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 2021, 2020, and 2019, there were 4,180, 6,376, and 8,016 RSUs granted under this plan, respectively.

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 vest 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 2021, 2020, and 2019, there were 866,614, 753,976, and 786,346 RSUs granted under the 2005 Plan, respectively. No SARs were granted under the 2005 Plan in 2021, 2020, or 2019.

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 2021, 2020, or 2019.

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 25, 2021, December 26, 2020, and December 28, 2019 is provided below:


	Stock Options and SARs
	Weighted-Average Exercise Price		Number of Shares
			(In Thousands)
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
Granted				—
Exercised	$	52.44		(13	)
Forfeited/Expired				—
Outstanding at December 25, 2021				—

Exercisable at December 25, 2021				—
Expected to vest after December 25, 2021				—


	Restricted Stock Units
	Weighted-Average Grant Date Fair Value		Number of Shares
			(In Thousands)
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
Granted	$	116.40		871
Released/Vested	$	80.12		(884	)
Cancelled	$	95.79		(56	)
Outstanding at December 25, 2021	$	107.60		1,513

The weighted-average remaining contract life of restricted stock units at December 25, 2021 was 1.17 years.

The total fair value of awards vested during 2021, 2020, and 2019, was $70,796, $58,602, and $52,780, respectively. The aggregate intrinsic values of options and SARs exercised during 2021, 2020, and 2019 were $1,040, $3,701, and $952, respectively. The aggregate intrinsic value of RSUs outstanding at December 25, 2021 was $203,457. The aggregate intrinsic values of RSUs released during 2021, 2020, and 2019 were $118,825, $109,952, and $103,702, 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 $134.48 on December 25, 2021 (based on the closing stock price on December 23, 2021). As of December 25, 2021, there was $110,719 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 2021, 2020, and 2019, there were 385,211, 195,540, and 451,625 shares purchased under the plan for a total purchase price of $34,936, $15,955, and $27,048, respectively. During 2021, 2020, and 2019, the purchases were issued from treasury shares. At December 25, 2021, approximately 1,474,904 shares were available for future issuance. On December 30, 2021, subsequent to Garmin’s fiscal 2021 year end, 179,454 shares were purchased under the plan for a total purchase price of $20,853.