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ZEBRA TECHNOLOGIES CORP Director's Dealing 2010

May 10, 2010

17736_dirs_2010-05-10_f5fafaf3-3b2a-4889-8476-a3fbe7265be0.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: GUSTAFSSON ANDERS (Director, Chief Executive Officer)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2010-05-06 Class A Common Stock A 41667 Disposed 145917 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2010-05-06 Stock Appreciation Right $27.82 A 111558 Acquired 2020-05-06 Class A Common Stock (111558) Direct

Holdings (Derivative)

Security Exercise Price Expiration Underlying Shares Ownership
Employee Stock Option $36.80 2012-09-04 Class A Common Stock (168750) 168750 Direct
Employee Stock Option $36.80 2017-09-04 Class A Common Stock (75000) 75000 Direct
Employee Stock Option $36.49 2018-04-24 Class A Common Stock (90000) 90000 Direct
Stock Appreciation Right $19.56 2019-05-07 Class A Common Stock (115000) 115000 Direct

Footnotes

F1: The option will vest with respect to specified percentages of the underlying shares upon the Company's achievement, prior to September 4, 2012, of pre-determined performance goals, measured by total stockholder return, as set forth in the LTI Non-qualified Stock Option Agreement applicable to such option.

F2: Of the shares subject to such option, 18,750 vested on September 4, 2008, 18,750 vested on September 4, 2009, 18,750 vest on September 4, 2010 and 18,750 vest on September 4, 2011.

F3: Of the shares subject to such option, 22,500 vested on April 24, 2009, 22,500 vested on April 24, 2010, 22,500 vest on April 24, 2011 and 22,500 vest on April 24, 2012.

F4: Of the stock appreciate righ shares subject to this SAR, 28,750 shares vested on May 7, 2010, 28,750 shares vest on May 7, 2011, 28,750 shares vest on May 7, 2012 and 28,750 shares vest on May 7, 2013.

F5: Of the stock appreciation right shares subject to this SAR, 27,890 shares vest on May 6, 2013, 27,890 shares vest on May 6, 2014, 55,778 shares vest on May 6, 2015.

F6: Restricted shares that will best on May 6, 2015.