ZEBRA TECHNOLOGIES CORP — Director's Dealing 2010

Feb 12, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2010-02-11

Reporting Person: GAGNIER HUGH K (SVP Operations, SPS)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-02-11	Class A Common Stock	M	45000	$26.94	Acquired	45000	Direct
2010-02-11	Class A Common Stock	S	9700	$29.35	Disposed	35300	Direct
2010-02-11	Class A Common Stock	S	35300	$29.28	Disposed	21225	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-02-12	Employee Stock Option	$26.94	M	45000	Disposed	2010-03-03	Class A Common Stock (45000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (4960)	4960	Direct
Employee Stock Option	$18.17	2011-02-14	Class A Common Stock (11250)	11250	Direct
Employee Stock Option	$21.62	2012-02-08	Class A Common Stock (56250)	56250	Direct
Employee Stock Option	$25.23	2013-02-11	Class A Common Stock (29250)	29250	Direct
Employee Stock Option	$47.12	2014-02-11	Class A Common Stock (10500)	10500	Direct
Employee Stock Option	$51.62	2015-02-07	Class A Common Stock (9686)	9686	Direct
Employee Stock Option	$41.25	2017-04-25	Class A Common Stock (9334)	9334	Direct
Employee Stock Option	$36.49	2018-04-24	Class A Common Stock (14480)	14480	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (29122)	29122	Direct

Footnotes

F1: Of the shares subject to such option, 744 vested on February 6, 2007, 868 vested on February 6, 2008, 992 vested on February 6, 2009, 1,116 vest on February 6, 2010 and 1,240 vest on February 6, 2011.

F2: Of the shares subject to such option, 6,750 vested on February 17, 2001, 7,875 vested on February 17, 2002, 9,000 vested on February 17, 2003, 10,125 vested on February 17, 2004 and 11,250 vested on February 17, 2005.

F3: Of the shares subject to such option, 1,687 vested on February 14, 2002, 1,968 vested on February 14, 2003, 2,250 vested on February 14, 2004, 2,530 vested on February 14, 2005 and 2,815 vested on February 14, 2006.

F4: Of the shares subject to such option, 8,437 vested on February 8, 2003, 9,843 vested on February 8, 2004, 11,250 vested on February 8, 2005, 12,655 vested on February 8, 2006 and 14,065 vested on February 8, 2007.

F5: Of the shares subject to such option, 4,387 vested on February 11, 2004, 5,118 vested on February 11, 2005, 5,850 vested on February 11, 2006, 6,580 vested on February 11, 2007 and 7,315 vested on February 11, 2008.

F6: Of the shares subject to such option, 1,575 vested on February 11, 2005, 1,837 vested on February 11, 2006, 2,100 vested on February 11, 2007, 2,362 vested on February 11, 2008 and 2,626 vested on February 11, 2009.

F7: Of the shares subject to such option, 1,452 vested on February 7, 2006, 1,695 vested on February 7, 2007, 1,937 vested on February 7, 2008, 2,180 vested on February 7, 2009 and 2,422 vest on February 7, 2010.

F8: Of the shares subject to such option, 2,333 vested on April 25, 2008, 2,333 vested on April 25, 2009, 2,334 vest on April 25, 2010 and 2,334 vest on April 25, 2011.

F9: Of the shares subject to such option, 3,620 vested on April 24, 2009, 3,620 vest on April 24, 2010, 3,620 vest on April 24, 2011 and 3,620 vest on April 24, 2012.

F10: This stock appreciation right vests with respect to 7,280 shares on May 7, 2010, 7,280 shares on May 7, 2011, 7,281 shares on May 7, 2012 and 7,281 shares on May 7, 2013.