                         you have a Termination of Affiliation on account of death or Disability before the Certification
                                         Date, within 30 days following the Certification Date the Company shall settle that number
                                         of your Eligible Shares which would have become Earned Shares as of the Certification
                                         Date but for your death or Disability;

 

		(c)	If
                                         you have a Termination of Affiliation after the Certification Date and during the period
                                         (“Change of Control Period”) commencing on a Change of Control and ending
                                         on the first anniversary of the Change of Control, which Termination of Affiliation is
                                         initiated by the Company or a Subsidiary other than for Cause, or initiated by the Grantee
                                         for Good Reason, then any Earned Shares that were forfeitable at the time of such Termination
                                         of Affiliation shall thereupon become nonforfeitable and the Company shall immediately
                                         settle all Earned Shares by delivery to you of a number of unrestricted Shares equal
                                         to the aggregate number of your remaining Earned Shares; 

 

		(d)	If
                                         you have a Termination of Affiliation before the Certification Date and during the Change
                                         of Control Period, which Termination of Affiliation is initiated by the Company or a
                                         Subsidiary other than for Cause, or initiated by the Grantee for Good Reason, then all
                                         of your Eligible Shares that would have become Earned Shares as of the Certification
                                         Date but for such Termination of Affiliation shall thereupon become Earned Shares and
                                         nonforfeitable and the Company shall within 30 days of the Certification Date settle
                                         all such Earned Shares by delivery to you a number of unrestricted Shares equal to the
                                         aggregate number of your Earned Shares;

 

		(e)	If
                                         you have a Termination of Affiliation for Cause or for any reason other than for (i)
                                         death or Disability or (ii) under the circumstances described above in Section 4(c) or
                                         (d), then your Eligible Shares (to the extent such Termination of Affiliation occurs
                                         before the Certification Date) or your Earned Shares (to the extent such Termination
                                         of Affiliation occurs after the Certification Date), to the extent forfeitable immediately
                                         before such Termination of Affiliation, shall thereupon automatically be forfeited and
                                         you shall have no further rights under this Award Agreement;

 

		(f)	If
                                         you cease to be employed on a Full-Time Basis for any reason other than as provided above
                                         in Sections 4(c) or (d), your Eligible Shares (to the extent such Termination of Affiliation
                                         occurs before the Certification Date) or your Earned Shares (to the extent such Termination
                                         of Affiliation occurs after the Certification Date), to the extent forfeitable immediately
                                         before such cessation of employment on a Full-Time Basis, shall thereupon automatically
                                         be forfeited and you shall have no further rights under this Award Agreement.

 

    4

     

    

 

Section
5. Investment Intent

 

The
Grantee agrees that the Shares acquired pursuant to the vesting of one or more tranches of Earned Shares shall be acquired for
his/her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering
thereof within the meaning of the Securities Act of 1933 (the “1933 Act”) or other applicable securities laws. The Company
may, but in no event shall be required to, bear any expenses of complying with the 1933 Act, other applicable securities laws
or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration,
qualification, or transfer, as the case may be, of this Award Agreement or any Shares acquired hereunder. The foregoing restrictions
on the transfer of the Shares shall be inoperative if (a) the Company previously shall have been furnished with an opinion of
counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the 1933 Act and other applicable
securities laws or (b) the Shares shall have been duly registered in compliance with the 1933 Act and other applicable state or
federal securities laws. If this Award Agreement, or the Shares subject to this Award Agreement, are so registered under the 1933
Act, the Grantee agrees that he will not make a public offering of the said Shares except on a national securities exchange on
which the shares of the Company are then listed.

 

Section
6. Nontransferability of RSUs, Eligible Shares and Earned Shares

 

No
rights under this Award Agreement relating to the RSUs or any undelivered Eligible Shares or Earned Shares may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, including, unless specifically approved by the Company, any purported
transfer to a current spouse or former spouse in connection with a legal separation or divorce proceeding. All rights with respect
to the RSUs or any undelivered Eligible Shares or Earned Shares granted to the Grantee shall be available during his or her lifetime
only to the Grantee.

