ZEBRA TECHNOLOGIES CORP — Director's Dealing 2016

May 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2016-05-03

Reporting Person: TERZICH MICHAEL H (SVP, Chief Administration Ofcr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-03	Class A Common Stock	F	1620	$63.57	Disposed	37780	Direct
2016-05-03	Class A Common Stock	F	2586	$63.57	Disposed	35194	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	39400	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (14326)	14326	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (8689)	8689	Direct
Stock Appreciation Right	$74.72	2024-05-08	Class A Common Stock (4796)	4796	Direct
Stock Appreciation Right	$108.20	2025-05-15	Class A Common Stock (3668)	3668	Direct

Footnotes

F1: Of the stock appreciation right shares subject to this SAR, 3,581 shares vested on April 30, 2013, 3,581 shares vested on April 30, 2014, 3,852 shares vested on April 30, 2015 and 3,582 shares vest on April 30, 2016.

F2: Of the stock appreciation right shares subject to this SAR 2,172 shares vested on May 3, 2014, 2,172 shares vested on May 3, 2015, 2,172 shares vest on May 3, 2016 and 2,173 shares vest on May 3, 2017.

F3: Of the stock appreciation right shares subject to this SAR, 1,199 shares vested on May 8, 2015, 1,199 shares vest on May 8, 2016, 1,199 shares vest on May 8, 2017 and 1,199 shares vest on May 8, 2018.

F4: Of the stock appreciation right shares subject to this SAR, 917 shares vest on May 15, 2016, 917 shares vest on May 15, 2017, 917 shares vest on May 15, 2018 and 917 shares vest on May 15, 2019.