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: Townsend Joanne (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-05	Class A Common Stock	A	2149	—	Acquired	16561	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Stock Appreciate Right	$41.57	A	5841	Acquired	2021-05-05	Class A Common Stock (5841)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	14412	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$32.43	2018-03-17	Class A Common Stock (2500)	2500	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (10375)	10375	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (6400)	6400	Direct

Footnotes

F1: Of the shares subject to such option, 2,500 vested on March 17, 2009, 2,500 vested on March 17, 2010, 2,500 vested on March 17, 2011, and 2,500 vest on March 17, 2012.

F2: Of the stock appreciation right shares subject to this SAR, 3,458 shares vested on May 7, 2010, 3,458 shares vested on May 7, 2011, 3,458 shares vest on May 7, 2012 and 3,459 shares vest on May 7, 2013.

F3: Of the stock appreciation right shares subject to this SAR, 1,600 shares vested on May 6, 2011, 1,600 shares vest on May 6, 2012, 1,600 shares vest on May 6, 2013 and 1,600 shares vest on May 6, 2014.

F4: Of the stock appreciation right shares subject to this SAR, 1,460 shares vest on May 5, 2012, 1,160 shares vest on May 5, 2013, 1,460 shares vest on May 5, 2014 and 1,461 shares vest on May 5, 2015

F5: Restricted shares that vest on May 5, 2014.

F6: Includes 30 shares held prior to employment on March 17, 2008 and not previously reported.