 

Section
7. Restrictive Covenants

 

In
consideration of the RSUs granted to the Grantee under this Award Agreement and in and in addition to any restrictive agreements
the Grantee may have entered into with the Company, the Grantee accepts and agrees to be bound by the restrictive covenants set
forth below in this Section 7, and acknowledges that these restrictive covenants are fair and reasonable in light of the Company’s
legitimate business interest in protecting the Company’s and its Subsidiaries’ trade secrets, other commercially sensitive
business information, and their customer, employee, and other business relationships. The Grantee hereby agrees to the following
restrictive covenants:

 

		(a)	Noncompetition.
                                         During the Grantee’s employment and until one year after the Grantee ceases being
                                         employed by or acting as a consultant or independent contractor to the Company or any
                                         Subsidiary, the Grantee will not perform executive, managerial, professional, engineering,
                                         technical, business development, supply chain or sales services worldwide as an employee,
                                         director, officer, consultant, independent contractor or advisor, or invest in, whether
                                         in the form of equity or debt, or otherwise have an ownership interest in any company,
                                         entity or person that directly competes with the Company in any of its operating segments.
                                         The Grantee expressly acknowledges that the Company and its Subsidiaries have a worldwide
                                         business and customer base in each of its operating segments. The Grantee expressly acknowledges
                                         and agrees that a worldwide restriction is reasonable under the circumstances and necessary
                                         in order to protect the legitimate business interests of the Company and its Subsidiaries.
                                         Nothing in this Section 7(a) shall, however, restrict the Grantee from making an investment
                                         in and owning up to one-percent (1%) of the common stock of any company whose stock is
                                         listed on a national securities exchange or actively traded in an over-the-counter market;
                                         provided that such investment does not give the Grantee the right or ability to control
                                         or influence the policy decisions of any direct competitor of the Company or a Subsidiary.

 

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		(b)	Nonsolicitation
                                         of Customers, Suppliers, Business Partners and Vendors. During the Grantee’s
                                         employment and until one year after the Grantee ceases being employed by or acting as
                                         a consultant or independent contractor to the Company or any Subsidiary, the Grantee
                                         will not, either directly or indirectly through another business or person, , solicit
                                         or assist others in soliciting or attempt to solicit any customer, prospective customer,
                                         vendor, prospective vendor, supplier or other similar business relation or (to the Grantee’s
                                         knowledge) prospective business relation of the Company or any Subsidiary with whom the
                                         Grantee had contact with during the last two years of the Grantee’s employment.

 

		(c)	Nonsolicitation
                                         of Employees. During the Grantee’s employment and until one year after the Grantee
                                         ceases being employed by or acting as a consultant or independent contractor to the Company
                                         or any Subsidiary, the Grantee will not, either directly or indirectly through another
                                         business or person, solicit, hire, recruit, employ, or attempt to solicit, hire, recruit
                                         or employ, or facilitate any such acts by others, any person then currently employed
                                         by the Company or any Subsidiary.

 

		(d)	Confidentiality.
                                         The Grantee acknowledges that it is the policy of the Company and its subsidiaries
                                         to maintain as secret and confidential all valuable and unique information and techniques
                                         acquired, developed or used by the Company and its Subsidiaries relating to their businesses,
                                         operations, employees and customers (“Confidential Information”). The
                                         Grantee recognizes that the Confidential Information is the sole and exclusive property
                                         of the Company and its subsidiaries, and that disclosure of Confidential Information
                                         would cause damage to the Company and its Subsidiaries. The Grantee shall not at any
                                         time disclose or authorize anyone else to disclose any Confidential Information or proprietary
                                         information that (A) is disclosed to or known by the Grantee as a result or as a consequence
                                         of or through the Grantee’s performance of services for the Company or any Subsidiary,
                                         (B) is not publicly or generally known outside the Company and (C) relates in any manner
                                         to the Company’s business. This obligation will continue even though the Grantee’s employment
                                         with the Company or a Subsidiary may have terminated. This paragraph 7(e) shall apply
                                         in addition to, and not in derogation of any other confidentiality agreements that may
                                         exist, now or in the future, between the Grantee and the Company or any Subsidiary.

 

    6

     

    

 

		(e)	Remedy.
                                         The Grantee acknowledges that irreparable harm would result from any breach of
                                         this Section and that monetary damages alone would not provide adequate relief or remedy.
                                         Accordingly, the Grantee specifically agrees that, if the Grantee breaches any of the
                                         Grantee’s obligations under this Section 7, the Company and any Subsidiary shall be entitled
                                         to injunctive relief. Without limiting the generality of the foregoing, neither the Company
                                         nor any Subsidiary shall be precluded from pursuing any remedies they may have at law
                                         or in equity for any breach of Grantee’s restrictive covenants in this Section
                                         7. 

 

Section
8. Status of the Grantee

 

The
Grantee shall not be deemed a shareholder of the Company with respect to any of the Shares subject to this Award Agreement until
such time as the underlying Shares shall have been issued to him or her. The Company shall not be required to issue or transfer
any Shares pursuant to this Award Agreement until all applicable requirements of law have been complied with and such Shares shall
have been duly listed on any securities exchange on which the Shares may then be listed. Grantee (i) is not entitled to receive
any dividends or dividend equivalents, whether such dividends would be paid in cash or in kind, or receive any other distributions
made with respect to the RSUs or any undelivered Eligible Shares or Earned Shares , and (ii) does not have nor may he or she exercise
any voting rights with respect to any of the RSUs or any undelivered Eligible Shares or Earned Shares, in both cases (i) and (ii)
above, unless and until the actual Shares underlying any Earned Shares have been delivered pursuant to this Award Agreement.

