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: SMILEY MICHAEL C (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-07	Class A Common Stock	F	3421	$37.59	Disposed	30433	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	33854	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$37.67	2018-05-01	Class A Common Stock (11700)	11700	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (29122)	29122	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (15100)	15100	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (12516)	12516	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (15572)	15572	Direct

Footnotes

F1: Of the shares subject to such option, 2,925 vested on May 1, 2009, 2,925 vested on May 1, 2010, 2,925 vested on May 1, 2011, and 2,925 vested on May 1, 2012.

F2: Of the stock appreciation right shares subject to this SAR, 7,280 shares vested on May 7, 2010, 7,280 shares vested on May 7, 2011, 7,281 shares vested on May 7, 2012 and 7,281 shares vest on May 7, 2013.

F3: Of the stock appreciation right shares subject to this SAR, 3,775 shares vested on May 6, 2011, 3,775 shares vested on May 6, 2012, 3,775 shares vest on May 6, 2013 and 3,775 shares vest on May 6, 2014.

F4: Of the stock appreciation right shares subject to this SAR, 3,129 shares vested on May 5, 2012, 3,129 shares vest on May 5, 2013, 3,129 shares vest on May 5, 2014 and 3,129 shares vest on May 5, 2015.

F5: Of the stock appreciation right shares subject to this SAR, 3,893 shares vest on April 30, 2013, 3,893, vest on April 30, 2014, 3,893, vest on April 30, 2015 and 3,893 vest on April 30, 2016.