Clifton A. Pemble

President and CEO at GARMIN

Board

Since January 1, 2013

Age

59 years

Education

Holds BA degrees in Mathematics and Computer Science from MidAmerica Nazarene University.

Tenure

Joined in October 1989 as a Software Engineer, advancing through roles such as Software Engineering Manager, Director of Engineering, Vice President of Engineering, and Chief Operating Officer before becoming President and CEO in January 2013.

Also at GARMIN

MHK

Min H. Kao

Executive Chairman

ARE

Andrew R. Etkind

Vice President and Secretary

Brad Trenkle

co-Chief Operating Officer

About

Clifton A. Pemble has built a strong foundation with a solid educational background, holding BA degrees in Mathematics and Computer Science from MidAmerica Nazarene University.

Beginning his professional journey at GRMN in October 1989 as a Software Engineer, he steadily advanced through increasingly responsible roles. Over the years, he served as Software Engineering Manager, Director of Engineering, and Vice President of Engineering, which laid the groundwork for his leadership in the company.

In January 2013, he assumed the role of President and CEO, a position that highlights his significant contributions and long-standing commitment to innovation and growth at GRMN. His career progression and tenure reflect his deep technical expertise and business acumen, driving the company’s success in diverse markets.

$GRMN Performance Under Clifton A. Pemble

Past Roles

Organization	Role	Date Range
Garmin	President and Chief Operating Officer	October 2007 to December 2012
Garmin International, Inc.	Chief Operating Officer	October 2007 to December 2012
Garmin International, Inc.	Vice President, Engineering	2005 to October 2007
Garmin International, Inc.	Director of Engineering	2003 to 2005
Garmin International, Inc.	Software Engineering Manager	1995 to 2002
Garmin International, Inc.	Software Engineer	1989 to 1995

Fixed Compensation

Data from FY 2023

Component Name	Amount	Payment Schedule	Additional Details
Salary	$1,350,962	N/A	CHF Equivalent: CHF 1,134,943
Annual Holiday Bonus	$333	N/A	CHF Equivalent: CHF 280
401(k) Base Contribution	$16,500	N/A	CHF Equivalent: CHF 13,862
401(k) Company Matching	$22,500	N/A	CHF Equivalent: CHF 18,902
Health and Other Insurance	$35,346	N/A	CHF Equivalent: CHF 29,694

Performance Compensation

Data from FY 2023

Performance-Based RSUs (PC-RSUs)

Metric/Detail	Value
Grant Date	February 25, 2023
Threshold Shares	6,594 shares <br> (Note: Another section on plan-based awards cites 13,188 shares )
Target Shares	26,376 shares
Maximum Shares (Cap)	39,564 shares (150% of target)
Grant Date Fair Value (Target)	$2,450,067 <br> (CHF 2,058,301 )
Grant Date Fair Value (Max)	$3,675,100 <br> (CHF 3,087,451 )
Vesting Schedule	Three equal installments: <br> 1. Within 30 days of Certification Date <br> 2. First anniversary of Certification Date <br> 3. Second anniversary of Certification Date
Performance Metrics	Pre-established performance goals set by the Compensation Committee; specifics (metrics, weights) not disclosed

Time-Based RSUs

Metric/Detail	Value
Grant Date	December 15, 2023
Fixed Share Quantity	22,371 shares
Vesting Schedule	Three equal installments on: <br> 1. First anniversary <br> 2. Second anniversary <br> 3. Third anniversary of the grant date

Additional Details

The PC-RSUs payout is contingent upon the achievement of performance targets where the actual percentage of eligible shares earned ranges from 0% to 150% based on performance.
The grant date stock price is based on the closing price of Garmin shares on the NYSE on the respective grant dates, adjusted as dividend equivalents are not paid.
No further specifics on the actual performance metrics (e.g., weighting percentages, evaluation period details beyond the vesting schedule) are provided in the documents.