ZEBRA TECHNOLOGIES CORP — Director's Dealing 2014

May 7, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Cho Michael (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-05	Class A Common Stock	F	914	$72.20	Disposed	7686	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	8600	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
Stock Appreciation Right	$30.08	2020-03-15	Class A Common Stock (1370)	1370	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (2016)	2016	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (5139)	5139	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (4345)	4345	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.