ZEBRA TECHNOLOGIES CORP — Director's Dealing 2011

Feb 18, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2011-02-17

Reporting Person: KEYSER RICHARD L (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-17	Class A Common Stock	P	5000	$39.30	Acquired	8000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	3000	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option	$35.75	2018-06-16	Class A Common Stock (18000)	18000	Direct
Stock Appreciation Right	$21.83	2019-05-29	Class A Common Stock (6000)	6000	Direct
Stock Appreciation Right	$26.80	2020-05-20	Class A Common Stock (6000)	6000	Direct

Footnotes

F1: Of the shares subject to such option, 4,500 vested on June 16, 2009, 4,500 vested on June 16, 2010, 4,500 vest on June 16, 2011 and 4,500 vest on June 16, 2012.

F2: 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.