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: KAPUT JIM L (SVP, General Counsel & Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-30	Class A Common Stock	A	4082	—	Acquired	27266	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-30	Stock Appreciation Right	$38.79	A	11835	Acquired	2022-04-30	Class A Common Stock (11835)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	23184	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$24.99	2019-08-31	Class A Common Stock (12750)	12750	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (9700)	9700	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (10013)	10013	Direct

Footnotes

F1: Of the stock appreciation right shares subject to this SAR, 6,375 shares vest on August 31, 2012; and 6,375 shares vest on August 31, 2013.

F2: Of the stock appreciation right shares subject to this SAR, 2,425 shares vested on May 6, 2011, 2,425 shares vest on May 6, 2012, 2,425 shares vest on May 6, 2013 and 2,425 shares vest on May 6, 2014.

F3: Of the stock appreciation right shares subject to this SAR, 2,503 shares vest on May 5, 2012, 2,503 shares vest on May 5, 2013, 2,503 shares vest on May 5, 2014 and 2,504 shares vest on May 5, 2015.

F4: Restricted shares that vest on April 30, 2015.

F5: Of the stock appreciation right shares subject to this SAR, 2,958 shares vest on April 30, 2013, 2,959 vest on April 30, 2014, 2,959 vest on April 30, 2015 and 2,959 vest on April 30, 2016.