Garmin Ltd. 2009 Cash Incentive Bonus Plan
Bonus Objectives. The Garmin Ltd. 2009 Cash Incentive Bonus Plan (the “Plan”) provides for cash bonuses
to be paid to eligible employees of Garmin Ltd. (the “Company”) and its subsidiaries and is designed to provide a
performance incentive to reduce costs, increase efficiencies and foster growth of the business of the Company.
Performance Period . The performance period (“Performance Period”) is from December 28, 2008 through
December 26, 2009.
Timing of Bonus Payment . All bonus payments will be made no later than March 15, 2010.
Eligibility for Participation . This Plan is limited to a select group of individuals on the senior leadership team
who are selected by the Compensation Committee and notified in writing of their eligibility and their individual
bonus target. A selected employee is referred to herein as a "Participant."
Performance Goals. Applicable performance goals on which bonus payments will be based will be established
by the Compensation Committee and will relate to Company-wide objectives or objectives that are related to
performance of the individual Participant or of the division, department or function within the Company in which
the Participant works. Performance Goals may be expressed in absolute terms or relative terms, based on the
level of achievement compared against one or more prior fiscal years. The Compensation Committee will
separately establish the Performance Goals for 2009.
Eligibility for Bonus Payment. Each of the following criteria must be satisfied in order for a Participant to be
eligible to receive one or more bonus payments, if any under the Plan:
Bonus Calculation Formula. The bonus amount for each Participant will be based on (i) the Participant's
individual bonus target (“Individual Bonus Target”) and (ii) the Company's or Participant's level of achievement
toward the applicable Performance Goal. An applicable bonus payout table