ZEBRA TECHNOLOGIES CORP — Director's Dealing 2011

Dec 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2011-11-29

Reporting Person: NAUGHTON TODD R (VP and Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-11-29	Class A Common Stock	M	6750	$21.62	Acquired	20888	Direct
2011-11-29	Class A Common Stock	S	6750	$35.36	Disposed	14138	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-11-29	Employee Stock Option	$21.62	M	6750	Disposed	2012-02-08	Class A Common Stock (6750)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	14138	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (5883)	5883	Direct
Employee Stock Option	$51.62	2015-02-07	Class A Common Stock (7749)	7749	Direct
Employee Stock Option	$41.25	2017-04-25	Class A Common Stock (7273)	7273	Direct
Employee Stock Option	$36.49	2018-04-24	Class A Common Stock (5790)	5790	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (8009)	8009	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (2800)	2800	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (2384)	2384	Direct

Footnotes

F1: All such options vested on February 8, 2007.

F2: Of the shares subject to such option, 1,162 vested on February 7, 2006, 1,356 vested on February 7, 2007, 1,549 vested on February 7, 2008, 1,744 vested on February 7, 2009 and 1,938 vested on February 7, 2010.

F3: Of the shares subject to such option, 882 vested on February 6, 2007, 1,029 vested on February 6, 2008, 1,177 vested on February 6, 2009, 1,324 vested on February 6, 2010 and 1,471 vested on February 6, 2011.

F4: Of the shares subject to such option, 1,818 vested on April 25, 2008, 1,818 vested on April 25, 2009, 1,818 vested on April 25, 2010 and 1,819 vested on April 25, 2011.

F5: Of the shares subject to such option, 1,447 vested on April 24, 2009, 1,447 vested on April 24, 2010, 1,448 vested on April 24, 2011 and 1,448 vest on April 24, 2012.

F6: Of the stock appreciation right shares subject to this SAR, 2,002 shares vested on May 7, 2010, 2,002 shares vested on May 7, 2011, 2,002 shares vest on May 7, 2012 and 2,003 shares vest on May 7, 2013.

F7: Of the stock appreciation right shares subject to this SAR, 700 shares vested on May 6, 2011, 700 shares vest on May 6, 2012, 700 shares vest on May 6, 2013 and 700 shares vest on May 6, 2014.

F8: Of the stock appreciation right shares subject to this SAR, 596 shares vest on May 5, 2012, 596 shares vest on May 5, 2013, 596 shares vest on May 5, 2014, and 596 shares vest on May 5, 2015.