ZEBRA TECHNOLOGIES CORP — Director's Dealing 2014

May 15, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2014-05-13

Reporting Person: Gerskovich Philip (SVP, New Growth Platforms)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-13	Class A Common Stock	M	29786	$50.36	Disposed	53570	Direct
2014-05-13	Class A Common Stock	S	29786	$73.955	Disposed	23784	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-13	Employee Stock Option	$50.36	M	29786	Disposed	2015-03-10	Class A Common Stock (29786)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	23874	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (23068)	23068	Direct
Employee Stock Option	$41.25	2017-04-25	Class A Common Stock (9697)	9697	Direct
Employee Stock Option	$36.49	2018-04-24	Class A Common Stock (14480)	14480	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (21842)	21842	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 (7748)	7748	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (9966)	9966	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (6155)	6155	Direct
Stock Appreciation Right	$74.72	2024-05-08	Class A Common Stock (3431)	3431	Direct

Footnotes

F1: Of the shares subject to such option, 4,467 vested on March 10, 2006, 5,212 vested on March 10, 2007, 5,958 vest on March 10, 2008, 6,702 vested on March 10, 2009 and 7,447 vested on March 10, 2010.

F2: Of the shares subject to such option, 3,460 vested on February 6, 2007, 4,036 vested on February 6, 2008, 4,613 vested on February 6, 2009, 5,191 vested on February 6, 2010 and 5,768 vested on February 6, 2011.

F3: Of the shares subject to such option, 2,424 vested on April 25, 2008, 2,424 vested on April 25, 2009, 2,424 vested on April 25, 2010 and 2,425 vested on April 25, 2011.

F4: Of the shares subject to such option, 3,620 vested on April 24, 2009, 3,620 vested on April 24, 2010, 3,620 vested on April 24, 2011 and 3,620 vested on April 24, 2012.

F5: Of the stock appreciation right shares subject to this SAR, 5,460 shares vested on May 7, 2010, 5,460 shares vested on May 7, 2011, 5,461 shares vested on May 7, 2012 and 5,461 shares vested on May 7, 2013.

F6: Of the stock appreciation right shares subject to this SAR, 2,425 shares vested on May 6, 2011, 2,425 shares vested on May 6, 2012, 2,425 shares vested on May 6, 2013 and 2,425 shares vested on May 6, 2014.

F7: Of the stock appreciation right shares subject to this SAR, 1,937 shares vested on May 5, 2012, 1,937 shares vested on May 5, 2013, 1,937 shares vested on May 5, 2014 and 1,937 shares vest on May 5, 2015.

F8: Of the stock appreciation right shares subject to this SAR, 2,491 shares vested on April 30, 2013, 2,491 vested on April 30, 2014, 2,492 vested on April 30, 2015 and 2,492 vest on April 30, 2016.

F9: Of the stock appreciation right shares subject to this SAR, 1,538 shares vested on May 3, 2014, 1,539 shares vest on May 3, 2015, 1,539 shares vest on May 3, 2016 and 1,539 shares vest on May 3, 2017.

F10: Of the stock appreciation right shares subject to this SAR, 857 shares vest on May 8, 2015, 858 vest on May 8, 2016, 858 vest on May 8, 2017 and 858 vest on May 8, 2018.