My dad gave me his Swiss Army Watch, exactly like your red one, for graduating college. I've never seen another one before in my life, but it's that one.
Unfortunately, the resin casing wore away in the 15 years he had it and the watch is no longer produced by Swiss Army, so the watchband occasionally breaks. I learned this while hiking and luckily didn't lose the watch; it sits in a drawer now.
My father and I are looking for a suitable replacement "legacy" watch that I'll have for decades, like him and my grandfather have.
I think I'm going with this one:
My previous watch was neat. G-Shock Riseman.
This one has a fun story. I bought it when I was 14 from a jewelry store clerk who was hell-bent on swindling me out of $100. The watch was almost ten years old and nearing the end of it's functional life, but I bought in with all my savings. I wore it religiously for four years.
When I was 18, I wanted to go see a band called Queens of the Stone Age play live in NYC. I sold my kid brother the watch for $30 ticket money. I got sick the day of the concert and couldn't go.
That was the last time in my life I'd been sick. Harrison is still wearing the watch, but it's almost dead; when he pushes the Indiglo button, the numbers disappear for 5 minutes. I have seen Queens of the Stone Age twice since then, so I've recovered.