ZEBRA TECHNOLOGIES CORP — Director's Dealing 2013

May 10, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2013-05-08

Reporting Person: GUSTAFSSON ANDERS (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-08	Class A Common Stock	M	14461	$19.56	Acquired	143340	Direct
2013-05-08	Class A Common Stock	F	6790	$46.40	Disposed	136550	Direct
2013-05-08	Class A Common Stock	M	47160	$36.80	Acquired	183710	Direct
2013-05-08	Class A Common Stock	S	47160	$46.43	Disposed	136550	Direct
2013-05-09	Class A Common Stock	S	7671	$46.36	Disposed	128879	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-08	Employee Stock Option	$36.80	M	47160	Disposed	2017-09-04	Class A Common Stock (47160)	Direct
2013-05-08	Stock Appreciation Right	$19.56	M	25000	Disposed	2019-05-07	Class A Common Stock (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	128879	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$36.49	2018-04-24	Class A Common Stock (90000)	90000	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (120299)	120299	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (54484)	54484	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (62289)	62289	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (36201)	36201	Direct

Footnotes

F1: Of the shares subject to such option, 18,750 vested on September 4, 2008, 18,750 vested on September 4, 2009, 18,750 vested on September 4, 2010 and 18,750 vested on September 4, 2011.

F2: Of the shares subject to such option, 22,500 vested on April 24, 2009, 22,500 vested on April 24, 2010, 22,500 vested on April 24, 2011 and 22,500 vested on April 24, 2012.

F3: Of the stock appreciation right shares subject to this SAR, 28,750 shares vested on May 7, 2010, 28,750 shares vested on May 7, 2011, 28,750 shares vested on May 7, 2012 and 28,750 shares vested on May 7, 2013.

F4: Of the stock appreciation right shares subject to this SAR, 30,074 shares vested on May 6, 2013, 30,074 shares vest on May 6, 2014, and 60,151 shares vest on May 6, 2015.

F5: Of the stock appreciation right shares subject to this SAR, 13,621 shares vested on May 5, 2012, 13,621 shares vested on May 5, 2013, 13,621 shares vest on May 5, 2014 and 13,621 shares vest on May 5, 2015.

F6: Of the stock appreciation right shares subject to this SAR, 15,572 shares vested on April 30, 2013, 15,572, vest on April 30, 2014, 15,572, vest on April 30, 2015 and 15,573 vest on April 30, 2016

F7: Of the stock appreciation right shares subject to this SAR, 9,050 shares vest on 5/3/2014, 9,050 shares vest on 5/3/2015, 9,050 shares vest on 5/3/2016 and 9,051 shares vest on 5/3/2017.