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: TERZICH MICHAEL H (SVP, Global Sales & Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-05	Class A Common Stock	A	4254	—	Acquired	33341	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-05	Stock Appreciation Right	$41.57	A	11563	Acquired	2021-05-05	Class A Common Stock (11563)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	29087	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (5767)	5767	Direct
Employee Stock Option	$25.23	2013-02-11	Class A Common Stock (5626)	5626	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 (10667)	10667	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 (19112)	19112	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (13800)	13800	Direct

Footnotes

F1: Of the shares subject to such option, 865 vested on February 6, 2007, 1,009 vested on February 6, 2008, 1,153 vested on February 6, 2009, 1,298 vested on February 6, 2010 and 1,442 vested on February 6, 2011.

F2: All shares subject to such option vested on February 11, 2008.

F3: 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.

F4: 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.

F5: Of the shares subject to such option, 2,666 vested on April 25, 2008, 2,667 vested on April 25, 2009, 2,667 vested on April 25, 2010 and 2,667 vested on April 25, 2011.

F6: 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.

F7: Of the stock appreciation right shares subject to this SAR, 6,370 shares vested on May 7, 2010, 6,370 shares vested on May 7, 2011, 6,371 shares vest on May 7, 2012 and 6,371 shares vest on May 7, 2013.

F8: Of the stock appreciation right shares subject to this SAR, 3,450 shares vested on May 6, 2011, 3,450 shares vest on May 6, 2012, 3,450 shares vest on May 6, 2013 and 3,450 shares vest on May 6, 2014.

F9: Of the stock appreciation right shares subject to this SAR, 2,890 shares vest on May 5, 2012, 2,891 shares vest on May 5, 2013, 2,891 shares vest on May 5, 2014 and 2,891 shares vest on May 5, 2015.

F10: Restricted shares that vest on May 5, 2014.