 

Section
9. No Effect on Capital Structure

 

This
Award Agreement shall not affect the right of the Company to reclassify, recapitalize or otherwise change its capital or debt
structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, windup, or otherwise reorganize.

 

Section
10. Adjustments

 

Notwithstanding
any provision herein to the contrary, in the event of any change in the number of outstanding Shares effected without receipt
of consideration therefor by the Company, by reason of a merger, reorganization, consolidation, recapitalization, separation,
liquidation, stock dividend, stock split, share combination or other change in the corporate structure of the Company affecting
the Shares, the aggregate number and class of Shares subject to this Award Agreement shall be automatically adjusted to accurately
and equitably reflect the effect thereon of such change; provided, however, that any fractional share resulting from such adjustment
shall be eliminated. In the event of a dispute concerning such adjustment, the decision of the Board shall be conclusive.

 

Section
11. Amendments 

 

This
Award Agreement may be amended only by a writing executed by the Company and the Grantee which specifically states that it is
amending this Award Agreement; provided that this Award Agreement is subject to the power of the Board to amend the Plan as provided
therein. Except as otherwise provided in the Plan, no such amendment shall materially adversely affect the Grantee’s rights under
this Award Agreement without the Grantee’s consent.

 

    7

     

    

 

Section
12. Board Authority

 

Any
questions concerning the interpretation of this Award Agreement, any adjustments required to be made under Sections 10 or 11 of
this Award Agreement, and any controversy which arises under this Award Agreement shall be settled by the Board in its sole discretion.

 

Section
13. Withholding

 

At
the time any of the Earned Shares are delivered to you pursuant to this Award Agreement, the Company will be obligated to pay
withholding and social taxes on your behalf. Accordingly, the Company shall have the power to withhold, or require you to remit
to the Company, an amount sufficient to satisfy any such federal, state, local or foreign withholding tax or social tax requirements.
At the Company’s discretion, withholding may be taken from other compensation payable to you or may be satisfied by reducing the
number of Shares deliverable to you. If the Company elects to reduce the number of Shares deliverable to you and less than the
full value of a Share is needed to satisfy any applicable withholding taxes, the Company will distribute to you the value of the
remaining fractional share in cash in an amount equal to the Fair Market Value of a Share as of the Settlement Date multiplied
by the remaining fractional Share.

 

Section
14. Notice

 

Whenever
any notice is required or permitted hereunder, such notice must be given in writing Any notice required or permitted to be delivered
hereunder shall be effective upon receipt thereof by the addressee The Company or the Grantee may change, at any time and from
time to time, by written notice to the other, the address specified for receiving notices. Until changed in accordance herewith,
the Company’s address for receiving notices shall be Garmin Ltd., Attention: General Counsel, Mühlentalstrasse 2, 8200 Schaffhausen,
Switzerland. Unless changed, the Grantee’s address for receiving notices shall be the last known address of the Grantee on the
Company’s records. It shall be the Grantee’s sole responsibility to notify the Company as to any change in his or her address.
Such notification shall be made in accordance with this Section 14.

 

Section
15. Severability

 

If
any part of this Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity shall not serve to invalidate any part of this Award Agreement not declared to be unlawful or invalid. Any part
so declared unlawful or invalid shall, if possible, be construed in a manner which gives effect to the terms of such part to the
fullest extent possible while remaining lawful and valid. Additionally, if any of the covenants in Section 7 are determined
by a court to be unenforceable in whole or in part because of such covenant’s duration or geographical or other scope, such court
shall modify the duration or scope of such provision as the case may be, so as to cause such covenant, as so modified, to be enforceable.

 

Section
16. Binding Effect

 

This
Award Agreement shall bind, and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal
representatives, successors and assigns of the parties hereto.

 

    8

     

    

 

Section
17. Governing Law and Jurisdiction

 

This
Award Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws
of the State of Kansas without giving effect to the principles of the Conflict of Laws to the contrary. Except as otherwise provided
by mandatory forum requirements of the applicable law, the courts of the State of Kansas shall have exclusive jurisdiction with
regard to any disputes under the Plan. The Company shall retain, however, in addition the right to bring any claim in any other
appropriate forum.

