ZEBRA TECHNOLOGIES CORP — Director's Dealing 2012

May 2, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2012-04-30

Reporting Person: GUSTAFSSON ANDERS (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-30	Class A Common Stock	A	21483	—	Acquired	190710	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-30	Stock Appreciation Right	$38.79	A	62289	Acquired	2022-04-30	Class A Common Stock (62289)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	169227	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$36.80	2012-09-04	Class A Common Stock (168750)	168750	Direct
Employee Stock Option	$36.80	2017-09-04	Class A Common Stock (75000)	75000	Direct
Employee Stock Option	$36.49	2018-04-24	Class A Common Stock (90000)	90000	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (115000)	115000	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (120299)	120299	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (54484)	54484	Direct

Footnotes

F1: The option will vest with respect to specified percentages of the underlying shares upon the Company's achievement, prior to September 4, 2012, of pre-determined performance targets, measured by total stockholder return, as set forth in the LTI Non-qualified Stock Option Agreement applicable to such option.

F2: Of the shares subject to such option, 18,750 vested on September 4, 2008, 18,750 vested on September 4, 2009, 18,750 vested on September 4, 2010 and 18,750 vested on September 4, 2011.

F3: Of the shares subject to such option, 22,500 vested on April 24, 2009, 22,500 vested on April 24, 2010, 22,500 vested on April 24, 2011 and 22,500 vested on April 24, 2012.

F4: Of the stock appreciation right shares subject to this SAR, 28,750 shares vested on May 7, 2010, 28,750 shares vest on May 7, 2011, 28,750 shares vest on May 7, 2012 and 28,750 shares vest on May 7, 2013.

F5: Of the stock appreciation right shares subject to this SAR, 30,074 shares vest on May 6, 2013, 30,074 shares vest on May 6, 2014, and 60,151 shares vest on May 6, 2015.

F6: Of the stock appreciation right shares subject to this SAR, 13,621 shares vest on May 5, 2012, 13,621 shares vest on May 5, 2013, 13,621 shares vest on May 5, 2014 and 13,621 shares vest on May 5, 2015.

F7: Restricted shares that vest on April 30, 2015.

F8: Of the stock appreciation right shares subject to this SAR, 15,572 shares vest on April 30, 2013, 15,572, vest on April 30, 2014, 15,572, vest on April 30, 2015 and 15,573 vest on April 30, 2016