ZEBRA TECHNOLOGIES CORP — Director's Dealing 2017

May 10, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2017-05-08

Reporting Person: KAPUT JIM L (SVP, General Counsel & Secy)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-08	Class A Common Stock	F	940	$96.69	Disposed	27620	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	28560	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$38.79	2022-04-30	Class A Common Stock (2959)	2959	Direct
Stock Appreciation Right	$46.07	2023-05-03	Class A Common Stock (3983)	3983	Direct
Stock Appreciation Right	$74.72	2024-05-08	Class A Common Stock (4406)	4406	Direct
Stock Appreciation Right	$108.20	2025-05-15	Class A Common Stock (3587)	3587	Direct
Stock Appreciation Right	$51.42	2026-05-12	Class A Common Stock (7395)	7395	Direct

Footnotes

F1: Restricted shares that vested on May 08, 2017.

F2: Of the stock appreciation rights subject to this SAR, 2,959 vested on April 30, 2016.

F3: Of the stock appreciation rights subject to this SAR, 1,191 vested on May 3, 2016 and 1,992 vested on May 3, 2017.

F4: Of the stock appreciation rights subject to this SAR, 1,101 vested on May 8, 2015, 1,101 vested on May 8, 2016, 1,102 vested on May 8, 2017 and 1,102 vest on May 8, 2018.

F5: Of the stock appreciation rights subject to this SAR, 896 vested on May 15, 2016, 897 vest on May 15, 2017, 897 vest on May 15, 2018 and 897 vest on May 15, 2019.

F6: Of the stock appreciation rights subject to this SAR, 1,848 vest on May 12, 2017, 1,849 vest on May 12, 2018, 1,849 vest on May 12, 2019 and 1,849 vest on May 12, 2020.