 

Section
18.  Shareholder Approval and Company Clawback or Recoupment Policies

 

You
acknowledge that any award under the Notice of Grant may be subject to certain provisions of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010 (“Dodd-Frank”) that could require the Company to recover certain amounts of incentive
compensation paid to certain executive officers if the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company with any financial reporting requirements under any applicable securities laws. By accepting this
grant, whether or not any compensation is ultimately paid hereunder, you agree and consent to any forfeiture or required recovery
or reimbursement obligations of the Company with respect to any compensation paid to you that is forfeitable or recoverable by
the Company pursuant to Dodd-Frank and in accordance with any Company policies and procedures adopted by the Compensation Committee
in order to comply with Dodd Frank, as the same may be amended from time to time.

 

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EXHIBIT
B

 

[PERFORMANCE
GOALS AND WEIGHTING PERCENTAGE] 

 

APPENDIX
TO RESTRICTED STOCK AWARD AGREEMENT

 

This
Appendix includes additional terms and conditions that govern the Restricted Stock Unit awards if the Grantee is a member of the
Company’s Executive Management.

 

You
acknowledge that any award under this Notice of Grant is, to the extent required by applicable Swiss law and the articles of association
of the Company subject to approval by the general meeting of shareholders of the Company and subject to recovery, forfeiture or
clawback by the Company if and to the extent (i) the award is granted prior to approval by the general meeting of shareholders
and (ii) the first general meeting of shareholders to whom the Company’s board of directors submits for approval the proposed
amount of compensation for the period for which the awards have been granted does not approve the proposal.

 

 

10Exhibit
10.3

 

GARMIN
LTD.

2005
EQUITY INCENTIVE PLAN

as
amended and restated on June 7, 2019

RESTRICTED
STOCK UNIT AWARD AGREEMENT

 

(Performance-Based
and Time-Based Vesting)

(For
Swiss Grantees)

 

	To:	_______________________ (“you”
    or the “Grantee”)
	 	 
	Date of Grant: 	_______________________
	 	 
	Performance Year:	_______________________
	 	 
	Total Shares Subject to RSUs:	_______________________ (the “Eligible
    Shares”)

 

Notice
of Grant:

 

You
have been granted restricted stock units (“RSUs”) relating to the shares, CHF 0.10 par value per share, of
Garmin Ltd. (“Shares”), subject to the terms and conditions of the Garmin Ltd. 2005 Equity Incentive Plan,
as amended and restated on June 7, 2019 (the “Plan”) and the Award Agreement between you and Garmin Ltd. (the
“Company”), attached as Exhibit A. Accordingly, based on the satisfaction of the applicable performance-based
and time-based vesting conditions set forth in this Notice of Grant, Exhibit A and Exhibit B, the Company agrees to pay you Shares
as follows:

 

		●	The
                                         number of Shares that may be issued under this Agreement is a percentage (ranging from
                                         0% to 100% or higher, as set forth in Exhibit B) of the Eligible Shares. The percentage
                                         of the Eligible Shares eligible to be issued, if any (the “Earned Shares”),
                                         is based on the satisfaction of one or more of the pre-established performance goals
                                         (the “Performance Goals”) for the Company’s fiscal year listed
                                         above opposite the heading “Performance Year” and the applicable weighting
                                         percentage of each such goal. The performance goals and applicable weighting percentages
                                         for each goal are set forth and described in Exhibit B to this Agreement.

 

		●	At
                                         a meeting of the Company’s Compensation Committee following the end of the Performance
                                         Year (the “Certification Date”), the Company’s Compensation
                                         Committee will assess the achieved level of performance and certify the goal(s) achievement.

 

		●	Any
                                         Earned Shares will be issued in three equal installments commencing within 30 days of
                                         the Certification Date and each anniversary thereof, provided you are employed with the
                                         Company on each such date.

 

In
order to fully understand your rights under the Plan (a copy of which is attached) and the Award Agreement (the “Award
Agreement”), attached as Exhibit A, you are encouraged to read the Plan and this document carefully. Please refer to
the Plan document for the definition of otherwise undefined capitalized terms used in this Agreement.

 

    1

     

    

 

By
accepting these RSUs, you are also agreeing to be bound by Exhibits A and B, including the restrictive covenants in Section 7
of Exhibit A.

 

	 	GARMIN LTD.
	 	 	 
	 	By:	         
	 	Name:  	Clifton A. Pemble
	 	Title:	President and
    CEO

 

	Grantee:	 
	 	 	 
	 	 	 
	Date:	                 	 

 

    2

     

    

 

EXHIBIT
A

 

AGREEMENT:

 

In
consideration of the mutual promises and covenants contained herein and other good and valuable consideration paid by the Grantee
to the Company, the Grantee and the Company agree as follows:

 

Section
1. Incorporation of Plan

 

All
provisions of this Award Agreement and the rights of the Grantee hereunder are subject in all respects to the provisions of the
Plan and the powers of the Board therein provided. Capitalized terms used in this Award Agreement but not defined shall have the
meaning set forth in the Plan.

