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 shareholders 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 made available for issuance. In June 2023, the shareholders approved an increase to the number of shares authorized to 150,000. The term of each award cannot exceed ten years. Awards are subject to a minimum one-year vesting period. In 2024, 2023, and 2022, there were 4,360, 6,004, and 6,008 RSUs granted under this plan, respectively. At December 28, 2024, approximately 29,040 shares were available for future issuance under the 2011 Directors 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 made available for issuance. In 2013 and 2024, the shareholders approved increases of an additional 3,000,000 and 5,000,000 shares, respectively, to the 2005 Plan, making the total shares authorized under the plan 18,000,000. 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 2024, 2023, and 2022, there were 998,321, 1,047,934, and 1,185,707 RSUs granted under the 2005 Plan, respectively. No stock options or SARs were granted under the 2005 Plan in 2024, 2023, or 2022. At December 28, 2024, approximately 5,218,680 shares were available for future issuance under the 2005 Plan.

In October 2000, the shareholders adopted an equity incentive plan (the “2000 Plan”) providing for grants of incentive and nonqualified stock options, SARs, restricted shares and/or performance shares to employees of the Company and its subsidiaries, pursuant to which up to 7,000,000 common shares were made 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 2024, 2023, or 2022. In February 2023, the Board of Directors approved the termination of the 2000 Plan, which was effective immediately.

A summary of the Company’s stock compensation activity and related information under the 2011 Directors Plan, the 2005 Plan, and the 2000 Plan for the years ended December 28, 2024, December 30, 2023, and December 31, 2022 is provided below:


	Restricted Stock Units
	Weighted-Average Grant Date Fair Value		Number of Shares
			(In Thousands)
Outstanding at December 25, 2021	$	107.60		1,513
Granted	$	98.39		1,192
Released/Vested	$	102.80		(805	)
Cancelled	$	111.12		(63	)
Outstanding at December 31, 2022	$	103.61		1,837
Granted	$	105.47		1,054
Released/Vested	$	103.61		(749	)
Cancelled	$	106.09		(456	)
Outstanding at December 30, 2023	$	104.10		1,686
Granted	$	143.82		1,003
Released/Vested	$	105.45		(877	)
Cancelled	$	106.92		(46	)
Outstanding at December 28, 2024	$	125.91		1,766

The weighted-average remaining contract life of restricted stock units at December 28, 2024 was 1.17 years. There were no outstanding options/SARs or any associated stock compensation activity during the years ended December 28, 2024, December 30, 2023, and December 31, 2022.

The total fair value of awards vested during 2024, 2023, and 2022, was $92,502, $77,626, and $82,734, respectively. The aggregate intrinsic value of RSUs outstanding at December 28, 2024 was $369,752. The aggregate intrinsic values of RSUs released during 2024, 2023, and 2022 were $183,639, $96,301, and $74,278, respectively. Aggregate intrinsic value of RSUs represents the applicable number of awards multiplied by the Company’s closing share price on the last trading day of the relevant fiscal period. The Company’s closing share price was $209.36 on December 28, 2024 (based on the closing share price on December 27, 2024). As of December 28, 2024, there was $166,301 of total unrecognized compensation cost related to unvested stock-based compensation awards granted to employees under the stock compensation plans. That cost is expected to be recognized over the remaining vesting period.

The shareholders have adopted an ESPP. Up to 10,000,000 common shares 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 Company's shares 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 2024, 2023, and 2022, there were 410,999, 524,774, and 687,370 shares purchased under the plan for a total purchase price of $49,617, $43,905, and $62,154, respectively. During 2024, 2023, and 2022, the purchases were issued from treasury shares. At December 28, 2024, approximately 1,851,761 shares were available for future issuance under the ESPP.

Certain subsidiaries of the Company sponsor various defined contribution employee retirement plans. Garmin International and the Company’s other U.S.-based subsidiaries sponsor a plan under which their employees may contribute up to 50% of their annual compensation subject to Internal Revenue Code maximum limitations and to which the subsidiaries contribute a specified percentage of each participant’s annual compensation up to certain limits as defined in the retirement plan. During the years ended December 28, 2024, December 30, 2023, and December 31, 2022, expense related to this and other defined contribution plans of $93,687, $84,609, and $80,435, respectively, was recorded within the Company’s consolidated statements of income.

Certain of the Company’s non-U.S. subsidiaries sponsor or participate in local defined benefit pension plans. The obligations, contributions, and associated expense of such plans for the years ended December 28, 2024, December 30, 2023, and December 31, 2022 were not material.