Document:

Exhibit
10.6

      

      Garmin
Ltd.

      Amended
and Restated 2000 Non-Employee Directors' Option Plan

      as
amended and restated on June 27, 2010

      

      Stock
Option Agreement

      

      Garmin
Ltd., (the “Company”), grants to __________________, an option (the “Option”) to
purchase that number of the Company’s shares, CHF 10 par value per share
(“Shares”), all subject to the terms and conditions, in the attached Exhibit A
and in the Garmin Ltd. Amended and Restated 2000 Non-Employee Directors' Option
Plan, as may from time to time be amended (the “Plan”), a copy of which is
attached.  Please refer to the Plan documents for definitions of terms
used in this Agreement and Exhibit A.

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      
                                        
                                          
                                            
                                              
                                                	      
                                                        Grant
      Date

                                                      	      
                                                        ____________________

                                                      	 	 	 
	      
                                                        Expiration
      Date

                                                      	      
                                                        ____________________

                                                      	 	 	 
	 	 	 	 	 
	      
                                                        Number
      of Shares

                                                      	      
                                                        ____________________

                                                      	 	 	 
	      
                                                        Option
      Price

                                                      	      
                                                        $___________________

                                                      	 	 	 
	 	 	 	 	 
	
                                                        Exercisability

                                                      	
                                                        Time Elapsed Since Grant

                                                      	 	
                                                        Percentage Exercisable

                                                      	 
	 
      	 
      	 	 	 
	 
      	
                                                        Less
      than 1 year

                                                      	 	 	0	%
	 
      	
                                                        1
      year but less than 2 years

                                                      	 	 	33-1/3	%
	 
      	
                                                        2
      years but less than 3 years

                                                      	 	 	66-2/3	%
	 
      	
                                                        3
      years or more

                                                      	 	 	100	%

                                              

                                            

                                          

                                        

                                      

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

      

      Please
indicate your acceptance of this Agreement and Exhibit A by entering your
OptionsLink password and clicking on the “Accept” button on the previous
screen.  Responses should be delivered electronically within 10 days
of your receipt.

       

      
        
          
            	 
      	
                    Garmin
      Ltd.

                  
	 
      	 
      	 
      	 
      
	 
      	
                    By:

                  	 
      	 
      

          

        

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      EXHIBIT
A

      to

      Garmin
Ltd. 2000 Amended and Restated

      Non-Employee
Directors' Option Plan

      Stock
Option Agreement

       

      1.           Manner of
Exercise.  This Option may be exercised by delivering to the
Company (or its authorized agent), during the period in which the Option is
exercisable, (i) a written notice to purchase a specific number of Shares under
this Option, and (ii) full payment of the Option Price.  Payment of
the Option Price shall be made by any one or more of the following:

       

      (a) as
instructed by the Committee; or

       

      (b) the
sale of the Shares acquired on exercise of this Option (i) through a
broker-dealer to whom you have submitted an irrevocable notice of exercise and
irrevocable instructions to deliver promptly to the Company the amount of sale
or loan proceeds sufficient to pay for the Shares, or (ii) through simultaneous
sale through a broker of Shares acquired on exercise, as permitted by Regulation
T of the Federal Reserve Board.

       

      The
exercise will become effective on the date on which both such notice and full
payment have been actually received by the Company (which date must be before
the Expiration Date shown on the Stock Option Agreement).  You will
not have any rights as a shareholder of the Company with respect to the Shares
that you receive upon exercise of this Option until the Shares are issued to
your account .

       

      2.           Exercise upon death or
Disability.  This Option shall become fully exercisable upon
your Termination of Affiliation due to death or Disability, and will remain
exercisable until the earlier of one year after your Termination of Affiliation
or the Expiration Date.  After death, the executor or administrator of
your estate, your heirs or legatees, or beneficiary designated in accordance
with the Plan, as applicable, may exercise this Option at any time during the
Option Term.

