ZEBRA TECHNOLOGIES CORP — Director's Dealing 2015

May 20, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2015-05-15

Reporting Person: Heel Joachim (SVP, Global Sales)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-15	Class A Commom Stock	A	3080	$108.20	Acquired	3080	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-15	Stock Appreciation Right	$108.20	A	4526	Acquired	2025-05-15	Class A Commom Stock (4526)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Commom Stock	5987	Direct

Footnotes

F1: Restricted shares that vest May 15, 2018.

F2: Of the stock appreciation right shares subject to this SAR, 1,131 shares vest on May 15, 2016, 1,131 shares vest on May 15, 2017, 1,132 shares vest on May 15, 2018 and 1,132 shares vest on May 15, 2019.