ZEBRA TECHNOLOGIES CORP — Director's Dealing 2012

May 22, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2012-05-18

Reporting Person: LUDWICK ANDREW K (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-18	Class A Common Stock	A	1391	—	Acquired	12572	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-18	Stock Appreciation Right	$35.97	A	4031	Acquired	2022-05-18	Class A Common Stock (4031)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	11181	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option	$37.20	2018-05-22	Class A Common Stock (18000)	18000	Direct
Director Stock Option	$37.20	2018-05-22	Class A Common Stock (6000)	6000	Direct
Stock Appreciation Right	$21.83	2019-05-29	Class A Commomn Stock (6000)	6000	Direct
Stock Appreciation Right	$26.80	2020-05-20	Class A Common Stock (6000)	6000	Direct
Stock Appreciation Right	$42.36	2021-05-19	Class A Common Stock (3209)	3209	Direct

Footnotes

F1: Of the shares subject to such option, 4,500 vested on May 22, 2009, 4,500 vested on May 22, 2010, 4,500 vested on May 22, 2011 and 4,500 vested on May 22, 2012.

F2: This SAR vested in full on May 19, 2011.

F3: Fully vested on grant date.