       

      3.           Exercise Upon Change of
Control.  If a Change of Control occurs and, within one year
thereafter, your service as a director is terminated (a) by the Company
other than for Cause, (b) because, despite your willingness to be slated,
you were not slated for reelection, or (c) having been slated for
reelection, you were not reelected, then your options, whether or not previously
exercisable, shall be fully exercisable upon the later of such termination of
your service and shall remain exercisable for the balance of their initial term,
notwithstanding Section 5 of this Agreement.  The preceding
provision shall not apply if you were terminated on or after reaching Mandatory
Retirement Age, or if you would have reached Mandatory Retirement Age during
your ensuing term if you were to be reelected.

       

      4.           Termination for
Cause.  This Option shall terminate immediately and any
unexercised portion shall be forfeited immediately upon your Termination of
Affiliation by the Company for Cause.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      5.           Exercise After
Termination.  This Option may be exercised only while you are
serving on the Board of Directors, except as described in Sections 2 or 3, or as
follows:

       

      (a)  Except
as provided in Section 3, you are removed from the Board by the Company for any
reason other than for Cause including, but not limited to, the Company's
decision not to slate you for reelection, you may exercise this Option to the
extent the Option is vested immediately prior to such termination, at any time
during the first 12 months after your Termination of
Affiliation.  This Section 5(a) does not apply if you are slated for
reelection but not elected.

       

      (b)  If
you have a Termination of Affiliation for any reason not described in Sections
2, 3, 4 or 5(a), including your failure to be reelected to the Board or
voluntary resignation, you may  exercise this Option to the extent
vested immediately prior to such termination, at any time during the first 6
months after your Termination of Affiliation.

       

      Under no
circumstances can this Option be exercised on or after the Expiration
Date.

       

      6.           Transfer of
Option.  This Option is not generally transferable except by
will or the laws of descent and distribution and is exercisable during your
lifetime only by you or your guardian or legal representative; provided, that
this Option may be transferred prior to your death on such terms and conditions
as the Committee may prescribe from time to time to one or any combination of
the following:  (a) your child, stepchild, grandchild, parent,
stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or
sister-in-law, (including adoptive relationships), (b) any person sharing your
household (other than a tenant or employee), (c) a trust in which persons
described in (a) or (b) have more than 50% of the beneficial interest, (d) a
foundation in which you or persons described in (a) or (b)  own more
than 50% of the voting interests; provided such transfer is not for
value.  The following shall not be considered transfers for
value:  (i) a transfer under a domestic relations order in settlement
of marital property rights; and (ii) a transfer to an entity in which more than
50% of the voting interests are owned by you or persons described in (a) or (b)
above, in exchange for an interest in that entity.

       

      7.           Amendments.  This
Agreement may be amended only by a writing executed by the Company and you which
specifically states that it is amending this Agreement; provided that this Agreement
is subject to the power of the Board to amend the Plan as provided therein,
except that no such amendment shall adversely affect your rights under this
Agreement without your consent.

       

      9.           Notices.  Any
notice to be given under the terms of this Agreement to the Company shall be
addressed to the Company, Attention: General Counsel, Vorstadt 40/42, 8200
Schaffhausen, Switzerland.  Any notice to be given to you shall be
addressed to you at the address listed in the Company’s records.  By a
notice given pursuant to this Section, either party may designate a different
address for notices.  Any notice shall have been deemed given when
actually delivered.

       

      10.         Severability.  If
any part of this 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 Agreement not declared to be unlawful or
invalid.  Any part so declared unlawful or invalid shall, if possible,
be construed in a manner that gives effect to the terms of such part to the
fullest extent possible while remaining lawful and valid.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      11.         Applicable
Law.  This Agreement shall be governed by the substantive laws
of Kansas without regard to principles governing conflicts of
laws.  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.

      

      12.         Compliance with
Laws.  Upon the request by the Company, you agree to deliver to
the Company at the time of any complete or partial exercise of this Option a
written representation that the Shares being acquired upon such exercise are
being acquired for investment and not for resale or with a view to the
distribution thereof.  You hereby consent to any withholding and other
actions that the Company deems reasonably necessary to enable the Company to
obtain the benefit of an income tax deduction under the Internal Revenue Code of
1986, as amended, and any related state or local income tax laws.

