ZEBRA TECHNOLOGIES CORP — Director's Dealing 2014

May 21, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2014-05-19

Reporting Person: MANIRE ROSS W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-19	Class A Common Stock	M	1397	$21.83	Acquired	15291	Direct
2014-05-19	Class A Common Stock	M	1260	$26.80	Acquired	16551	Direct
2014-05-19	Class A Common Stock	M	1332	$42.36	Acquired	17883	Direct
2014-05-19	Class A Common Stock	M	2029	$35.97	Acquired	19912	Direct
2014-05-19	Class A Common Stock	S	6018	$73.37	Disposed	13894	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-19	Stock Appreciation Right	$21.83	M	2000	Disposed	2019-05-29	Class A Common Stock (2000)	Direct
2014-05-19	Stock Appreciation Right	$26.80	M	2000	Disposed	2020-05-20	Class A Common Stock (2000)	Direct
2014-05-19	Stock Appreciation Right	$42.36	M	3209	Disposed	2021-05-19	Class A Common Stock (3209)	Direct
2014-05-19	Stock Appreciation Right	$35.97	M	4031	Disposed	2022-05-18	Class A Common Stock (4031)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	13894	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Director Stock Option	$46.18	2016-02-08	Class A Common Stock (20000)	20000	Direct
Director Stock Option	$37.20	2018-05-22	Class A Common Stock (2000)	2000	Direct

Footnotes

F1: Of the shares subject to such option, 4,000 vested on February 8, 2007, 4,000 vested on February 8, 2008, 4,000 vested on February 8, 2009, 4,000 vested on February 8, 2010 and 4,000 vested on February 8, 2011.

F2: This SAR vested in full on May 19, 2011.

F3: Fully vested on grant date.