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: Cho Michael (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-03	Class A Common Stock	F	810	$63.57	Disposed	8912	Direct
2016-05-03	Class A Common Stock	F	1215	$63.57	Disposed	7697	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	9722	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
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (1713)	1713	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (2173)	2173	Direct
Stock Appreciation Right	$74.72	2024-05-08	Class A Common Stock (1930)	1930	Direct
Stock Appreciation Right	$108.20	2025-05-15	Class A Common Stock (2120)	2120	Direct

Footnotes

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

F2: Of the stock appreciation right shares subject to this SAR, 1,713 shares vested on April 30, 2015 and 1,173 shares 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.