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ZEBRA TECHNOLOGIES CORP Director's Dealing 2010

May 10, 2010

17736_dirs_2010-05-10_04ee05ad-3f47-480f-97e2-0d59a7e5fd1d.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2010-05-06

Reporting Person: SMILEY MICHAEL C (Chief Financial Officer)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2010-05-06 Class A Common Stock A 5500 Acquired 23878 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2010-05-06 Stock Appreciation Right $27.82 A 15100 Acquired 2020-05-06 Class A Common Stock (15100) Direct

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Employee Stock Option $37.67 2018-05-01 Class A Common Stock (11700) 11700 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, 2,925 vested on May 1, 2009, 2,925 vested on May 1, 2010, 2,925 vest on May 1, 2011, and 2,925 vest on May 1, 2012.

F2: Of the stock appreciation right shares subject to this SAR, 7,280 shares vest on May 7, 2010, 7,280 shares vest on May 7, 2011, 7,281 shares vest on May 7, 2012 and 7,281 shares vest on May 7, 2013.

F3: Restricted shares that will vest on May 6, 2013.

F4: Of the stock appreciation right shares subject to this SAR, 3,775 shares vest on May 6, 2011, 3,775 shares vest on May 6, 2012, 3,775 shares vest on May 6, 2013 and 3,775 shares vest on May 6, 2014.