ZEBRA TECHNOLOGIES CORP — Director's Dealing 2011

May 11, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2011-05-09

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-09	Class A Common Stock	M	16065	$21.62	Acquired	46138	Direct
2011-05-09	Class A Common Stock	S	16065	$41.79	Disposed	30073	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-09	Employee Stock Option	$21.62	M	16065	Disposed	2012-02-08	Class A Common Stock (16065)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	30073	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	$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
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (15100)	15100	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (12516)	12516	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 vested on February 6, 2010 and 1,240 vested on February 6, 2011.

F2: 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.

F3: 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.

F4: 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.

F5: 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 vested on February 7, 2010.

F6: Of the shares subject to such option, 2,333 vested on April 25, 2008, 2,333 vested on April 25, 2009, 2,334 vested on April 25, 2010 and 2,334 vested on April 25, 2011.

F7: 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.

F8: Of the stock appreciation right shares subject to this SAR, 7,280 shares vested on May 7, 2010, 7,280 shares vested on May 7, 2011, 7,281 shares vest on May 7, 2012 and 7,281 shares vest on May 7, 2013.

F9: Of the stock appreciation right shares subject to this SAR, 3,775 shares vested on May 6, 2011, 3,775 shares vest on May 6, 2012, 3,775 shares vest on May 6, 2013 and 3,775 vest on May 6, 2014.

F10: Of the stock appreciation right shares subject to this SAR, 3,129 shares vest on May 5, 2012, 3,129 shares vest on May 5, 2013, 3,129 vest on May 5, 2014 and 3,129 shares vest on May 5, 2015.