ZEBRA TECHNOLOGIES CORP — Director's Dealing 2017

May 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2017-05-11

Reporting Person: Heel Joachim (SVP, Global Sales)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Class A Common Stock	A	3642	$98.87	Acquired	26833	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-11	Stock Appreciation Right	$98.87	A	6033	Acquired	2027-05-11	Class A Common Stock (6033)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	23191	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$73.50	2024-09-15	Class A Common Stock (8572)	8572	Direct
Stock Appreciation Right	$108.20	2025-05-15	Class A Common Stock (4526)	4526	Direct
Stock Appreciation Right	$0.00	2026-05-12	Class A Common Stock (8854)	8854	Direct

Footnotes

F1: Includes 661 shares held in Zebra's Employee Stock Purchase Plan at December 31, 2016.

F2: Restricted shares vest on May 11, 2020.

F3: Of the stock appreciation rights subject to this SAR, 2,143 vested on September 15, 2015, 2,143 vested on September 15, 2016, 2,143 vest on September 15, 2017 and 2,143 vest on September 15, 2018.

F4: Of the stock appreciation rights subject to this SAR, 1,131 vested on May 15, 2016, 1,131 vested on May 15, 2017, 1,132 vest on May 15, 2018 and 1,132 vest on May 15, 2019.

F5: Of the stock appreciation rights subject to this SAR, 2,213 vested on May 12, 2017, 2,213 vest on May 12, 2018, 2,214 vest on May 12, 2019 and 2,214 vest on May 12, 2020.

F6: Of the stock appreciation rights subject to this SAR, 1,508 vest on May 11, 2018, 1,508 vest on May 11, 2019, 1,508 vest on May 11, 2020 and 1,509 vest on May 11, 2021.