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: O'Sullivan Colleen M (Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Class A Common Stock	A	1012	$98.87	Acquired	3559	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-11	Stock Appreciation Right	$98.87	A	1676	Acquired	2027-05-11	Class A Common Stock (1676)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	2547	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$66.72	2026-08-15	Class A Common Stock (6589)	6589	Direct

Footnotes

F1: Restricted shares vest on May 11, 2020.

F2: Of the stock appreciation rights subject to this SAR, 1,647 vest on August 15, 2017, 1,647 vest on August 15, 2018, 1,647 vest on August 15, 2019 and 1,648 vest on August 15, 2020.

F3: Of the stock appreciation rights subject to this SAR, 419 vest on May 11, 2018, 419 vest on May 11, 2019, 419 vest on May 11, 2020 and 419 vest on May 11, 2021.