      

      13.         Counterparts.  This
Agreement may be executed in any number of counterparts, each of which shall be
considered an original, and such counterparts shall, together, constitute and be
one and the same instrument.Exhibit
10.7

    

    GARMIN
LTD.

    2005
EQUITY INCENTIVE PLAN

    as
amended and restated on June 27, 2010

    PERFORMANCE
SHARES AWARD AGREEMENT

    

    To:      _______________________
("you" or the "Grantee")

     

    Date of
Grant:           ______________________________

     

    NOTICE OF
GRANT:

     

    You have
been granted performance shares ("Performance Shares") relating to
the   shares, CHF 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 5, 2009 and on June 27, 2010
(the "Plan"), and the Award Agreement between you and Garmin Ltd. (the
"Company"), attached as Exhibit A.  Provided you satisfy the
conditions set forth in this Notice of Grant and Exhibit A, the Company agrees
to pay you Shares as follows:

     

    
      
        	
                Number
      of Performance Shares Granted:

              	 	
                ______________
      Shares

              
	 
      	 	 
      
	
                Performance
      Condition Required for Grantee To Receive Award

              	 	
                For
      the period commencing _______ and ending __________, (the "Performance
      Period"), the growth in the Company's Operating Income (as presented in
      the Company’s annual audited consolidated financial statements included in
      its annual reports on Form 10-K) must equal or exceed
    _____%

              
	 
      	 	 
      
	
                Date
      Grantee Must Be Employed To Receive Award :

              	 	
                ______________,
      2012*

              
	 
      	 	 
      
	
                Date
      Payable:

              	 	
                ______________,
      2012**

              

      

    

    

    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 capitalized terms used in this
Agreement.

     

    To
properly accept these Performance Shares, you must enter your E*Trade password
and click the "Accept" button on the previous screen. Acceptances shall be made
electronically within ten (10) days of your receipt of this Notice and Award
Agreement.  By
accepting these Performance Shares, you are also agreeing to be bound by Exhibit
A, including the restrictive covenants in Section 6 of Exhibit A.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        
          
            
              	
                      GARMIN
      LTD.

                    
	 
      	 
      	 
      
	
                      By:

                    	
                      /s/  Min H. Kao

                    	 
      
	
                      Name:

                    	
                      Min
      H. Kao

                    	 
      
	
                      Title:

                    	
                      Chairman
      and CEO

                    	 
      

            

          

        

      

    

    

    *Third
Anniversary of Date of Grant

     

    
      
         

      

      
        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 Performance 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 that
number of unrestricted Shares identified opposite the heading "Number of
Performance Shares Granted" (the "Performance Shares") on the Notice of
Grant.  All Performance Shares are forfeitable until such time as they
become nonforfeitable as provided herein.  Provided (1) that
performance condition above identified opposite the heading "Performance
Condition Required for Grantee To Receive Award" on the Notice of Grant is
satisfied and (2) 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 Performance Shares has been
forfeited pursuant to Section 3 below, your Performance Shares will become
nonforeitable and you will be paid a number of unrestricted Shares (subject to
Section 12 below) equal to the aggregate number of Performance Shares on the
date above identified opposite the heading "Date Payable" on the Notice of
Grant.1  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.

            	
              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 Performance
Shares is as provided below.

     

    
      	
               
      

            	
              (a)

            	
              If
      at the end of the applicable Performance Period, the Performance Condition
      set forth on the Notice of Grant is achieved but you incurred a
      Termination of Affiliation on account of death or Disability, the
      Performance Shares shall thereupon become nonforfeitable and the Company
      shall, promptly settle all Performance Shares by delivery to you (or,
      after your death, to your personal representative or designated
      beneficiary) a number of unrestricted Shares equal to the number of your
      Performance Shares.

