ZEBRA TECHNOLOGIES CORP — Director's Dealing 2011

May 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2011-05-05

Reporting Person: Gerskovich Philip (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-05	Class A Common Stock	A	2851	—	Acquired	23599	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Stock Appreciation Right	$41.57	A	7748	Acquired	2021-05-05	Class A Common Stock (7748)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	20748	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$50.36	2015-03-10	Class A Common Stock (29786)	29786	Direct
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (23068)	23068	Direct
Employee Stock Option	$41.25	2017-04-25	Class A Common Stock (9697)	9697	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 (21842)	21842	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (9700)	9700	Direct

Footnotes

F1: Of the shares subject to such option, 4,467 vested on March 10, 2006, 5,212 vested on March 10, 2007, 5,958 vest on March 10, 2008, 6,702 vested on March 10, 2009 and 7,447 vested on March 10, 2010.

F2: Of the shares subject to such option, 3,460 vested on February 6, 2007, 4,036 vested on February 6, 2008, 4,613 vested on February 6, 2009, 5,191 vested on February 6, 2010 and 5,768 vested on February 6, 2011.

F3: Of the shares subject to such option, 2,424 vested on April 25, 2008, 2,424 vested on April 25, 2009, 2,424 vested on April 25, 2010 and 2,425 vested on April 25, 2011.

F4: Of the shares subject to such option, 3,620 vested on April 24, 2009, 3,620 vested on April 24, 2010, 3,620 vested on April 24, 2011 and 3,620 vest on April 24, 2012.

F5: Of the stock appreciation right shares subject to this SAR, 5,460 shares vested on May 7, 2010, 5,460 shares vested on May 7, 2011, 5,461 shares vest on May 7, 2012 and 5,461 shares vest on May 7, 2013.

F6: Of the stock appreciation right shares subject to this SAR, 2,425 shares vested on May 6, 2011, 2,425 shares vest on May 6, 2012, 2,425 shares vest on May 6, 2013 and 2,425 shares vest on May 6, 2014.

F7: Of the stock appreciation right shares subject to this SAR, 1,937 shares vest on May 5, 2012, 1,937 shares vest on May 5, 2013, 1,937 shares vest on May 5, 2014 and 1,937 shares vest on May 5, 2015..

F8: Restricted shares that vest on May 5, 2014.