 

Section
2. Grant of RSUs

 

		(a)	Calculation
                                         of Earned Shares. As of the Date of Grant identified above, the Company grants to
                                         you, subject to the terms and conditions set forth herein and in the Plan, the opportunity
                                         to receive the product of (i) the Eligible Shares and (ii) the “Aggregate Vesting
                                         Percentage” as calculated under Section 3, such product the “Earned Shares”.
                                         If the application of this Section 2(a) results in a fractional Earned Share, the number
                                         of Earned Shares shall be rounded up to the nearest whole Share. 

 

		(b)	Vesting
                                         and Delivery of Earned Shares. Provided you are employed (and at all times since
                                         the Date of Grant have been employed) by the Company on a Full-Time Basis (which, for
                                         purposes of this Award Agreement, means regularly scheduled to work 30 hours or more
                                         per week) and unless your right to receive the Earned Shares has been forfeited pursuant
                                         to Sections 3 or 4 below, then (subject to Section 13 below) you will be paid one-third
                                         (1/3) of the Earned Shares within 30 days of the Certification Date (as defined on the
                                         Notice of Grant), one-third (1/3) of the Earned Shares on the first anniversary of the
                                         Certification Date and one-third of the Earned Shares on the second anniversary of the
                                         Certification Date. If any of the first or second anniversaries of the Certification
                                         Date is a Saturday or Sunday or any other non-business day, then you will be paid the
                                         Earned Shares payable on that date on the next business day. For purposes of this Agreement,
                                         except where the Board otherwise determines, a Grantee who, immediately before taking
                                         a Company-approved leave of absence, was employed on a Full-Time Basis will be considered
                                         employed on a Full-Time Basis during the period of such Company-approved leave. 

 

Section
3. Calculation of Aggregate Vesting Percentage; Forfeiture of Unearned Shares

 

The
“Aggregate Vesting Percentage” is the total of the individual vesting percentages for each of the achieved
Performance Goals for the Performance Year as set forth on Exhibit B. All Eligible Shares, if any, which, due to the Aggregate
Vesting Percentage being less than 100% do not become Earned Shares, shall be immediately forfeited as of the Certification Date.

 

    3

     

    

 

Section
4. Effect of Termination of Affiliation or Cessation as Full-Time Employee

 

If
you have a Termination of Affiliation or cease to be employed on a Full-Time Basis for any reason, including termination by the
Company with or without Cause, voluntary resignation, change in employment status from full-time to part-time, death, or Disability,
the effect of such Termination of Affiliation or ceasing to be employed on a Full-Time Basis on all or any portion of the RSUs
is as provided below.

 

		(a)	If
                                         you have a Termination of Affiliation on account of death or Disability after the Certification
                                         Date, any Earned Shares that were forfeitable immediately before such Termination of
                                         Affiliation shall thereupon become non-forfeitable and the Company shall, promptly settle
                                         all such Earned Shares by delivery to you (or, after your death, to your personal representative
                                         or designated beneficiary) a number of unrestricted Shares equal to the aggregate number
                                         of your remaining Earned Shares;

 

		(b)	If
                                         you have a Termination of Affiliation on account of death or Disability before the Certification
                                         Date, within 30 days following the Certification Date the Company shall settle that number
                                         of your Eligible Shares which would have become Earned Shares as of the Certification
                                         Date but for your death or Disability;

 

		(c)	If
                                         you have a Termination of Affiliation after the Certification Date and during the period
                                         (“Change of Control Period”) commencing on a Change of Control and
                                         ending on the first anniversary of the Change of Control, which Termination of Affiliation
                                         is initiated by the Company or a Subsidiary other than for Cause, or initiated by the
                                         Grantee for Good Reason, then any Earned Shares that were forfeitable at the time of
                                         such Termination of Affiliation shall thereupon become non-forfeitable and the Company
                                         shall immediately settle all Earned Shares by delivery to you of a number of unrestricted
                                         Shares equal to the aggregate number of your remaining Earned Shares; 

 

		(d)	If
                                         you have a Termination of Affiliation before the Certification Date and during the Change
                                         of Control Period, which Termination of Affiliation is initiated by the Company or a
                                         Subsidiary other than for Cause, or initiated by the Grantee for Good Reason, then all
                                         of your Eligible Shares that would have become Earned Shares as of the Certification
                                         Date but for such Termination of Affiliation shall thereupon become Earned Shares and
                                         non-forfeitable and the Company shall within 30 days of the Certification Date settle
                                         all such Earned Shares by delivery to you a number of unrestricted Shares equal to the
                                         aggregate number of your Earned Shares;

