ZEBRA TECHNOLOGIES CORP — Director's Dealing 2012

May 10, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2012-05-09

Reporting Person: Townsend Joanne (VP Human Resources)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-09	Class A Common Stock	S	2288	$37.70	Disposed	13757	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	16045	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$32.43	2018-03-17	Class A Common Stock (2500)	2500	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (6916)	3459	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (6400)	6400	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (5841)	5841	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (6852)	6852	Direct

Footnotes

F1: Of the shares subject to such option, 2,500 vested on March 17, 2012.

F2: Of the stock appreciation right shares subject to this SAR, 3,459 shares vest on May 7, 2013.

F3: Of the stock appreciation right shares subject to this SAR, 1,600 shares vested on May 6, 2011, 1,600 shares vested on May 6, 2012, 1,600 shares vest on May 6, 2013 and 1,600 shares vest on May 6, 2014.

F4: Of the stock appreciation right shares subject to this SAR, 1,460 shares vested on May 5, 2012, 1,460 shares vest on May 5, 2013, 1,460 shares vest on May 5, 2014 and 1,461 shares vest on May 5, 2015

F5: Of the stock appreciation right shares subject to this SAR, 1,713 shares vest on April 30, 2013, 1,713 vest on April 30, 2014, 1,713 vest on April 30, 2015 and 1,713 vest on April 30, 2016.