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: GAGNIER HUGH K (SVP, AIT)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-03	Class A Common Stock	F	2202	$63.57	Disposed	43792	Direct
2016-05-03	Class A Common	F	3804	$63.57	Disposed	39988	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	45994	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$41.57	2021-05-05	Class A Common Stock (4687)	4687	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 (9775)	9775	Direct
Stock Appreciation Right	$74.72	2024-05-08	Class A Common Stock (5458)	5458	Direct
Stock Appreciation Right	$108.20	2025-05-15	Class A Common Stock (4619)	4619	Direct

Footnotes

F1: Of the stock appreciation right shares subject to this SAR, 3,129 shares vested on each of May 5, 2012, May 5, 2013, May 5, 2014 and May 5, 2015.

F2: Of the stock appreciation right shares subject to this SAR, 3,893 shares vested on each of April 20, 2013, April 20, 2014 and April 20, 2015 and 3,893 shares vest on April 20, 2016.

F3: Of the stock appreciation right shares subject to this SAR, 2,443 shares vested on May 3, 2014, 2,444 shares vested on May 3, 2015, 2,444 shares vest on May 3, 2016 and 2,444 shares vest on May 3, 2017.

F4: Of the stock appreciation right shares subject to this SAR, 1,364 shares vest on May 8, 2016, 1,365 shares vest on May 8, 2017, 1,365 shares vest on May 8, 2018.

F5: Of the stock appreciation right shares subject to this SAR, 1,154 shares vest on May 15, 2016, 1,155 shares vest on May 15, 2017, 1,155 shares vest on May 15, 2018 and 1,155 shares vest on May 15, 2019.