ZEBRA TECHNOLOGIES CORP — Director's Dealing 2020

May 13, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ZEBRA TECHNOLOGIES CORP (ZBRA)
CIK: 0000877212
Period of Report: 2020-05-10

Reporting Person: Cho Michael (SVP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-10	Class A Common Stock	F	125	$242.92	Disposed	7412	Direct
2020-05-11	Class A Common Stock	F	534	$235.26	Disposed	6878	Direct
2020-05-11	Class A Common Stock	F	522	$235.26	Disposed	6356	Direct
2020-05-11	Class A Common Stock	F	871	$235.26	Disposed	5485	Direct
2020-05-11	Class A Common Stock	M	465	$51.42	Acquired	5950	Direct
2020-05-11	Class A Common Stock	M	244	$98.87	Acquired	6194	Direct
2020-05-11	Class A Common Stock	M	101	$149.57	Acquired	6295	Direct
2020-05-11	Class A Common Stock	M	27	$205.12	Acquired	6322	Direct
2020-05-12	Class A Common Stock	S	3470	$236.47	Disposed	2852	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-11	Stock Appreciation Right	$51.42	M	1069	Acquired	2026-05-12	Class A Common Stock (1069.0)	Direct
2020-05-11	Stock Appreciation Right	$98.87	M	754	Acquired	2024-05-11	Class A Common Stock (754.0)	Direct
2020-05-11	Stock Appreciation Right	$149.57	M	499	Acquired	2025-05-10	Class A Common Stock (499.0)	Direct
2020-05-11	Stock Appreciation Right	$205.12	M	389	Acquired	2026-05-02	Class A Common Stock (389.0)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	7537	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Appreciation Right	$244.97	2027-04-30	Class A Common Stock (1448.0)	1448	Direct

Footnotes

F1: Of the stock appreciation rights subject to this SAR, 1,069 vest on May 12, 2018, 1,069 vest on May 12, 2019 and 1,069 vest on May 12, 2020.

F2: 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.

F3: Of the stock appreciation rights subject to this SAR, 499 vest on May 10, 2019, 499 vest on May 10, 2020, 499 vest on May 10, 2021 and 500 vest on May 10, 2022.

F4: Of the stock appreciation rights subject to this SAR, 389 vest on May 2, 2020, 390 vest on May 2, 2021, 390 vest on May 2, 2022 and 390 vest on May 2, 2023.

F5: Of the stock appreciation rights subject to this SAR, 362 vest on April 30, 2021, 362 vest on April 30, 2022, 362 vest on April 30, 2023 and 362 vest on April 30, 2024.