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: SMILEY MICHAEL C (Chief Financial Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-08	Class A Common Stock	A	4015	—	Acquired	29625	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-08	Stock Appreciation Right	$74.72	A	5848	Acquired	2024-05-08	Class A Common Stock (5848)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	25610	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee Stock Option	$37.67	2018-05-01	Class A Common Stock (11700)	11700	Direct
Stock Appreciation Right	$19.56	2019-05-07	Class A Common Stock (29122)	29122	Direct
Stock Appreciation Right	$27.82	2020-05-06	Class A Common Stock (15100)	15100	Direct
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (12516)	12516	Direct
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (15572)	15572	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (10499)	10499	Direct

Footnotes

F1: Of the shares subject to such option, 2,925 vested on May 1, 2009, 2,925 vested on May 1, 2010, 2,925 vested on May 1, 2011, and 2,925 vested on May 1, 2012.

F2: Of the stock appreciation right shares subject to this SAR, 7,280 shares vested on May 7, 2010, 7,280 shares vested on May 7, 2011, 7,281 shares vested on May 7, 2012 and 7,281 shares vested on May 7, 2013.

F3: Of the stock appreciation right shares subject to this SAR, 3,775 shares vested on May 6, 2011, 3,775 shares vested on May 6, 2012, 3,775 shares vested on May 6, 2013 and 3,775 shares vested on May 6, 2014.

F4: Of the stock appreciation right shares subject to this SAR, 3,129 shares vested on May 5, 2012, 3,129 shares vested on May 5, 2013, 3,129 shares vested on May 5, 2014 and 3,129 shares vest on May 5, 2015.

F5: Of the stock appreciation right shares subject to this SAR, 3,893 shares vested on April 30, 2013, 3,893, vested on April 30, 2014, 3,893, vest on April 30, 2015 and 3,893 vest on April 30, 2016.

F6: Of the stock appreciation right shares subject to this SAR, 2,624 shares vested on 5/3/2014, 2,625 shares vest on 5/3/2015, 2,625 shares vest on 5/3/2016 and 2,625 shares vest on 5/3/2017.

F7: Of the stock appreciation right shares subject to this SAR, 1,462 shares vest on May 8, 2015, 1,462 vest on May 8, 2016, 1,462 vest on May 8, 2017 and 1,462 vest on May 8, 2018.

F8: Restricted shares that vest on May 8, 2017.