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: Cho Michael (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-11	Class A Common Stock	A	1821	$98.87	Acquired	10426	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-05-11	Stock Appreciation Right	$98.87	A	3017	Acquired	2027-05-11	Class A Common Stock (3017)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	8605	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (1087)	1087	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
Stock Appreciation Right	$51.42	2026-05-12	Class A Common Stock (4276)	4276	Direct

Footnotes

F1: Restricted shares vest on May 11, 2020.

F2: Of the stock appreciation rights subject to this SAR, 1,087 vested on May 3, 2017.

F3: Of the stock appreciation rights subject to this SAR, 643 vested on May 8, 2016, 643 vested on May 8, 2017 and 644 vest on May 8, 2018.

F4: Of the stock appreciation rights subject to this SAR, 530 vested on May 15, 2016, 530 vested on May 15, 2017, 530 vest on May 15, 2018 and 530 vest on May 15, 2019.

F5: Of the stock appreciation rights subject to this SAR, 1,069 vested on May 12, 2017, 1,069 vest on May 12, 2018, 1,069 vest on May 12, 2019 and 1,069 vest on May 12, 2020.

F6: Of the stock appreciation rights subject to this SAR, 754 vest on May 11, 2018, 754 vest on May 11, 2019, 754 vest on May 11, 2020 and 755 vest on May 11, 2021.