 

		(e)	If
                                         you have a Termination of Affiliation for Cause or for any reason other than for (i)
                                         death or Disability or (ii) under the circumstances described above in Section 4(c) or
                                         (d), then your Eligible Shares (to the extent such Termination of Affiliation occurs
                                         before the Certification Date) or your Earned Shares (to the extent such Termination
                                         of Affiliation occurs after the Certification Date), to the extent forfeitable immediately
                                         before such Termination of Affiliation and to the extent permitted by the applicable
                                         Swiss law, shall thereupon automatically be forfeited and you shall have no further rights
                                         under this Award Agreement;

 

    4

     

    

 

		(f)	If
                                         you cease to be employed on a Full-Time Basis for any reason other than as provided above
                                         in Sections 4(c) or (d), your Eligible Shares (to the extent such Termination of Affiliation
                                         occurs before the Certification Date) or your Earned Shares (to the extent such Termination
                                         of Affiliation occurs after the Certification Date), to the extent forfeitable immediately
                                         before such cessation of employment on a Full-Time Basis and to the extent permitted
                                         by applicable Swiss law, shall thereupon automatically be forfeited and you shall have
                                         no further rights under this Award Agreement.

 

Section
5. Investment Intent

 

The
Grantee agrees that the Shares acquired pursuant to the vesting of one or more tranches of Earned Shares shall be acquired for
his/her own account for investment only and not with a view to, or for resale in connection with, any distribution or public offering
thereof within the meaning of the Securities Act of 1933 (the “1933 Act”) or other applicable securities laws. The
Company may, but in no event shall be required to, bear any expenses of complying with the 1933 Act, other applicable securities
laws or the rules and regulations of any national securities exchange or other regulatory authority in connection with the registration,
qualification, or transfer, as the case may be, of this Award Agreement or any Shares acquired hereunder. The foregoing restrictions
on the transfer of the Shares shall be inoperative if (a) the Company previously shall have been furnished with an opinion of
counsel, satisfactory to it, to the effect that such transfer will not involve any violation of the 1933 Act and other applicable
securities laws or (b) the Shares shall have been duly registered in compliance with the 1933 Act and other applicable state or
federal securities laws. If this Award Agreement, or the Shares subject to this Award Agreement, are so registered under the 1933
Act, the Grantee agrees that he will not make a public offering of the said Shares except on a national securities exchange on
which the shares of the Company are then listed.

 

Section
6. Non-transferability of RSUs, Eligible Shares and Earned Shares

 

No
rights under this Award Agreement relating to the RSUs or any undelivered Eligible Shares or Earned Shares may be sold, transferred,
pledged, assigned, or otherwise alienated or hypothecated, including, unless specifically approved by the Company, any purported
transfer to a current spouse or former spouse in connection with a legal separation or divorce proceeding. All rights with respect
to the RSUs or any undelivered Eligible Shares or Earned Shares granted to the Grantee shall be available during his or her lifetime
only to the Grantee.

 

Section
7. Restrictive Covenants

 

To
the extent permitted by applicable law, as a condition of this Award Agreement, the Grantee’s right to the RSUs or any Eligible
Shares or Earned Shares, and in addition to any restrictive agreements the Grantee may have entered into with the Company, the
Grantee accepts and agrees to be bound as follows:

 

		(a)	Non-disclosure
                                         of Award Agreement Terms. The Grantee agrees not to disclose or cause to be disclosed
                                         at any time, nor authorize anyone to disclose any information concerning this Award Agreement
                                         except (i) as required by law, or (ii) to the Grantee’s legal and financial advisors
                                         who agree to be bound by this Paragraph 7(a).

 

    5

     

    

 

		(b)	Non-competition.
                                         During the Grantee’s employment and until one year after the Grantee ceases
                                         being employed by or acting as a consultant or independent contractor to the Company
                                         or any Subsidiary, the Grantee will not perform services as an employee, director, officer,
                                         consultant, independent contractor or advisor, or invest in, whether in the form of equity
                                         or debt, or otherwise have an ownership interest in any company, entity or person that
                                         directly competes anywhere in the United States, the United Kingdom, Taiwan, or in any
                                         other location outside the United States, the United Kingdom or Taiwan where the Company
                                         or a Subsidiary conducts or (to the Grantee’s knowledge) plans to conduct business.
                                         Nothing in this Section 7(b) shall, however, restrict the Grantee from making an investment
                                         in and owning up to one-percent (1%) of the common stock of any company whose stock is
                                         listed on a national securities exchange or actively traded in an over-the-counter market;
                                         provided that such investment does not give the Grantee the right or ability to control
                                         or influence the policy decisions of any direct competitor of the Company or a Subsidiary.

