ZEBRA TECHNOLOGIES CORP — Director's Dealing 2011

Mar 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2011-03-21

Reporting Person: Townsend Joanne (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-03-21	Class A Common Stock	M	7500	$32.43	Acquired	21097	Direct
2011-03-21	Class A Common Stock	S	7245	$36.87	Disposed	13852	Direct
2011-03-21	Class A Common Stock	M	1120	$19.56	Acquired	14972	Direct
2011-03-22	Class A Common Stock	S	560	$37.21	Disposed	14412	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-21	Employee Stock Option	$32.43	M	7500	Disposed	2018-03-17	Class A Common Stock (10000)	Direct
2011-03-21	Stock Appreciation Right	$19.56	M	3458	Disposed	2019-05-07	Class A Common Stock (13833)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	13597	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
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 vest 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 vest 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: Includes 30 shares held prior to employment on March 17, 2008 and not previously reported.