ZEBRA TECHNOLOGIES CORP — Director's Dealing 2011

Dec 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2011-12-07

Reporting Person: SMITH MICHAEL A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-07	Class A Common Stock	M	3700	$21.62	Acquired	18381	Direct
2011-12-07	Class A Common Stock	S	3700	$38.17	Disposed	14681	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-07	Director Stock Option	$21.62	M	3700	Disposed	2012-02-08	Class A Common Stock (3700)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	13350	Indirect
Class A Common Stock	14681	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option	$46.18	2016-02-08	Class A Common Stock (20000)	20000	Direct
Director Stock Option	$37.20	2018-05-22	Class A Common Stock (2000)	2000	Direct
Stock Appreciation Right	$21.83	2019-05-29	Class A Common Stock (2000)	2000	Direct
Stock Appreciation Right	$26.80	2020-05-20	Class A Common Stock (2000)	2000	Direct
Stock Appreciation Right	$42.36	2021-05-19	Class A Common Stock (3209)	3209	Direct

Footnotes

F1: The option became fully exercisable on February 8, 2006.

F2: Of the shares subject to such option, 4,000 vested on February 8, 2007, 4,000 vested on February 8, 2008, 4,000 vested on February 8, 2009, 4,000 vested on February 8, 2010 and 4,000 vested on February 8, 2011.

F3: This SAR will vest 100% on the earlier of May 20, 2011 and immediately prior to the next annual meeting of stockholders at which directors are to be elected.

F4: Fully vested on grant date.