SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

TERZICH MICHAEL H

(Last)

(First)

(Middle)

ZEBRA TECHNOLOGIES CORPORATION

333 CORPORATE WOODS PARKWAY

(Street)

VERNON HILLS

60061

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
ZEBRA TECHNOLOGIES CORP/DE [ ZBRA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/17/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	02/17/2004		M		3,375	A	$36.46	812	D
Class A Common Stock	02/17/2004		S		400	D	$70	812	D
Class A Common Stock	02/17/2004		S		2,975	D	$69.72	812	D
Class A Common Stock	02/17/2004		M		2,400	A	$27.25	812	D
Class A Common Stock	02/17/2004		S		2,400	D	$69.72	812	D
Class A Common Stock	02/17/2004		M		5,250	A	$32.43	812	D
Class A Common Stock	02/17/2004		S		5,250	D	$69.72	812	D
Class A Common Stock	02/17/2004		M		2,250	A	$37.84	812	D
Class A Common Stock	02/17/2004		S		300	D	$70	812	D
Class A Common Stock	02/17/2004		S		1,310	D	$69.86	812	D
Class A Common Stock								78.73	I	By 401(k)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Option	$36.46	02/17/2004		M			3,375	⁽¹⁾	01/10/2010	Class A Common Stock	15,000	⁽²⁾	3,750	D
Employee Stock Option	$27.25	02/17/2004		M			2,400	⁽³⁾	02/14/2011	Class A Common Stock	12,000	⁽²⁾	5,700	D
Employee Stock Option	$32.43	02/17/2004		M			5,250	⁽⁴⁾	02/08/2012	Class A Common Stock	30,000	⁽²⁾	20,250	D
Employee Stock Option	$37.84	02/17/2004		M			2,250	⁽⁵⁾	02/11/2013	Class A Common Stock	15,000	⁽²⁾	12,750	D
Employee Stock Option	$70.68							⁽⁶⁾	02/11/2014	Class A Common Stock	7,000		7,000	D

Explanation of Responses:

1. Of such options, 2,250 vested on January 10, 2001, 2,625 vested on January 10, 2002, 3,000 vested on January 10, 2003, 3,375 vested on January 10, 2004 and 3,750 vest on January 10, 2005.

2. Not applicable.

3. Of such options, 1,800 vested on February 14, 2002, 2,100 vested on February 14, 2003, 2,400 vested on February 14, 2004, 2,700 vest on February 14, 2005 and 3,000 vest on February 14, 2006.

4. Of such options, 4,500 vested on February 8, 2003, 5,250 vested on February 8, 2004, 6,000 vest on February 8, 2005, 6,750 vest on February 8, 2006 and 7,500 vest on February 8, 2007.

5. Of such options, 2,250 vested on February 11, 2004, 2,625 vest on February 11, 2005, 3,000 vest on February 11, 2006, 3,375 vest on February 11, 2007 and 3,750 vest on February 11, 2008.

6. Of such options, 1,050 vest on February 11, 2005, 1,225 vest on February 11, 2006, 1,400 vest on February 11, 2007, 1,575 vest on February 11, 2008 and 1,750 vest on February 11, 2009.

	Michael H. Terzich	02/18/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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