ZEBRA TECHNOLOGIES CORP — Director's Dealing 2010

Sep 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2010-08-31

Reporting Person: walsh william j (SVP and GM, ZES)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-31	Class A Common Stock	M	5486	$20.74	Acquired	24122	Direct
2010-08-31	Class A Common Stock	S	5486	$28.42	Disposed	18636	Direct
2010-08-31	Class A Common Stock	M	3640	$19.56	Acquired	22276	Direct
2010-08-31	Class A Common Stock	F	2910	$28.62	Disposed	19366	Direct
2010-09-01	Class A Common Stock	S	730	$29.19	Disposed	18636	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-08-31	Employee Stock Option	$20.74	M	5486	Disposed	2019-01-05	Class A Common Stock (5486)	Direct
2010-08-31	Stock Appreciation Right	$19.56	M	3640	Disposed	2019-05-07	Class A Common Stock (3640)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	18636	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (13800)	13800	Direct

Footnotes

F1: Of the shares subject to such option,5,486 vest on January 5, 2011; 5,486 vest on January 5, 2012; and 5,487 vest on January 5, 2013.

F2: Of the stock appreciation right shares subject to this SAR, 3,640 shares vest on May 7, 2011, 3,640 shares vest on May 7, 2012 and 3,641 shares vest on May 7, 2013.

F3: Of the stock appreciation right shares subject to this SAR, 3,450 shares vest on May 6, 2011, 3,450 shares vest on May 6, 2012, 3,450 shares vest on May 6, 2013 and 3,450 shares vest on May 6, 2014.