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: SMILEY MICHAEL C (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-05	Class A Common Stock	A	4605	—	Acquired	28483	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Stock Appreciation Right	$41.57	A	12516	Acquired	2021-05-05	Class A Common Stock (12516)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	23878	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$37.67	2018-05-01	Class A Common Stock (11700)	11700	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

Footnotes

F1: Of the shares subject to such option, 2,925 vested on May 1, 2009, 2,925 vested on May 1, 2010, 2,925 vested on May 1, 2011, and 2,925 vest on May 1, 2012.

F2: 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.

F3: 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 shares vest on May 6, 2014.

F4: 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 shares vest on May 5, 2014 and 3,129 shares vest on May 5, 2015.

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