SEC Contract Filing

Filing Date: 2020-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>f8k022420ex10-4_garmin.htm
<DESCRIPTION>FORM OF RESTRICTED STOCK UNIT AWARD AGREEMENT PURSUANT TO THE GARMIN LTD. 2005 EQUITY INCENTIVE PLAN, FOR AWARDS OF PERFORMANCE-BASED AND TIME-BASED VESTING RESTRICTED STOCK UNIT AWARDS TO CANADIAN GRANTEES WHO ARE NOT EXECUTIVE OFFICERS
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GARMIN LTD.<BR>
2005 EQUITY INCENTIVE PLAN<BR>
as amended and restated on June 7, 2019<BR>
RESTRICTED STOCK UNIT AWARD AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Performance-Based and Time-Based Vesting)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(For Canadian Grantees)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
 <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt"><B>To:</B></FONT></TD>
 <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">_______________________ (&ldquo;<U>you</U>&rdquo; or the &ldquo;<U>Grantee</U>&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-size: 10pt"><B>Date of Grant: </B></FONT></TD>
 <TD><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-size: 10pt"><B>Performance Year:</B></FONT></TD>
 <TD><FONT STYLE="font-size: 10pt">_______________________</FONT></TD></TR>
<TR STYLE="vertical-align: top">
 <TD>&nbsp;</TD>
 <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
 <TD><FONT STYLE="font-size: 10pt"><B>Total Shares Subject to RSUs:</B></FONT></TD>
 <TD><FONT STYLE="font-size: 10pt">_______________________ (the &ldquo;<U>Eligible Shares</U>&rdquo;)</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase"><B><U>Notice
of Grant</U>:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You have been granted
restricted stock units (&ldquo;<U>RSUs</U>&rdquo;) relating to the registered shares, CHF 0.10 par value per share, of Garmin Ltd.
(&ldquo;<U>Shares</U>&rdquo;), subject to the terms and conditions of the Garmin Ltd. 2005 Equity Incentive Plan, as amended and
restated effective June 7, 2019 (the &ldquo;<U>Plan</U>&rdquo;) and the Award Agreement between you and Garmin Ltd. (the &ldquo;<U>Company</U>&rdquo;),
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:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">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 &ldquo;<U>Earned Shares</U>&rdquo;), is based on the satisfaction of one or more of the pre-established performance goals
(the &ldquo;<U>Performance Goals</U>&rdquo;) for the Company&rsquo;s fiscal year listed above opposite the heading &ldquo;Performance
Year&rdquo; 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.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">At a meeting of the Company&rsquo;s Compensation Committee following the end of the Performance Year
(the &ldquo;<U>Certification Date</U>&rdquo;), the Company&rsquo;s Compensation Committee will assess the achieved level of performance
and certify the goal(s) achievement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">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