            

    

     

    
      

    

    1 If on
the Date Payable, the Company has not had sufficient time to make a
determination of whether the applicable performance condition has been
satisfied, the Date Payable may be extended by the Company for up to 90-days
after the original Date Payable.  In addition, if the Date Payable (as
extended, if applicable) is a Saturday or Sunday or any other non-business day,
then the Performance Shares payable to you on that date will be paid to you on
the next business day.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (b)

            	
              If
      you have a Termination of Affiliation 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 your Performance Shares
      that were forfeitable shall thereupon become nonforfeitable and the
      Company shall immediately settle all Performance Shares by delivery to you
      a number of unrestricted Shares equal to the number of your Performance
      Shares.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      you have a Termination of Affiliation for Cause or for any reason other
      than for death or Disability, or under the circumstances described
      immediately above in Section 3(b), your Performance Shares, 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. 

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      you cease to be employed on a Full-Time Basis for any reason other than
      for death or Disability, your Performance Shares, 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.

            

    

     

    
      	  	
              Section
      4.

            	
              Investment
      Intent

            

    

     

    The
Grantee agrees that the Shares acquired pursuant to the vesting of one or more
tranches of Performance 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
      5.

            	
              Nontransferability
      of Performance Shares

            

    

     

    No rights
under this Award Agreement relating to the Performance 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 Performance Shares granted to
the Grantee shall be available during his or her lifetime only to the
Grantee.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    
      	  	
              Section
      6.

            	
              Restrictive
      Covenants

            

    

     

    As a
condition of this Award Agreement, the Grantee's right to the Performance
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)

            	
              Nondisclosure
      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
  6(a).

            

    

     

    
      	
               
      

            	
              (b)

            	
              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 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 6(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)

            	
              Noninterference.  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)

            	
              Nonsolicitation.  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 6(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.

            

    

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (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 6) 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 6, 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
      Performance 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 Performance 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
      7.

            	
              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 Performance Shares
and (ii) does not have nor may he or she exercise any voting rights with respect
to any of the Performance Shares, in both cases (i) and (ii) above, unless and
until the actual Shares underlying the Performance Shares have been delivered
pursuant to this Award Agreement.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    
      	  	
              Section
      8.

            	
              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
      9.

            	
              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
      10.

            	
              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
      11.

            	
              Board
      Authority

            

    

     

    Any
questions concerning the interpretation of this Award Agreement, any adjustments
required to be made under Sections 9 or 10 of this Award Agreement, and any
controversy which arises under this Award Agreement shall be settled by the
Board in its sole discretion.

     

    
      	  	
              Section
      12.

            	
              Withholding

            

    

     

    At the
time the Performance Shares are delivered to you pursuant to this Award
Agreement, the Company will be obligated to pay withholding 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 and 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 Performance Shares deliverable to you.  If the Company
elects to reduce the number of Performance Shares deliverable to you and less
than the full value of a Performance 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 Date Payable multiplied by the remaining fractional Performance
Share.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	  	
              Section
      13.

            	
              Notice

            

    

     

    Whenever
any notice is required or permitted hereunder, such notice must be given in
writing by (a) personal delivery, or (b) expedited, recognized delivery service
with proof of delivery, or (c) United States Mail, postage prepaid, certified
mail, return receipt requested, or (d) telecopy or email (provided that the
telecopy or email is confirmed) provided, however, that the exercise of an
option to receive shares out of conditional capital must be made by way of a
document signed by the Grantee.  Any notice required or permitted to
be delivered hereunder shall be deemed to be delivered on the date which it was
personally delivered, sent to the intended addressee, or, whether actually
received or not, on the third business day after it is deposited in the United
States mail, certified or registered, postage prepaid, addressed to the person
who is to receive it at the address which such person has theretofore specified
by written notice delivered in accordance herewith. 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, Vorstadt 40/42, 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 13.

     

    
      	  	
              Section
      14.

            	
              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 6 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
      15.

            	
              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
      16.

            	
              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.

     

    
      
         

      

      
        8

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