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: Cho Michael (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-15	Class A Common Stock	A	1442	$108.20	Acquired	10656	Direct
2015-05-15	Class A Common Stock	M	625	$41.57	Acquired	11281	Direct
2015-05-15	Class A Common Stock	M	1106	$37.79	Acquired	12387	Direct
2015-05-15	Class A Common Stock	M	629	$46.07	Acquired	13016	Direct
2015-05-15	Class A Common Stock	M	204	$74.72	Acquired	13220	Direct
2015-05-15	Class A Common Stock	F	285	$109.49	Disposed	12935	Direct
2015-05-15	Class A Common Stock	F	505	$109.49	Disposed	12430	Direct
2015-05-15	Class A Common Stock	F	287	$109.49	Disposed	12143	Direct
2015-05-15	Class A Common Stock	F	93	$109.49	Disposed	12050	Direct
2015-05-15	Class A Common Stock	S	4842	$109.00	Disposed	7208	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-05-15	Stock Appreciation Right	$41.57	M	1008	Disposed	2021-05-05	Class A Common Stock (1008)	Direct
2015-05-15	Stock Appreciation Right	$38.79	M	1713	Disposed	2022-04-30	Class A Common Stock (1713)	Direct
2015-05-15	Stock Appreciation Right	$46.07	M	1086	Disposed	2023-05-03	Class A Common Stock (1086)	Direct
2015-05-15	Stock Appreciation Right	$74.72	M	643	Disposed	2024-05-08	Class A Common Stock (643)	Direct
2015-05-15	Stock Appreciation Right	$108.20	A	2120	Acquired	2025-05-15	Class A Common Stock (2120)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	9214	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$32.04	2021-09-15	Class A Common Stock (464)	464	Direct

Footnotes

F1: Of the stock appreciation rights subject to this SAR, 464 vest on September 15, 2015.

F2: Of the stock appreciation right shares subject to this SAR, 1,713 vested on April 30, 2015 and 1,713 vest on April 30, 2016.

F3: Of the stock appreciation right shares subject to this SAR, 1,086 shares vested on May 3, 2015, 1,086 shares vest on May 3, 2016 and 1,087 shares vest on May 3, 2017.

F4: Of the stock appreciation right shares subject to this SAR, 643 shares vested on May 8, 2015, 643 vest on May 8, 2016, 643 vest on May 8, 2017 and 644 vest on May 8, 2018.

F5: Of the stock appreciation right shares subject to this SAR, 530 shares vest on May 15, 2016, 530 shares vest on May 15, 2017, 530 shares vest on May 15, 2018 and 530 shares vest on May 15, 2019.

F6: Restricted shares that vest May 15, 2018.

F7: Fully exercisable