 

		(c)	Non-interference.
                                         During the Grantee’s employment and until one year after the Grantee ceases
                                         being employed by or acting as a consultant or independent contractor to the Company
                                         or any Subsidiary, the Grantee will not, either directly or indirectly through another
                                         business or person, solicit, entice away, or otherwise interfere with any employee, customer,
                                         prospective customer, vendor, prospective vendor, supplier or other similar business
                                         relation or (to the Grantee’s knowledge) prospective business relation of the Company
                                         or any Subsidiary.

 

		(d)	Non-solicitation.
                                         During the Grantee’s employment and until one year after the Grantee ceases
                                         being employed by or acting as a consultant or independent contractor to the Company
                                         or any Subsidiary, the Grantee will not, either directly or indirectly through another
                                         business or person, hire, recruit, employ, or attempt to hire, recruit or employ, or
                                         facilitate any such acts by others, any person then currently employed by the Company
                                         or any Subsidiary.

 

		(e)	Confidentiality.
                                         The Grantee acknowledges that it is the policy of the Company and its subsidiaries
                                         to maintain as secret and confidential all valuable and unique information and techniques
                                         acquired, developed or used by the Company and its Subsidiaries relating to their businesses,
                                         operations, employees and customers (“Confidential Information”).
                                         The Grantee recognizes that the Confidential Information is the sole and exclusive property
                                         of the Company and its subsidiaries, and that disclosure of Confidential Information
                                         would cause damage to the Company and its Subsidiaries. The Grantee shall not at any
                                         time disclose or authorize anyone else to disclose any Confidential Information or proprietary
                                         information that (A) is disclosed to or known by the Grantee as a result or as a consequence
                                         of or through the Grantee’s performance of services for the Company or any Subsidiary,
                                         (B) is not publicly or generally known outside the Company and (C) relates in any manner
                                         to the Company’s business. This obligation will continue even though the Grantee’s
                                         employment with the Company or a Subsidiary may have terminated. This paragraph 7(e)
                                         shall apply in addition to, and not in derogation of any other confidentiality agreements
                                         that may exist, now or in the future, between the Grantee and the Company or any Subsidiary.

 

    6

     

    

 

		(f)	No
                                         Detrimental Communications. The Grantee agrees not to disclose or cause to be
                                         disclosed at any time any untrue, negative, adverse or derogatory comments or information
                                         about the Company or any Subsidiary, about any product or service provided by the Company
                                         or any Subsidiary, or about prospects for the future of the Company or any Subsidiary.

 

		(g)	Remedy.
                                         The Grantee acknowledges the consideration provided herein (absent the Grantee’s
                                         agreement to this Section 7) is more than the Company is obligated to pay, and the Grantee
                                         further acknowledges that irreparable harm would result from any breach of this Section
                                         and monetary damages would not provide adequate relief or remedy. Accordingly, the Grantee
                                         specifically agrees that, if the Grantee breaches any of the Grantee’s obligations
                                         under this Section 7, the Company and any Subsidiary shall be entitled to injunctive
                                         relief therefor, and in particular, without limiting the generality of the foregoing,
                                         neither the Company nor any Subsidiary shall be precluded from pursuing any and all remedies
                                         they may have at law or in equity for breach of such obligations. In addition, this Award
                                         Agreement and all of Grantee’s right hereunder shall terminate immediately the
                                         first date on which the Grantee engages in such activity and the Board shall be entitled
                                         on or after the first date on which the Grantee engages in such activity to require the
                                         Grantee to return any Shares obtained by the Grantee’s upon vesting of any Earned
                                         Shares to the Company and to require the Grantee to repay any proceeds received at any
                                         time from the sale of Shares obtained by the Grantee pursuant to the vesting of any Earned
                                         Shares (plus interest on such amount from the date received at a rate equal to the prime
                                         lending rate as announced from time to time in The Wall Street Journal) and to
                                         recover all reasonable attorneys’ fees and expenses incurred in terminating this
                                         Award Agreement and recovering such Shares and proceeds.

 

Section
8. Status of the Grantee

 

The
Grantee shall not be deemed a shareholder of the Company with respect to any of the Shares subject to this Award Agreement until
such time as the underlying Shares shall have been issued to him or her. The Company shall not be required to issue or transfer
any Shares pursuant to this Award Agreement until all applicable requirements of law have been complied with and such Shares shall
have been duly listed on any securities exchange on which the Shares may then be listed. Grantee (i) is not entitled to receive
any dividends or dividend equivalents, whether such dividends would be paid in cash or in kind, or receive any other distributions
made with respect to the RSUs or any undelivered Eligible Shares or Earned Shares , and (ii) does not have nor may he or she exercise
any voting rights with respect to any of the RSUs or any undelivered Eligible Shares or Earned Shares, in both cases (i) and (ii)
above, unless and until the actual Shares underlying any Earned Shares have been delivered pursuant to this Award Agreement.

