The various Company stock compensation plans are summarized below. For all stock compensation plans, the Company’s policy is to issue treasury shares for option/stock appreciation right (SAR) exercises, restricted stock unit (RSU) releases and employee stock purchase plan (ESPP) purchases.

In June 2011, the stockholders adopted an equity incentive plan for non-employee directors (the “2011 Directors Plan”) providing for grants of stock options, SARs, RSUs and/or performance shares, pursuant to which up to 122,592 shares were available for issuance. The term of each award cannot exceed ten years. Awards are subject to a minimum one-year vesting period. In 2020, 2019, and 2018, 6,376, 8,016, and 10,376 RSUs were granted under this plan.

In June 2005, the shareholders adopted an equity incentive plan (the “2005 Plan”) providing for grants of incentive and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 10,000,000 common shares were available for issuance. In 2013, the shareholders approved an additional 3,000,000 shares to the plan, making the total shares authorized under the plan 13,000,000. Option and SAR grants vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. RSUs granted prior to December 10, 2012 vested evenly over a period of five years, while RSUs granted on and after that date vested or are vesting evenly over a period of three years. In addition to time-based vesting requirements, the vesting of certain RSU grants is also contingent upon the Company’s achievement of certain financial performance goals. During 2020, 2019, and 2018, 753,976, 786,346, and 1,040,001 RSUs were granted under the 2005 Plan. No SARs were granted under the 2005 Plan in 2020, 2019, or 2018.

In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive and nonqualified stock options, SARs, RSUs and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were available for issuance. The stock options and SARs vest evenly over a period of five years or as otherwise determined by the Board of Directors or the Compensation Committee and generally expire ten years from the date of grant, if not exercised. The Company did not grant any stock awards from the 2000 Plan in 2020, 2019, or 2018.

A summary of the Company’s stock-based compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, and the 2000 Plan for the years ended December 26, 2020, December 28, 2019, and December 29, 2018 is provided below:

	Stock Options and SARs
	Weighted-Average Exercise Price		Number of Shares
			(In Thousands)
Outstanding at December 30, 2017	$	48.94		392
Granted				—
Exercised	$	48.16		(304	)
Forfeited/Expired	$	83.01		(2	)
Outstanding at December 29, 2018	$	50.92		86
Granted				—
Exercised	$	49.07		(20	)
Forfeited/Expired				—
Outstanding at December 28, 2019	$	51.46		66
Granted				—
Exercised	$	51.23		(53	)
Forfeited/Expired				—
Outstanding at December 26, 2020	$	52.44		13

Exercisable at December 26, 2020	$	52.44		13
Expected to vest after December 26, 2020				—

Stock Options and SARs as of December 26, 2020
Exercise Price	Awards Outstanding		Remaining Life (Years)		Awards Exercisable
	(In Thousands)				(In Thousands)
$18.00 - $40.00		—		—		—
$40.01 - $60.00		13		3.97		13
$60.01 - $80.00		—		—		—
$80.01 - $100.00		—		—		—
$100.01 - $120.00		—		—		—
$120.01 - $140.00		—		—		—
		13		4		13

	Restricted Stock Units
	Weighted-Average Grant Date Fair Value		Number of Shares
			(In Thousands)
Outstanding at December 30, 2017	$	45.30		2,062
Granted	$	58.66		1,050
Released/Vested	$	42.55		(961	)
Cancelled	$	47.91		(52	)
Outstanding at December 29, 2018	$	53.17		2,099
Granted	$	85.93		794
Released/Vested	$	50.02		(1,053	)
Cancelled	$	58.62		(61	)
Outstanding at December 28, 2019	$	69.47		1,779
Granted	$	99.57		760
Released/Vested	$	64.07		(915	)
Cancelled	$	72.10		(42	)
Outstanding at December 26, 2020	$	86.98		1,582

The weighted-average remaining contract life for stock options and SARs outstanding and exercisable at December 26, 2020 were 3.97 years. The weighted-average remaining contract life of restricted stock units at December 26, 2020 was 1.18 years.

The total fair value of awards vested during 2020, 2019, and 2018, was $58,602, $52,780, and $41,092, respectively. The aggregate intrinsic values of options and SARs outstanding and exercisable at December 26, 2020 were $859. The aggregate intrinsic values of options and SARs exercised during 2020, 2019, and 2018 were $3,701, $952, and $4,452, respectively. The aggregate intrinsic value of RSUs outstanding at December 26, 2020 was $190,203. The aggregate intrinsic values of RSUs released during 2020, 2019, and 2018 were $109,952, $103,702, and $60,361, respectively. Aggregate intrinsic value of options and SARs represents the applicable number of awards multiplied by the positive difference between the exercise price and the Company’s closing stock price on the last trading day of the relevant fiscal period. Aggregate intrinsic value of RSUs represents the applicable number of awards multiplied by the Company’s closing stock price on the last trading day of the relevant fiscal period. The Company’s closing stock price was $120.21 on December 26, 2020 (based on the closing stock price on December 25, 2020). As of December 26, 2020, there was $98,315 of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the weighted average remaining vesting period.

The shareholders have adopted an ESPP. Up to 8,000,000 shares of common stock have been reserved for the ESPP. Shares are offered to employees at a price equal to the lesser of 85% of the fair market value of the stock on the date of purchase or 85% of the fair market value on the first day of the ESPP period. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During 2020, 2019, and 2018, 195,540, 451,625, and 463,066 shares, respectively, were purchased under the plan for a total purchase price of $15,955, $27,048, and $23,709, respectively. During 2020, 2019, and 2018, the purchases were issued from treasury shares. At December 26, 2020, approximately 1,860,115 shares were available for future issuance. On December 30, 2020, subsequent to Garmin’s fiscal 2020 year end, 215,143 shares were purchased under the plan for a total purchase price of $17,762.