ZEBRA TECHNOLOGIES CORP — Director's Dealing 2014

May 12, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2014-05-08

Reporting Person: Cho Michael (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-08	Class A Common Stock	M	1080	$30.08	Acquired	8766	Direct
2014-05-08	Class A Common Stock	M	1086	$38.79	Acquired	9852	Direct
2014-05-08	Class A Common Stock	M	589	$41.57	Acquired	10441	Direct
2014-05-08	Class A Common Stock	M	548	$46.07	Acquired	10989	Direct
2014-05-08	Class A Common Stock	F	807	$74.51	Disposed	10182	Direct
2014-05-09	Class A Common Stock	S	902	$74.34	Disposed	9280	Direct
2014-05-09	Class A Common Stock	S	1187	$74.21	Disposed	8093	Direct
2014-05-08	Class A Common Stock	A	1767	—	Acquired	9860	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-08	Stock Appreciation Right	$30.08	M	1370	Disposed	2020-03-15	Class A Common Stock (1370)	Direct
2014-05-08	Stock Appreciation Right	$41.57	M	1008	Disposed	2021-05-05	Class A Common Stock (1008)	Direct
2014-05-08	Stock Appreciation Right	$38.79	M	1713	Disposed	2022-04-30	Class A Common Stock (1713)	Direct
2014-05-08	Stock Appreciation Right	$46.07	M	1086	Disposed	2023-05-03	Class A Common Stock (1086)	Direct
2014-05-08	Stock Appreciation Right	$74.72	A	2573	Acquired	2024-05-08	Class A Common Stock (2573)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	7686	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$32.04	2021-09-15	Class A Common Stock (927)	927	Direct

Footnotes

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

F2: Of the stock appreciation rights subject to this SAR, 1,370 vested on March 15, 2014.

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

F4: Of the stock appreciation right shares subject to this SAR, 1,713, vested on April 30, 2014, 1,713, vest on April 30, 2015 and 1,713 vest on April 30, 2016.

F5: Of the stock appreciation right shares subject to this SAR, 1,086 vested on May 3, 2014, 1,086 shares vest on May 3, 2015, 1,086 shares vest on May 3, 2016 and 1,087 shares vest on May 3, 2017.

F6: Of the stock appreciation right shares subject to this SAR, 643 shares vest on May 8, 2015, 643 vest on May 8, 2016, 643 vest on May 8, 2017 and 644 vest on May 8, 2018.

F7: Restricted shares that vest on May 8, 2017.