ZEBRA TECHNOLOGIES CORP — Director's Dealing 2012

Mar 19, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2012-03-15

Reporting Person: Cho Michael (VP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-15	Class A Common Stock	M	371	$30.89	Acquired	4223	Direct
2012-03-15	Class A Common Stock	F	132	$41.28	Disposed	4091	Direct
2012-03-16	Class A Common Stock	S	239	$41.07	Disposed	3852	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-15	Stock Appreciation Award	$30.08	M	1369	Disposed	2020-03-15	Class A Common Stock (1369)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	3852	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Award	$32.04	2021-09-15	Class A Common Stock (1853)	1853	Direct
Stock Appreciation Award	$41.57	2021-05-05	Class A Common Stock (4032)	4032	Direct

Footnotes

F1: Of the stock appreciation rights subject to this SAR, 463 vest on September 15, 2012, 463 vest on September 15, 2013, 463 vest on September 15, 2014 and 464 vest on September 15, 2015.

F2: Of the stock appreciation rights subject to this SAR, 1,369 vested on March 15, 2011, 1,369 vest on March 15, 2012, 1,369 vest on March 15, 2013 and 1,370 vest on March 15, 2014.

F3: Of the stock appreciation rights subject to this SAR, 1,008 vest on May 5, 2012, 1,008 vest on May 5, 2013, 1,008 vest on May 5, 2014 and 1,008 vest on May 5, 2015.