 

Section
9. No Effect on Capital Structure

 

This
Award Agreement shall not affect the right of the Company to reclassify, recapitalize or otherwise change its capital or debt
structure or to merge, consolidate, convey any or all of its assets, dissolve, liquidate, windup, or otherwise reorganize.

 

    7

     

    

 

Section
10. Adjustments

 

Notwithstanding
any provision herein to the contrary, in the event of any change in the number of outstanding Shares effected without receipt
of consideration therefor by the Company, by reason of a merger, reorganization, consolidation, recapitalization, separation,
liquidation, stock dividend, stock split, share combination or other change in the corporate structure of the Company affecting
the Shares, the aggregate number and class of Shares subject to this Award Agreement shall be automatically adjusted to accurately
and equitably reflect the effect thereon of such change; provided, however, that any fractional share resulting from such adjustment
shall be eliminated. In the event of a dispute concerning such adjustment, the decision of the Board shall be conclusive.

 

Section
11. Amendments

 

This
Award Agreement may be amended only by a writing executed by the Company and the Grantee which specifically states that it is
amending this Award Agreement; provided that this Award Agreement is subject to the power of the Board to amend the Plan as provided
therein. Except as otherwise provided in the Plan, no such amendment shall materially adversely affect the Grantee’s rights
under this Award Agreement without the Grantee’s consent.

 

Section
12. Board Authority

 

Any
questions concerning the interpretation of this Award Agreement, any adjustments required to be made under Sections 10 or 11 of
this Award Agreement, and any controversy which arises under this Award Agreement shall be settled by the Board in its sole discretion.

 

Section
13. Withholding

 

At
the time any of the Earned Shares are delivered to you pursuant to this Award Agreement, the Company will be obligated to pay
withholding and social taxes on your behalf. Accordingly, the Company shall have the power to withhold, or require you to remit
to the Company, an amount sufficient to satisfy any such federal, state, local or foreign withholding tax or social tax requirements.
At the Company’s discretion, withholding may be taken from other compensation payable to you or may be satisfied by reducing
the number of Shares deliverable to you. If the Company elects to reduce the number of Shares deliverable to you and less than
the full value of a Share is needed to satisfy any applicable withholding taxes, the Company will distribute to you the value
of the remaining fractional share in cash in an amount equal to the Fair Market Value of a Share as of the Settlement Date multiplied
by the remaining fractional Share.

 

Section
14. Notice

 

Whenever
any notice is required or permitted hereunder, such notice must be given in writing Any notice required or permitted to be delivered
hereunder shall be effective upon receipt thereof by the addressee The Company or the Grantee may change, at any time and from
time to time, by written notice to the other, the address specified for receiving notices. Until changed in accordance herewith,
the Company’s address for receiving notices shall be Garmin Ltd., Attention: General Counsel, Mühlentalstrasse 2, 8200
Schaffhausen, Switzerland. Unless changed, the Grantee’s address for receiving notices shall be the last known address of
the Grantee on the Company’s records. It shall be the Grantee’s sole responsibility to notify the Company as to any
change in his or her address. Such notification shall be made in accordance with this Section 14.

 

    8

     

    

 

Section
15. Severability

 

If
any part of this Award Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness
or invalidity shall not serve to invalidate any part of this Award Agreement not declared to be unlawful or invalid. Any part
so declared unlawful or invalid shall, if possible, be construed in a manner which gives effect to the terms of such part to the
fullest extent possible while remaining lawful and valid. Additionally, if any of the covenants in Section 7 are determined
by a court to be unenforceable in whole or in part because of such covenant’s duration or geographical or other scope, such
court shall have the power to modify the duration or scope of such provision as the case may be, so as to cause such covenant,
as so modified, to be enforceable.

 

Section
16. Binding Effect

 

This
Award Agreement shall bind, and, except as specifically provided herein, shall inure to the benefit of the respective heirs, legal
representatives, successors and assigns of the parties hereto.

 

Section
17. Governing Law and Jurisdiction

 

This
Award Agreement and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws
of the State of Kansas without giving effect to the principles of the Conflict of Laws to the contrary. Except as otherwise provided
by mandatory forum requirements of the applicable law, the courts of the State of Kansas shall have exclusive jurisdiction with
regard to any disputes under the Plan. The Company shall retain,
however, in addition the right to bring any claim in any other appropriate forum.

 

    9

     

    

 

EXHIBIT
B

 

[PERFORMANCE
GOALS AND WEIGHTING PERCENTAGE ]

 

 

10

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