ZEBRA TECHNOLOGIES CORP — Director's Dealing 2012

May 9, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2012-05-07

Reporting Person: TERZICH MICHAEL H (SVP, Global Sales & Marketing)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-07	Class A Common Stock	F	2993	$37.59	Disposed	37611	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	40604	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (5767)	5767	Direct
Employee Stock Option	$47.12	2014-02-11	Class A Common Stock (10500)	10500	Direct
Employee Stock Option	$51.62	2015-02-07	Class A Common Stock (9686)	9686	Direct
Employee Stock Option	$41.25	2017-04-25	Class A Common Stock (10667)	10667	Direct
Employee Stock Option	$36.49	2018-04-24	Class A Common Stock (14480)	14480	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (12742)	12742	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (13800)	13800	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (11563)	11563	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (14326)	14326	Direct

Footnotes

F1: Of the shares subject to such option, 865 vested on February 6, 2007, 1,009 vested on February 6, 2008, 1,153 vested on February 6, 2009, 1,298 vested on February 6, 2010 and 1,442 vested on February 6, 2011.

F2: Of the shares subject to such option, 1,575 vested on February 11, 2005, 1,837 vested on February 11, 2006, 2,100 vested on February 11, 2007, 2,362 vested on February 11, 2008 and 2,626 vested on February 11, 2009.

F3: Of the shares subject to such option, 1,452 vested on February 7, 2006, 1,695 vested on February 7, 2007, 1,937 vested on February 7, 2008, 2,180 vested on February 7, 2009 and 2,422 vested on February 7, 2010.

F4: Of the shares subject to such option, 2,666 vested on April 25, 2008, 2,667 vested on April 25, 2009, 2,667 vested on April 25, 2010 and 2,667 vested on April 25, 2011.

F5: Of the shares subject to such option, 3,620 vested on April 24, 2009, 3,620 vested on April 24, 2010, 3,620 vested on April 24, 2011 and 3,620 vested on April 24, 2012.

F6: Of the stock appreciation right shares subject to this SAR, 6,371 shares vested on May 7, 2012 and 6,371 shares vest on May 7, 2013.

F7: Of the stock appreciation right shares subject to this SAR, 3,450 shares vested on May 6, 2011, 3,450 shares vested on May 6, 2012, 3,450 shares vest on May 6, 2013 and 3,450 shares vest on May 6, 2014.

F8: Of the stock appreciation right shares subject to this SAR, 2,890 shares vested on May 5, 2012, 2,891 shares vest on May 5, 2013, 2,891 shares vest on May 5, 2014 and 2,891 shares vest on May 5, 2015.

F9: Of the stock appreciation right shares subject to this SAR, 3,581 shares vest on April 30, 2013, 3,581 shares vest on April 30, 2014, 3,582 shares vest on April 30, 2015 and 3,582 shares vest on Aprl 30, 2016