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: NAUGHTON TODD R (VP Finance)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-05	Class A Common Stock	F	455	$72.20	Disposed	10678	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	11133	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$43.35	2016-02-06	Class A Common Stock (5883)	5883	Direct
Employee Stock Option	$51.62	2015-02-07	Class A Common Stock (7749)	7749	Direct
Employee Stock Option	$41.25	2017-04-25	Class A Common Stock (7273)	7273	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (2800)	2800	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (2384)	2384	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (2741)	2741	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (1811)	1811	Direct

Footnotes

F1: Of the shares subject to such option, 1,162 vested on February 7, 2006, 1,356 vested on February 7, 2007, 1,549 vested on February 7, 2008, 1,744 vested on February 7, 2009 and 1,938 vested on February 7, 2010.

F2: Of the shares subject to such option, 882 vested on February 6, 2007, 1,029 vested on February 6, 2008, 1,177 vested on February 6, 2009, 1,324 vested on February 6, 2010 and 1,471 vested on February 6, 2011.

F3: Of the shares subject to such option, 1,818 vested on April 25, 2008, 1,818 vested on April 25, 2009, 1,818 vested on April 25, 2010 and 1,819 vested on April 25, 2011.

F4: Of the stock appreciation right shares subject to this SAR, 700 shares vested on May 6, 2011, 700 shares vested on May 6, 2012, 700 shares vested on May 6, 2013 and 700 shares vested on May 6, 2014.

F5: Of the stock appreciation right shares subject to this SAR, 596 shares vested on May 5, 2012, 596 shares vested on May 5, 2013, 596 shares vested on May 5, 2014, and 596 shares vest on May 5, 2015.

F6: Of the stock appreciation right shares subject to this SAR, 685 shares vested on April 30, 2013, 685 vested on April 30, 2014, 685 vest on April 30, 2015 and 686 vest on April 30, 2016.

F7: Of the stock appreciation right shares subject to this SAR, 452 shares vested on May 3, 2014, 453 shares vest on May 3, 2015, 453 shares vest on May 3, 2016 and 453 shares vest on May 3, 2017.